S P Setia’s Bangsar job a positive development

Kenanga Research said the planned project should be “sound”, but some details were unclear.

PETALING JAYA: S P Setia Bhd’s tie-up with Mitsui Fudosan (Asia) Malaysia Sdn Bhd for a residential project in Bangsar, Kuala Lumpur, is a positive development.However, the enhancement to the property developer’s valuation from the project will likely be insignificant.

Kenanga Research, in its report, noted the planned project, comprising residential towers with gross development value (GDV) of RM1.4bil on 2.67 acres in Bangsar, should be “sound”, but some details were unclear.