SP Setia’s RM1b Sabah foray

PETALING JAYA: SP Setia Bhd is making its entry into Sabah with a mixed residential and commercial property project in Tanjung Aru with a gross development value (GDV) at RM1 billion. SP Setia group managing director and chief executive officer Tan Sri Liew Kee Sin said the project “gives us a crucial stepping stone to springboard the SP Setia stable of brands into Sabah and capitalise fully on the state’s anticipated economic boom”. He said the expansion into east Malaysia was part of the group’s aim to diversify its geographical concentration into other high growth states in Malaysia as well as international markets. “Aeropod @ Tg Aru will be modelled after the creative hybrid commercial projects that we have launched such as Setia Walk and Setia Nexus 1 in the Klang Valley,” he said.

(30-1-2008 The Edge)

SP Setia in maiden Sabah venture

MALAYSIA'S most valuable property company, SP Setia Bhd, has unveiled plans for its first venture in Sabah, a RM1 billion mixed development project in Tanjung Aru. Under the agreement, SP Setia will build a transport terminal and new headquarters and ancillary buildings of Jabatan Keretapi Negeri Sabah on part of 24 hectares near the Tanjung Aru township and the Kota Kinabalu International Airport. In return, it will have the rights to develop the balance of 17ha into a mixed residential and commercial project, named Aeropod @ Tg Aru. The project will have a shopping mall, a five-star as well as a three-star hotel, and residential condominiums, among other developments.

(30-1-2008 New Straits Times)