KUALA LUMPUR (June 19): S P Setia Bhd today announced that its wholly-owned subsidiary, Petaling Garden Sdn Bhd, has entered into inter-conditional sale and purchase agreements with Elite Park Development Sdn Bhd, Grand Prestige Development Sdn Bhd and Mestika Bistari Sdn Bhd, all three wholly owned by Mah Sing Group Bhd to dispose of approximately 500 acres of freehold land located in Glengowrie, Semenyih for a cash consideration of RM392 million.

According to a media release by S P Setia, the Glengowrie Land is located in a strategic location, easily accessible from Semenyih and Kajang towns via Jalan Semenyih, and from various parts of Klang Valley via the LEKAS Kajang – Seremban expressway.

“This sale is part of S P Setia’s strategic plan to improve capital efficiency by monetising its identified land banks and aligns with the company’s long-term plan to move towards a lighter asset structure,” stated S P Setia.

“The sale of this land is a good move for us. The sale proceeds will be used for investment into strategic projects developments as well as debt repayment,” said Datuk Choong Kai Wai (pictured), president & chief executive officer of S P Setia.

“We are confident that this sale will contribute positively to S P Setia’s profits and is a step towards achieving the company’s long-term goals. S P Setia remains committed to delivering high-quality projects and creating value for its stakeholders,” Choong added.