May 15, 2012

In a move to enhance SP Setia Bhd’s presence in Penang, the property developer plans to acquire more land in the state, with three land parcels changing hands by middle of the year.

According to The Business Times, SP Setia is now in the final stages of negotiation to buy land parcels in Tanjung Bungah and Jelutong. Currently, the company has a 40 ha undeveloped landbank in Penang.

Datuk S Rajoo, General Manager at SP Setia Property (North), said that the land parcels located in Tanjung Bungah and Jelutong measure 10.2 ha and 3.6 ha, respectively.

"We are hoping to conclude the land acquisition deals by the middle of June and are planning mixed residential housing projects on the plots."

SP Setia’s first foray into Penang was over five years ago with the 45 ha Setia Pearl Island development, which had a development value of RM1.2 billion. The project included three-storey terraced homes, semi-detached units and commercial lots.

"We would like to extend our presence to other parts of the island and have been doing so through our projects in George Town. We have acquired two pieces of land in Balik Pulau totalling 12ha for purposes of landed residential units," added Rajoo.

Khoo Teck Chong, Deputy General Manager for the northern region’s property division at SP Setia, noted that the last piece of undeveloped land at the Setia Pearl Island site will likely be launched by Q3 2013.

With a development value of RM350 million, the project, dubbed The Breeze, will sprawl over 7.6 ha of land and will integrate both low- and high-rise housing units.

He added that the new launches "will include exclusive high-rise condominiums at Teluk Kumbar which we hope to launch by the second half of 2013."

Meanwhile, the RM50 million QBees project will include 98 condominium units and will be sited on a 1.2 ha plot.

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