SP Setia Plans RM2bil New Township in Johor
SP Setia is planning a RM2 billion joint venture project called Setia Eco Gardens in the Iskandar Development Region (IDR) in southern Johor to capitalize on the potential growth of the area in the coming years.
Incidentally, this township will be SP Setia’s fourth development in Johor Bahru after the on-going Setia Tropika, Setia Indah and Bukit Indah projects in the city.
li>Based on a press report released last week,
- The 383.92 ha piece of freehold land was acquired for RM227.3 million or RM5.50psf from Kawasan Mestika Sdn Bhd and Gan Theng Enterprise Sdn Bhd.
The JC company, Kesas Kenangan Sdn Bhd, would be set up to undertake the development located in Pulai, Johor Bahru. SP Setia will hold 70% in the new company through its subsidiary Futurecrest (M) Sdn Bhd with the remaining 30% by Topasia Projects, a unit of Hong Bee Land Sdn Bhd.
SP Setia plan to have a garden theme that includes a lush garden oasis and resort-like facilities such as fishing pavilions, canoeing cove, water parks and boardwalks.
Certainly, the timing is looking good for companies like SP Setia to invest in the Southern Johor growth area to take advantage of the Integrated Resorts planned in Singapore.
Wonder what will be the impact of the recent floods have on property prices (both existing and new developments) in JOhor. Its like half of the state is flooded and with over 100K people evacuated, its like almost 10% of the state population.
Comment by preacher — January 15, 2007 @ 10:06 am
well, definitely foreign investors (and even some local ones) will be more wary. Especially if the flood occurs again in the near future.
Comment by Administrator — January 18, 2007 @ 3:13 pm