Cheyenne Hollis | Dec 06, 2012 | Comments 2
SP Setia plans to use the land acquired from the British High Commission to build residential and commercial use buildings.
SP Setia Bhd, Malaysia?s largest property developer by sales, will pay RM294.97 million (US$97 million) for the British High Commission land situated along Jalan Ampang in Kuala Lumpur, The Sun Daily reported.
The company told the newspaper the tender for the property measuring 12,456 sqm was accepted by The Secretary of State for Foreign and Commonwealth Affairs of the United Kingdom of Great Britain and Northern Ireland.
SP Setia said the British High Commission was currently occupying the property that included a three-storey building, a two-storey clubhouse with ancillary buildings and a swimming pool.
In a filing with Bursa Malaysia, SP Setia said it plans to build investment-grade commercial and residential properties on the land. The deal is still subject to the authorities? approval.
The proposed acquisition is expected to be completed during the first half of financial year 2013, and will be funded via internal funds and bank borrowings.
Zerin Properties CEO Previn Singhe said given the size and shape of the land transacted, the deal is fair for both SP Setia and the Secretary of State for Foreign and Commonwealth Affairs of the UK of Great Britain and Northern Ireland.
?Considering the scarcity of good development sites in Kuala Lumpur, you really can?t find sizeable sites anymore,? Singhe told the paper. ?It?s almost impossible and thus, this is a great deal for both parties.?
Filed Under: Country News ? Malaysia ? News
Source: http://www.property-report.com/sp-setia-completes-land-deal-with-british-high-commission-26226
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