S P Setia and Setia Haruman venture into 2nd development in Cyberjaya

(L-R) Datuk Koe Peng Kang, Executive Vice President of S P Setia, Dato’ Khor Chap Jen, President & CEO of S P Setia, Tuan Haji Ahmad Khalif bin Tan Sri Datuk Haji Mustapha Kamal, Executive Chairman of Setia Haruman and Mr. Lao Chok Keang, Director of Setia Haruman

27 April, KUALA LUMPUR – S P Setia Bhd has acquired approximately 57 acres of freehold land in Cyberjaya from Cyberjaya’s master developer, Setia Haruman Sdn Bhd for a total of RM177.5 million.

S P Setia’s president and CEO, Dato’ Khor Chap Jen said, “The land would be developed by the joint venture company between S P Setia (70%) and Setia Haruman (30%) into a residential development with an expected gross development value (GDV) of RM650 million.”

“The project is expected to commence in the 2^nd half of FY2019 pending approvals and is expected to take about six years to complete. It would be developed as an eco-themed sanctuary emulating Setia Eco Glades”, said Dato’ Khor after a signing ceremony between S P Setia and Setia Haruman.

The joint venture is a continuation of the successful collaboration between both companies in developing the 268-acre eco-themed development of Setia Eco Glades.

Present at the signing ceremony together with Dato’ Khor Chap Jen were Datuk Koe Peng Kang, Executive Vice President of S P Setia, Tuan Haji Ahmad Khalif bin Tan Sri Datuk Haji Mustapha Kamal, Executive Chairman of Setia Haruman and Mr Lao Chok Keang, Director of Setia Haruman.