Oct 27, 2009

SP Setia plans Vietnam project

PETALING JAYA: SP Setia Bhd plans a mixed property project with gross development value of US$250mil in Vietnam.

SP Setia said its subsidiary, Setia Lai Thieu Ltd, had entered into an in-principle agreement with Investment and Industrial Development Corp (Becamex) for an independent mixed-use real estate project in Binh Duong Province.

“It shall entail a mixed development of about 1,700 units comprising shophouses, terrace houses, semi-detached houses, commercial centres, a clubhouse and apartments,” it said in a filing with Bursa Malaysia.

The project would be on 26.79 acres and would be transferred from Becamex to a newly-formed company for US$16.26mil, it said.

“The US$16.26mil was arrived at by aggregating all the costs and expenses for compensation and payment of all land-related fees,” it added.

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