S P Setia Berhad (S P Setia), via its wholly owned subsidiary, KL East Sdn Bhd, entered into a conditional sale and purchase agreement to acquire a parcel of land measuring approximately 342.5 acres located in Bangi, Selangor, known as Bangi Estate ("Bangi Landâ€), from a subsidiary of PNB Development Sdn. Berhad (PNB Development), Seriemas Development Sdn. Berhad, for a purchase price of approximately RM447.58 million (RM30.00 per square foot) plus a share of the future, audited profit before taxation from the development of the said land, up to a maximum of RM3.00 per square foot. PNB Development is a wholly owned subsidiary of Permodalan Nasional Berhad (PNB).
Bangi Land is located near Bandar Baru Bangi, Kajang and Semenyih. It is accessible via several major highways namely Kajang-Seremban Highway (LEKAS), North-South Expressway (PLUS) and South Klang Valley Expressway (SKVE). Bangi Land is approximately 30 km south-east of the city centre of Kuala Lumpur and approximately 25 km from Kuala Lumpur International Airport (KLIA).
Bangi Land is planned for a mixed development township comprising residential (e.g. apartments, linked houses and cluster houses) and commercial (e.g. shops and shop offices) components and is expected to have a gross development value (GDV) of approximately RM2.74 billion.
"Bangi Land is also located within a 5-km radius from our existing two sister mixed development townships, namely Setia Ecohill and Setia Ecohill 2. With our good track record, we are confident of developing Bangi Land into another success story for us to be proud ofâ€, said Dato Khor' Chap Jen.
On the same day, S P Setia, PNB and Amanahraya Trustees Berhad, trustee for Amanah Saham Bumiputera, had entered into a non-binding Memorandum of Intent to commence negotiations on the proposed acquisition by S P Setia of the entire equity interest in I&P Group Sdn. Berhad, which has remaining 4,263 acres of landbanks to fast track its expansion plan.