SP Se­tia buys land in Pe­nang for RM620m

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: SP Se­tia Bhd is ac­quir­ing 1,675 acres of land in Pe­nang for RM620.12 mil­lion fol­low­ing a suc­cess­ful ten­der bid.

In a fil­ing with Bursa Malaysia yes­ter­day, the group said its wholly owned sub­sidiary Se­tia Recre­ation Sdn Bhd ac­cepted an award of ten­der for the pur­chase of the parcels of free­hold land in Se­berang Perai Utara.

The land rep­re­sents SP Se­tia’s maiden en­try into the main­land of the state, the com­pany said in a state­ment is­sued yes­ter­day.

The site is about 18km away from But­ter­worth and 32km away from the Pe­nang Bridge. It is sur­rounded by ex­ist­ing town­ships, re­tail malls, med­i­cal in­sti­tute, a uni­ver­sity cam­pus and a golf course.

The land is planned for an ecothemed mixed devel­op­ment town­ship that has a po­ten­tial gross devel­op­ment value of RM9.6 bil­lion, to be de­vel­oped over 15 to 20 years.

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