SP Setia Bhd has expanded its footprint in Penang to Sebarang Prai Utara, after it won the tender for 677.85ha of land there.
In an announcement, the company revealed that WTW Real Estate Sdn Bhd had notified it of its successful tender bid at RM620 million, which was made via its subsidiary Setia Recreation Sdn Bhd.
Notably, the company’s property development activities within the state has been so far limited to the island.
“The land represents SP Setia’s maiden entry into mainland Penang and it is located within the Butterworth-Sungai Petani growth corridor, with good accessibility from the North-South Highway via the Bertam Interchange,” it said.
Situated about 18km away from Butterworth and 32km away from the first Penang Bridge, the land is surrounded by townships, a medical institute, retail malls, a golf course and a university campus, added SP Setia.
The company plans to transform the freehold land into an eco-themed mixed development township with a gross development value of RM9.6 billion. The proposed development is expected to be completed in 15 to 20 years.
SP Setia’s undeveloped landbank on Penang island reportedly stands at 56.6 ha, which is spread across Teluk Kumbar, Balik Pulau and Tanjung Bungah.
It launched its `Setia Sky Ville’ condominium development at Solok Slim in Jelutong on 5 November 2016.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
