SP Setia to launch RM3b project in Cyberjaya
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SP Setia to launch RM3b project in Cyberjaya
Mar 04, 2011
THE property market in Cyberjaya is proving too hard to ignore for SP Setia Bhd (8664)as the developer is taking a second stab at the growing area- Malaysia's biggest developer by sales will launch a RM3 billion eco-themed project in Cyberjaya, Selangor, early next year- "Cyberjaya is a market you must not ignore- We are looking at 3,000 to 4,000 expatriates working there who need housing," chief executive officer Tan Sri Liew Kee Sin said in a briefing in Cyberjaya yesterday-"We will be targeting mainly the senior staff of multinational companies and Malaysians who want to invest or live here," he said- Cyberjaya is the base for many multinational companies' support centres- Chipmaker AMD, for instance, recently opened an office that will support the finance and IT needs of its global operations- SP Setia's project will be called Setia Eco Glades and it will feature 2,437 units of superlink houses, semi-detached homes, bungalows, condominiums and shoplots- It has partnered Setia Haruman Sdn Bhd, the master developer of the Cyberjaya Flagship Zone for the project- SP Setia will hold 70 per cent of the joint venture while Setia Haruman holds the rest- The joint venture is buying 107-2ha of land from Setia Haruman for RM420-4 million or RM36 per square foot- This is the second attempt by SP Setia to buy land in Cyberjaya- In 2007, it agreed on a deal to buy 63-18ha from Setia Haruman for RM190-6 million but this fell through in 2008- Liew said SP Setia aims to price its semi-detached units and bungalows from RM2 million and RM3 million, respectively, similar to homes at its Setia Eco Park development in Shah Alam- The first phase of the project, comprising condominiums and semi-detached homes, is targeted to be launched by the first quarter of next year- "We are bullish on sales- Cyberjaya has ready infrastructure," Liew said- On funding, Liew said SP Setia will partly borrow from banks- ...

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