Business Today

S P Setia Makes Maiden Foray Into Sydney With RM200 Million Land Acquisition

S P Setia is expanding its footprint in Australia with the acquisition of a prime land site in Sydney, New South Wales a maiden foray into this state for the developer.

Located at 20 Atchison Street in St Leonards, the land is nestled in the dynamic landscape of Sydney’s North Shore, the St. Leonard’s neighbourhood expertly merges urban amenities within a leafy suburb. Making it a highly desirable residential choice for property owners.

The group will be acquiring the land for AUD73.3million (RM220 million) and plans to develop a residential development with secondary commercial and retail use estimated with a Gross Development Value (GDV) of AUD236 million (RM708 million).

Datuk Choong Kai Wai, President & CEO, expressed his enthusiasm for this remarkable expansion, stating, “The acquisition of 20 Atchison Street is an exciting and strategic move for S P Setia in Australia. We are proud of our legacy of excellence in the Australian property market, as demonstrated by the completion of the iconic Melbourne projects: Fulton Lane, Parque, Uno, and Sapphire by the Gardens. These projects have not only set the highest standards but have also come to define the S P Setia brand in Australia, known and proven for its unwavering commitment to timely completion and quality.

S P Setia launched its first Australian development, Fulton Lane, in 2011. It has since expanded its development frontier in Australia and has completed multiple projects, with a total GDV of over AUD2.2 billion (RM6.5 billion).