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)