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S P Setia on track to meet long-term goals via planned, strategic land sales

5

Jul

2023

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From left: Datuk Alex Khaw Giet Thye, chief operating officer – property of Scientex Bhd; Lim Peng Jin, managing director/chief executive officer of Scientex Bhd; Choong; and Datuk Zaini Yusoff, chief operating officer of S P Setia at the signing ceremony today. (Photo by S P Setia)
  • 959.72 acres of land in Tebrau, Johor disposed of for RM547.65m cash
  • Datuk Choong Kai Wai, president & CEO of S P Setia: The sale of this land is in line with the group’s direction to optimise and rebalance its land bank whilst maintaining an efficient capital structure.

 

SETIA ALAM (July 5): S P Setia Bhd announced today of its disposal of freehold land measuring approximately 959.72 acres to Scientex Lestari Sdn Bhd for a cash consideration of RM547.65 million. The sale was executed through S P Setia’s indirect wholly-owned subsidiary, Pelangi Sdn Bhd, following a conditional sale and purchase agreement signed on the same day.

According to a media release by S P Setia today, the land located in Mukim of Tebrau District of Johor Bahru “hold strong value due to their prime location along the Senai–Desaru Expressway (SDE)”.

Positioned approximately 18 km east of the Senai International Airport and 28 km north of Johor Bahru city centre, “the lands provide easy access to major transportation routes”.