Following the news release of SP Setia Buys Land in Selangor for Township. The company made an announcement with further details of the project at Bursa Malaysia.
The land which measured 1,010.5 acres in total is located near Ulu Langat, Selangor which is between Semenyih, Bangi Old Town and Beranang. Apparently the purchase cost about RM330,130,350 at a rate of RM7.50 psf will be paid in cash to Ban Guan Hin Realty Sdn Bhd through Bukit Indah, a subsidiary of S P Setia.
Below is an excerpt of the announcement. The full announcement can be found here.
The Board of Directors of S P Setia (“Board”) wishes to announce that on 12 August 2011, Bukit Indah (Selangor) Sdn Bhd (“Bukit Indah” or “Purchaser”), a wholly-owned subsidiary of S P Setia, entered into a sale and purchase agreement (“SPA”) with Ban Guan Hin Realty Sdn Bhd (“Ban Guan Hin Realty” or “Vendor”) for the proposed purchase of a piece of freehold land held under Geran 45874 for Lot 39 Mukim Beranang, Daerah Ulu Langat, Negeri Selangor measuring 1,010.5 acres for a purchase consideration of RM330,130,350 (“Purchase Consideration”) or RM7.50 per square foot. (“Proposed Acquisition”)
2. INFORMATION ON BUKIT INDAH
Bukit Indah is a private limited company incorporated in Malaysia under the Companies Act, 1965 on 23 July 1998. The present authorized share capital is RM100,000 comprising 100,000 ordinary shares of RM1.00 each of which 2 shares are issued and fully paid up. Bukit Indah is presently dormant.
3. INFORMATION ON BAN GUAN HIN REALTY
Ban Guan Hin Realty is a private limited company incorporated in Malaysia under the Companies Act, 1965 on 26 September 1953. The present authorized share capital is RM20,000,000 comprising 20,000,000 ordinary shares of RM1.00 each of which 1,070,000 shares are issued and fully paid up. Ban Guan Hin Realty’s principal activities involve the working of an estate, producing and selling of rubber and oil palm fresh fruit bunch.
4. INFORMATION ON THE SAID LAND
The Said Land is held under Geran 45874 for Lot 39 Mukim Beranang, District of Ulu Langat, Negeri Selangor measuring 1,010.5 acres in total. The terrain of the Said Land is generally undulating and is zoned for mixed housing development. The Said Land is situated midway between the towns of Semenyih, Bangi Old Town and Beranang. It is approximately 5 kilometres south of Semenyih; 7 kilometres east of Bangi Old Town; and 2 kilometres north-west of Beranang. The Said Land is also located approximately 12 kilometres south of Kajang town and 25 kilometres south of Kuala Lumpur City Centre.
The travel time to Kuala Lumpur City Centre from the Said Land via Jalan Semenyih, which connects onto the Kajang SILK Highway and further onto the North-South Highway and Kuala Lumpur-Seremban Highway is approximately 40 minutes. The Said Land is approximately 15 minutes from the proposed Bandar Kajang MRT Station on the Sungai Buloh-Kajang Line. Please refer to the attached map for location details of the Said Land.