S P Setia acquires 342.5 acres of prime land in Bangi from Seriemas Development Sdn. Berhad, a subsi
14 Apr 2017
S P Setia Berhad (S P Setia), via its wholly owned subsidiary, KL East Sdn Bhd, entered into a conditional sale and purchase agreement to acquire a parcel of land measuring approximately 342.5 acres located in Bangi, Selangor, known as Bangi Estate (“Bangi Land”), from a subsidiary of PNB Development Sdn. Berhad (PNB Development), Seriemas Development Sdn. Berhad, for a purchase price of approximately RM447.58 million (RM30.00 per square foot) plus a share of the future audited profit before taxation from the development of the said land, up to a maximum of RM3.00 per square foot. PNB Development is a wholly owned subsidiary of Permodalan Nasional Berhad (PNB).
Bangi Land is located near Bandar Baru Bangi, Kajang and Semenyih. It is accessible via several major highways namely Kajang-Seremban Highway (LEKAS), North-South Expressway (PLUS) and South Klang Valley Expressway (SKVE). Bangi Land is approximately 30 km south-east of the city centre of Kuala Lumpur and approximately 25 km from Kuala Lumpur International Airport (KLIA).
Bangi Land is planned for a mixed development township comprising residential (e.g. apartments, linked houses and cluster houses) and commercial (e.g. shops and shop offices) components and is expected to have a gross development value (GDV) of approximately RM2.74 billion.
On the same day, S P Setia, PNB and Amanahraya Trustees Berhad, trustee for Amanah Saham Bumiputera, had entered into a non-binding Memorandum of Intent to commence negotiations on the proposed acquisition by S P Setia of the entire equity interest in I&P Group Sdn. Berhad, which has remaining 4,263 acres of landbanks, to fast track its expansion plan.