SP Setia to undertake third project in Australia

KUALA LUMPUR: SP Setia Bhd plans to develop a residential project in Melbourne, Australia, with a gross development value of A$34mil (RM105.75mil).

The property developer said in a press statement that it had acquired its third piece of land in Melbourne - measuring 2,074 sq m - for A$6.68mil (RM20.78mil) for the purpose.

The parcel is located at Neerim Road, Carnegie, just 11km southeast of the Melbourne central business district.

The site has a permit approved for a compact project of 48 apartments over four levels.

SP Setia acting president and chief executive officer Datuk Khor Chap Jen said this was its third project in Australia although a small one c ompared to Fulton Lane and Parque, its first two developments in Melbourne which were both 100% sold.

“This acquisition is part of our growth strategy for Australia. We aspire to be a prominent developer in Australia and will continue to be on the look out for good opportunities in the major cities of Australia,” he said.

“Besides looking at huge development opportunities, we plan to offer boutique scale developments of not more than 150 apartments in strategic suburban locations such as Carnegie.”

The Permodalan Nasional Bhd subsidiary said it was also targeting strategic pipeline projects in South Australia, New South Wales and Queensland.

SP Setia shares closed unchanged at RM3.25 with 707,100 shares changing hands.