S P Setia Berhad has disposed of its 500-acre Seminyih land to Mah Sing Group Berhad for a cash consideration of RM392 million in an effort to raise capital for its operations.
The Glengowrie Land is located in a strategic location, easily accessible from Semenyih and Kajang towns via Jalan Semenyih, and from various parts of Klang Valley via the LEKAS Kajang-Seremban expressway. The group said the sale is part of S P Setia’s strategic plan to improve capital efficiency by monetising its identified land banks and aligning with its company’s long-term plan to move towards a lighter asset structure.’
According to Datuk Choong Kai Wai, President & Chief Executive Officer, “The sale of this land is a good move for us. The sale proceeds will be used for investment into strategic projects developments as well as debt repayment. We are confident that this sale will contribute positively to S P Setia’s profits and is a step towards achieving the company’s long-term goals. S P Setia remains committed to delivering high-quality projects and creating value for its stakeholders”.
