Mixed views on S P Setia British High Commission land acquisition

PETALING JAYA: Analysts have mixed views on the 3.1-acre British High Commission land S P Setia Bhd acquired for RM295mil.

Affin Investment Bank analyst Isaac Chow said in a research report: “We are generally cautious on the acquisition despite the reasonable price tag of RM2,200 per sq ft (psf). Reasons being we are cautious on the medium-term prospects of the luxury condominium market around KLCC due to the softening demand and low occupancy rate of existing properties as well as incoming supply of commercial projects.”