SP Setia in JV with DBKL on mega project near Mid Valley

KUALA LUMPUR: SP Setia Bhd is set to finalise a joint venture (JV) agreement with Dewan Bandaraya Kuala Lumpur (DBKL) to develop high-rise residential cum commercial project on a 20-acre (8.1ha) plot located opposite the Mid Valley City. Speaking to reporters at Invest Malaysia 2008 yesterday, SP Setia’s managing director Tan Sri Liew Kee Sin said the company secured an approval from the Economic Planning Unit (EPU) seven years ago for the project. Although it had subsequently signed a memorandum of understanding (MoU) a few years ago with the DBKL, a privatisation agreement is still pending. “We expect to finalise a deal with DBKL soon and launch the project next year,” said Liew. However, he declined to reveal the value of the project. Squatters residing on the land were relocated to nearby apartments recently, indicating that the project is making progress. The JV between SP Setia and DBKL will be similar to previous deals such as the one between IGB Group Bhd and DBKL for the now completed Mid Valley City project. Under such deals, DBKL would provide land while developers such as SP Setia or IGB carry out the development work and invest in the infrastructure. Read more

(The Edge 27-3-2008)