SP Setia to build luxury homes at KL site

By THE STAR

PROPERTY developer SP Setia Bhd will build luxury gated and guarded homes on a recently-acquired RM73.9 million site in Kuala Lumpur.

On Wednesday, the developer bought the 2.5ha freehold land in Bukit Tunku, some five minutes away from the Kuala Lumpur City Centre, from state-owned utility Tenaga Nasional Bhd.

The tract, to be financed via SP Setia’s internal funds, and loans, will accommodate the real estate builder’s “Duta-Grande”-branded homes.

“We are working on the detailed plans,” SP Setia group managing director Tan Sri Liew Kee Sin said in a statement.

Details like the project’s value, and the type of properties to be built were, however, not disclosed. But Liew said it will comprise a limited number of units targeted at “super affluent” buyers.

Existing projects by SP Setia include the Setia Alam in Selangor, Setia Indah in Johor, and Penang-based Setia Pearl Island.

SP Setia’s net profit grew one per cent to RM46.7 million in the first quarter to January 2007, although revenue dipped nine per cent to RM255.2 million.

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