KUALA LUMPUR: Property developer S P Setia Bhd has sold eight parcels of freehold land worth RM518.1mil in Johor Baru to Scientex Quatari Sdn Bhd, the wholly-owned subsidiary of Scientex Bhd, in line with the group’s strategy to monetise its landbanks.
Yesterday, S P Setia said its fully-owned subsidiary Pelangi Sdn Bhd entered into a conditional sale and purchase agreement with Scientex Quatari Sdn Bhd.
S P Setia Bhd president and chief executive officer Datuk Khor Chap Jen (pic) said the disposal of the landbank was part of the group’s business strategy to pare down its debts and improve efficiency by monetising its land. The funds can then be ploughed back into other project developments for immediate launches.
The parcels of land disposed amount to around 960 acres and are registered for agriculture use. They currently home matured oil palm trees. Post-sale, S P Setia’s total remaining land bank would be around 7,569 acres.