KUALA LUMPUR (Nov 11): S P Setia Bhd, which had on Wednesday announced that it had won a tender to purchase 1,675-acre piece of land in Seberang Perai Utara, Penang for RM620 million, is purchasing it from Boustead Plantations Bhd, sources told The Edge Financial Daily.
It is understood that the land, an oil palm estate, is known as Malakoff Estate.
Boustead Plantations Bhd’ 2015 annual report stated that it had acquired the freehold land in 2013.
On Wednesday, SP Setia announced to Bursa Malaysia that it had bagged a tender for the purchase of land from CIMB Islamic Trustee Bhd without revealing the name of the vendor. Boustead Plantations has yet to make an annoucement.
SP Setia, which is making its debut into mainland Penang through this acquisition, plans to develop the land over the next 15 to 20 years into an eco-themed mixed development township, with a potential gross development value of RM9.6 billion.
The land is 18km away from Butterworth and 32km from the Penang Bridge, and is within the Butterworth-Sungai Petani growth corridor.