Leeds
15-04-11, 13:30
Business Times - 15 Apr 2011
SP Setia buys Leong Bee Court for $65m
By TAN SHIHAO SEAN
MALAYSIAN property developer, SP Setia Berhad Group, has entered into a private treaty with all 27 owners of Leong Bee Court to buy the property for $65 million.
The deal, transacted through its subsidiary, SP Setia International (Singapore), works out to $824 psf per plot ratio for the 29,440 sq ft site.
Setia plans to build a high-rise project comprising 105 units of one, two and three-bedroom apartments with completion expected in about three and a half years from now.
The close proximity of the site to several colleges and schools is highly advantageous, according to SP Setia Berhad Group president and CEO, Liew Kee Sin, allowing the group to tap into its Malaysian customer base - especially those who have sent their children to further their education in Singapore and are looking to invest in properties here.
Mr Liew said the site's location, 'next to an existing MRT station and with good connectivity to the City via CTE and PIE', would result in strong demand from home buyers when the project is launched in the middle of next year.
This is part of the group's plan to expand its development base to include both integrated commercial cum high-rise residential projects as well as international expansion.
Since the group's establishment of its marketing office at 1 Harbourfront Place, in April 2009, the awareness of the group's brand has improved among local residents of the island state, resulting in increased sales of its Malaysian properties to Singapore-based customers.
'Now that we have secured a project in Singapore, the group will be able to showcase its development capabilities locally to potential customers,' said Mr Liew, adding that this comes at an opportune moment 'to participate in the upturn of Singapore's economy'.
SP Setia expects Fulton Lane, its maiden development in Melbourne, to be launched soon.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
SP Setia buys Leong Bee Court for $65m
By TAN SHIHAO SEAN
MALAYSIAN property developer, SP Setia Berhad Group, has entered into a private treaty with all 27 owners of Leong Bee Court to buy the property for $65 million.
The deal, transacted through its subsidiary, SP Setia International (Singapore), works out to $824 psf per plot ratio for the 29,440 sq ft site.
Setia plans to build a high-rise project comprising 105 units of one, two and three-bedroom apartments with completion expected in about three and a half years from now.
The close proximity of the site to several colleges and schools is highly advantageous, according to SP Setia Berhad Group president and CEO, Liew Kee Sin, allowing the group to tap into its Malaysian customer base - especially those who have sent their children to further their education in Singapore and are looking to invest in properties here.
Mr Liew said the site's location, 'next to an existing MRT station and with good connectivity to the City via CTE and PIE', would result in strong demand from home buyers when the project is launched in the middle of next year.
This is part of the group's plan to expand its development base to include both integrated commercial cum high-rise residential projects as well as international expansion.
Since the group's establishment of its marketing office at 1 Harbourfront Place, in April 2009, the awareness of the group's brand has improved among local residents of the island state, resulting in increased sales of its Malaysian properties to Singapore-based customers.
'Now that we have secured a project in Singapore, the group will be able to showcase its development capabilities locally to potential customers,' said Mr Liew, adding that this comes at an opportune moment 'to participate in the upturn of Singapore's economy'.
SP Setia expects Fulton Lane, its maiden development in Melbourne, to be launched soon.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.