S P Setia to launch RM500m serviced apartments at KL Eco City in mid-2016

S P Setia to launch RM500m serviced apartments at KL Eco City in mid-2016
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KUALA LUMPUR (Nov 9): S P Setia Bhd, the country's biggest listed property developer by sales, will launch a serviced apartment project worth RM500 million at its KL Eco City development in the middle of next year.

S P Setia acting deputy president and chief operation officer Datuk Wong Tuck Wai said the serviced apartments will be located next to a hotel within the project.

To date, the group has launched RM3 billion worth of properties in KL Eco City, which include a 35-storey strata office tower with a gross development value (GDV) of about RM306 million.

Wong told reporters after the strata office tower topping out ceremony today that the office suites are already 100% sold, and it is one of seven office towers and boutique offices planned for the KL Eco City development.

It will officially open its doors and handed over to purchasers by July 2016.

The 25-acre KL Eco City, designed by world-renowned Jerde International, is located along Jalan Bangsar, opposite Mid Valley City here.

KL Eco City is a strategic and synergistic public-partnership between S P Setia and Kuala Lumpur City Hall.

It will be one of the largest integrated mixed commercial and residential developments in Malaysia, with 7.5 million sq ft gross floor area and total GDV of RM7 billion.

As at 3.19pm today, S P Setia's share price was traded four sen or 1.21% higher at RM3.34, with 171,900 shares done, for a market capitalisation of RM8.83 billion.

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