PETALING JAYA: S P Setia Bhd’s wholly-owned subsidiary, Setia EcoHill Sdn Bhd, has entered into a joint venture with Mitsui Fudosan (Asia) Malaysia Sdn Bhd to form Setia MF EcoHill Sdn Bhd with the aim of constructing a 113-acre residential development at its flagship township of Setia EcoHill in Semenyih.
In a statement, the real estate giant said the proposed development will consist of 683 units of bungalows, semi-detached and cluster homes with an estimated gross development value (GDV) of RM1.3bil.
The development is set to be launched in phases, with the first one taking place next year. The partnership is expected to benefit both parties, with co-branding opportunities, technical knowledge sharing and enhancing the overall concept of the development.
S P Setia president and chief executive officer Datuk Zaini Yusoff said the partnership with Mitsui Fudosan will boost Setia EcoHill’s overall profile and marketability to local owner occupiers and investors.
“Following our first collaboration with Mitsui Fudosan in Setia Federal Hill in December 2023, we look forward to deepening and strengthening our relationship with them in the long term,” he noted.
Setia EcoHill has a GDV of RM5bil, and since its 2013 launch, has developed premier amenities like an international school, Club 360 and commercial hubs, including EcoHill Taipan and Setia EcoHill Walk.
The township has not only attracted tenants and investors from surrounding areas but also Ampang, Cheras, Kajang, Seri Kembangan, Puchong, Putrajaya, Nilai and Seremban.
Zaini added the group will maintain its focus on accelerating developments within the Semenyih and Bangi corridor – in line with its strategic landbank management objectives.
Meanwhile, Mitsui Fudosan managing director Masayoshi Saito said he was honoured to continue the partnership between themselves and S P Setia.
“We are honoured to continue our partnership with S P Setia on our very first landed housing project in Malaysia, a significant milestone for Mitsui Fudosan.
“By leveraging our combined expertise, we aim to deliver quality homes that contribute to a sustainable and thriving community in Setia EcoHill,” Masayoshi said.
The Mitsui Fudosan Group was founded in 1673 but its real estate segment began its journey in 1941.
The company has hit some important milestones, namely, being listed on the Prime Market of the Japanese Stock Exchange, but also was recognised as the top company in terms of revenue and profit in the Japanese real estate market.
Some of its more renowned developments include Kasumigaseki Building, the first skyscraper in Japan, the first factory outlet mall in Japan and Tokyo DisneyLand.
