Page 28 - S P Setia Annual Report 2016
P. 28

26    S P Setia Berhad Group                                 Our Business | Our Performance Review | Our Leadership and People
                Annual Report 2016                                        | Our Achievements and Accolades | Our Sustainability Statement
                                                                         | Our Governance | Our Financial Statements | Other Information

          Management Discussion and Analysis

             Melbourne CBD Skyline

          Land Banking in FY2016 for Sustainable Growth  In 2016,           The  1.02-acre  land is  situated  opposite the  Carlton
                                                                            Gardens and has close proximity to Bourke Street,
          In 2016, we successfully acquired a piece of land   we successfully   Melbourne’s renowned shopping and entertainment
          measuring approximately 1,675 acres in Seberang                   street.
          Perai which will become our maiden entry onto the   acquired a
          mainland of Penang.                                               We will redevelop the land with an estimated GDV
                                                       piece of land        of AUD640 million and the launch is slated for the
          This land is located within the Butterworth Sungai                second half of 2017.
          Petani Growth Corridor, with good accessibility from  measuring
          the North-South Highway via the Bertam Interchange.   approximately   We have also acquired a site measuring 0.2 acres on
          The land is approximately 18km away from Butterworth              High Street in the Prahran district, which is just 7km
          and 32km away from the Penang Bridge.        1,675 acres          from Melbourne’s CBD. The site is planned for the
                                                                            development of, among others, 47 apartments with
          A mixed township development is planned for this   in Seberang    a GDV of AUD38 million, which are expected to be
          location, which will comprise landed and high-rise                launched in the second quarter of 2017.
          housing developments and commercial components.   Perai which
                                                                            These acquisitions mark our fourth and fifth
          This project, with an estimated GDV of RM9.6 billion, is  will become   acquisitions in Melbourne and we will continue to
          targeted to be launched in 2019/2020 and is expected              explore opportunities to acquire suitable development
          to take 15 years to complete.                our maiden           land in other major cities and suburbs in Australia.
                                                       entry onto the
          Over in Australia, we successfully acquired 1.02 acres            In addition to the above land acquisitions, the Group
          of land in the Central Business District (“CBD”) of   mainland of   will continue to search for more strategic land banks
          Melbourne in our bid to solidify our presence as a                to replenish the existing acreage, especially in the
          prominent property developer in Australia.   Penang.              Klang Valley and Johor Bahru in Malaysia, and also in
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