SP Setia to build luxury homes at KL site

Posted on | June 2, 2007

By THE STAR

PROPERTY developer SP Setia Bhd will build luxury gated and guarded homes on a recently-acquired RM73.9 million site in Kuala Lumpur.

On Wednesday, the developer bought the 2.5ha freehold land in Bukit Tunku, some five minutes away from the Kuala Lumpur City Centre, from state-owned utility Tenaga Nasional Bhd.

The tract, to be financed via SP Setia’s internal funds, and loans, will accommodate the real estate builder’s “Duta-Grande”-branded homes.

“We are working on the detailed plans,” SP Setia group managing director Tan Sri Liew Kee Sin said in a statement.

Details like the project’s value, and the type of properties to be built were, however, not disclosed. But Liew said it will comprise a limited number of units targeted at “super affluent” buyers.

Existing projects by SP Setia include the Setia Alam in Selangor, Setia Indah in Johor, and Penang-based Setia Pearl Island.

SP Setia’s net profit grew one per cent to RM46.7 million in the first quarter to January 2007, although revenue dipped nine per cent to RM255.2 million.

You might also like

SP Setia to form housing JV in Vietnam By BLOOMBERGKUALA LUMPUR: SP Setia Bhd will form a joint venture this year to build homes in Vietnam’s...

Contours Melawati Heights | Gated and Guarded Luxury Homes for sale Contours Melawati Heights | Gated and Guarded Luxury Homes for sale A stunning stroke of architectural...

SP Setia Bhd Group – Setia 4 U Show Case SP Setia Bhd Group - Setia 4 U Show Case Beautiful homes and lifestyles. Coming your way. Up to...

SP Setia buys site in Singapore for RM156.65mil By BERNAMA KUALA LUMPUR: SP Setia Bhd, through its unit SP Setia International (S) Pte Ltd, has entered...