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 2nd 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.