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SP Setia to undertake an eco-themed project in Penang
May 16, 2012
Following a successful acquisition of freehold land in Penang, property developer SP Setia Bhd will undertake a mixed residential development in the state with a gross development value (GDV) of RM1.1 billion.
According to a report by The Star, the developer has purchased 21.3 acres of land located in Timor Laut, the north-eastern district of Penang Island, for RM185.6 million.
The land was acquired by its fully-owned unit, Intra Hillside Sdn Bhd, and will be the site of an eco-themed development comprising condominiums and terraced houses.
Aside from that, the land is near Batu Ferringhi, one of Penang's most popular tourist destinations, known for its vibrant beachfronts. This proximity will help attract buyers and investors, who are eager to acquire prime freehold land in the island.
Moreover, SP Setia revealed that 10 percent of the land price as well as the outstanding balance of RM167.081 million will be settled within three months of the sale and purchase agreement.
The land acquisition, which will be completed on or before 31 October 2012, enables SP Setia to expand its reach into Penang's northern tip.