SP Setia plans RM2.8bil projects

PUTRAJAYA: Property developer SP Setia Bhd will redevelop the Sri Johor, Sri Pulau Pinang and Sri Melaka low-cost apartments and the Taman Ikan Emas low cost homes in Bandar Tun Razak, Cheras at a total development value of RM2.8bil.

SP Setia's deputy president and chief operating officer Datuk Voon Tin Yow said the first phase of the project would take off next month.

He said this at a press conference yesterday after a meeting the Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin on the proposal to rebuild the housing area.

Raja Nong Chik said the first phase of the project would involve the development of affordable, quality homes totalling 1,255 units. They would be completed in three years.

He said SP Setia would also undertake an apartment housing project in the area for young executives with each unit to cost not more than RM300,000 and with a built-up area of at least 800 sq ft.

The decision to build quality, affordable homes in the area was made in view of the housing area which has been rundown. The area will be modernised with well appointed homes as well as public facilities and improved landscaping.

Under the second phase, Raja Nong Chik said the housing developer would also develop a commercial and residential centre which will take 14-15 years on the 53.4ha.

By Bernama