SP Setia Berhad Group, through its unit SP Setia International (Singapore), has inked a private agreement with all 27 owners of Leong Bee Court to acquire the property for S$65 million (S$824 psf ppr), marking its venture into the Singapore property market.
The group is planning to develop the 29,440 sq ft site into a high-rise project consisting of 105 one-, two- and three-bedroom units. It is expected to be completed three and a half years from now.
According to Liew Kee Sin, SP Setia Berhad Group President and CEO, the site’s proximity to various schools offers great advantage to those who are sending their children to school in Singapore and are seeking to invest in real estate in the country, as well as allows the group to tap into its Malaysian customer base.
Mr. Liew added the site’s connectivity to the city via the PIE and CTE and the nearby MRT station is expected to result in robust demand from home buyers during its launch in mid-2012.
Since the group’s establishment of its marketing office in April 2009 at 1 Harbourfront Place, the awareness of the group’s brand has improved remarkably among local residents, which resulted in increased sales of its Malaysian properties among Singapore-based home buyers.
“Now that we have secured a project in Singapore, the group will be able to showcase its development capabilities locally to potential customers,” said Mr. Liew.