JV to build RM3.5bil housing project called off

KUALA LUMPUR: The proposed collaboration between Malaysia’s and Indonesia’s top property developers -- Sime Darby Bhd, SP Setia Bhd, Permodalan Nasional Bhd’s unit I&P Group Sdn Bhd and PT Hanson International Tbk -- to develop a RM3.5bil housing project in Jakarta, has been cancelled.

In a filing with Bursa Malaysia yesterday, SP Setia said its unit SP Setia (Indonesia) Sdn Bhd, along with Sime Darby and I&P, had decided not to pursue the joint venture.