SP Setia, Setia Haruman in JV for Cyberjaya development

In agreement: (from left) SP Setia executive vice-president Datuk Koe Peng Kang, Khor, Setia Haruman executive chairman Ahmad Khalif Mustapha Kamal and director Lao Chok Keang at the signing ceremony between the two companies.

KUALA LUMPUR: SP Setia Bhd has acquired 57 acres of freehold land in Cyberjaya from Cyberjaya’s master developer, Setia Haruman Sdn Bhd, for RM177.5mil.

SP Setia president and CEO Datuk Khor Chap Jen said in a statement: “The land would be developed by the joint venture company between SP Setia (70%) and Setia Haruman (30%) into a residential development with an expected gross development value (GDV) of RM650mil.