Get the latest property listings for sale, for rent or new property projects right into your mailbox

Subscribe to our mailing list today!
Enter your name and email address below:

Already registered
  Login   |     Register   |     Forgot Password
SP Setia buys land in Melbourne for third project
Date: 17 November 2015

KUALA LUMPUR (Nov 16): Property developer S P Setia Bhd has made its third inroad into the Australian property market with its acquisition of a parcel of land in Melbourne for A$6.68 million (RM20.79 million), to be developed into a 48 unit four-level apartment complex with a gross development value (GDV) of AUS$34 million (RM105.84 million).

The land measures 2,074 sq m and is located about 11 km from Melbourne's Central Business District.

S P Setia acting president and chief executive Datuk Khor Chap Jen admitted that its third foray into Australia is smaller compared to its previous two projects there, namely Fulton Lane and Parque.

"This acquisition is part of our growth strategy for Australia. We aspire to be a prominent developer in Australia and will continue to be on the lookout for good opportunities. Besides looking at huge development opportunities, we plan to offer boutique scale developments of not more than 150 apartments in strategic suburban locations such as Carnegie," he said in a press statement today.

S P Setia shares close unchanged at RM3.25 with 707,100 shares traded, for a market capitalisation of RM8.54 billion.

(from the Edge 17 Nov 2015)

Share :

We're hiring. Join us!!!

Interested in a property not listed in RosePropertyGallery? Let us know

Property wanted:
Find your Perfect Home
Join RosePropertyGallery
Rose Property is a division of Oriental Realty
Contact Number
+603-5636 6648 / +6017-643 4223