SP Setia to expand Johor landbank

KUALA LUMPUR: SP Setia Bhd, which has established a strong foothold in Johor, continues to expand its landbank in the state by acquiring a land from Kenyalang Property Development Sdn Bhd for RM125.8 mil.

In a filing to Bursa Malaysia yesterday, SP Setia said its subsidiary, Setia Indah Sdn Bhd, had entered into an agreement with Kenyalang for the acquisition, which is expected to conclude during the financial year ending Oct 31, 2011. It plans to develop a mixed residential development located in the Tebrau corridor.

By Bernama