S P Setia acquires land in Cyberjaya for RM3b development

CYBERJAYA: S P Setia Bhd has acquired approximately 268.11 acres of freehold land in Cyberjaya from Cyberjaya master developer Setia Haruman Sdn Bhd for a total of RM420.4 million.

S P Setia president and CEO Tan Sri Liew Kee Sin said the land would be developed by Setia Eco Villa, a joint venture company between S P Setia (70%) and Setia Haruman (30%) into a mixed development with an expected gross development value (GDV) of RM3 billion.

The project — to be known as Setia Eco Glades — is expected to commence in FY2012 pending approvals and is expected to take about six years, he said after a signing ceremony between S P Setia and Setia Haruman on Wednesday, March 2. The largest property developer in Malaysia by sales volume, wants to create an eco-themed development based on its flagship Setia Eco Park development in Shah Alam.

"There is clear and present demand for properties in ecological attuned enclaves in the Klang Valley and this new tract will allow the group to tap into this demand by offering products with Setia Eco Park's proven award-winning 'DNA' in a new and upcoming location," he said.

"Over the years, we have learned what works and what doesn't work in Setia Eco Park. We hope to bring something better to Cyberjaya," he added.

The newly acquired site is "perfect for a mid to high-end gated and guarded development", said Liew, adding that the tract would be designed and developed seamlessly with the land's natural topography with flowing creeks, lush greenery, parks and extensive landscaping.

"No other developer has done it (eco-development) here. We are doing something different," he said.

The proposed properties here are expected to be similar in prices to those in Setia Eco Park. A semi-detached in Setia Eco Park could fetch up to RM2 million a unit.

According to Liew, the project would help elevate the standard of living in Cyberjaya in line with the government's vision for Cyberjaya to be "the nation's foremost centre for international and local ICT, multimedia and shared-services outsourcing investments and operations".

"Cyberjaya is not a market to be ignored as there are 500 multinational companies in the area and it would be good to invest here," he said.

The development would be located within the Cyberjaya Flagship Zone and is accessible via highways such as North-South Expressway, the Damansara Puchong Expressway and MAJU Expressway.