SP Setia Berhad : Land Acquisition in KL city

According to bursa announcement Malaysia: -

Tender for purchase by Setia Hicon Sdn Bhd (“Setia Hicon” or “Purchaser”), a wholly-owned subsidiary of S P Setia, of a piece of land held under Geran 10567, Lot 258, Seksyen 089A, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan measuring approximately 12,456 square metres together with the buildings and amenities erected thereon (“Property”) at a total price of RM294,965,304.00 (“Purchase Consideration”) has been accepted by The Secretary of State for Foreign and Commonwealth Affairs of the United Kingdom of Great Britain and Northern Ireland (“Vendor”). In this connection, the Vendor and the Purchaser have on 5 December 2012 entered into an agreement (“SPA”) for the sale and purchase of the Property (“Proposed Acquisition”).

This is analyzed at 2200 per sf. Ft. (land and building)

SP Setia Berhad : Land Acquisition in KL

The Property’s strategic location within the immediate vicinity of KLCC is undeniable.

The land enjoys a wide frontage of 312 feet fronting Jalan Ampang and is highly accessible through Jalan Ampang, the Ampang-KL Elevated Highway, Duta-Ulu Klang Expressway and Middle Ring Road 2. It is also within easy walking distance to the Ampang Park LRT Station.

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Apart from easy access and excellent transport infrastructure, the Property is located close to every conceivable amenity courtesy of its close proximity to the  Petronas Twin Towers. This includes numerous Grade-A office towers, 5-star hotels, medical centres, the Suria KLCC shopping centre, Dewan Filharmonik Petronas and the Royal Selangor Golf Club, to name but a few.

Over the past few years the Group has steadily grown its network of high-net-worth property purchasers who have strongly supported the launch of its numerous investment-grade projects such as KL Eco City in Bangsar, Fulton Lane in Melbourne and 18 Woodsville in Singapore. As the Group expands its business beyond Malaysian shores, with exciting new developments such as the Battersea Power Station project in London, Eco Sanctuary in Singapore and Parque Melbourne in Australia, it is also beginning to acquire a strong following amongst international property investors. 

The Proposed Acquisition therefore provides a unique opportunity for S P Setia to acquire a piece of prime freehold land at the very heart of Kuala Lumpur to build investment-grade commercial and residential products to suit the needs of this highly discerning and sophisticated clientele.  The estimated Gross Development Value of the proposed integrated commercial development on the Property, subject to the approval of the authorities for the proposed development and building plans, is approximately RM1.04 billion.