SP Setia wins tender for land in Penang for RM620 million

SP Setia wins tender for land in Penang for RM620 million

PETALING JAYA, 10 November: S P Setia Berhad announced today that it had been notified by WTW Real Estate Sdn Bhd (WTW) of its successful tender bid of RM620 million for a freehold land located in the locality of Seberang Perai Utara, Pulau Pinang measuring approximately 1,675 acres.

The Land tender was made through its subsidiary, Setia Recreation Sdn Bhd. The Land represents S P Setia’s maiden entry into the mainland of Pulau Pinang and it is located within the Butterworth-Sungai Petani Growth Corridor with good accessibility from North-South Highway via Bertam Interchange.

The Land is approximately 18km away from Butterworth and 32km away from the Penang Bridge. In addition, the Land is also surrounded by existing townships, retail malls, medical institute, a university campus as well as a golf course.

The Land is planned for an eco-themed mixed development township that has a potential gross development value of RM9.6 billion spanning over 15 – 20 years. 

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