SP Setia lands Singapore site for S$265m

PETALING JAYA: SP Setia Bhd, which announced a merger with I&P Group Sdn Bhd last Friday, successfully tendered for a parcel of leasehold land at Toh Tuck Road, Singapore measuring about 4.6 acres for S$265 million (RM847.6 million) or S$939 per square foot.
The developer told Bursa Malaysia the tender acceptance letter was issued by the Urban Redevelopment Authority, acting as agent for and on behalf of the Singapore government, to its wholly owned subsidiary S P Setia International (S) Pte Ltd on April 18.
The site will be home to SP Setia’s third property project in Singapore – a five-storey condominium comprising 327 units with a gross development value of S$457 million. It is within short walking distance to Beauty World MRT station.
The project is expected to be launched in 2018 and will take about five years to complete.
SP Setia expects to finance the purchase sum via internally generated funds and/or bank borrowings, the breakdown of which has not been determined at this juncture.
SP Setia ventured into Singapore back in 2012 with the launch of the “18 Woodsville” project which is located next to Potong Pasir MRT station, followed by the “Eco Sanctuary” project along Chestnut Avenue.