Malaysian developer S P Setia to build $457 million luxury condo in Singapore

KUALA LUMPUR – S P Setia Bhd, having beat 24 other bidders for a plot of land at Toh Tuck Road in Singapore, plans to develop a five-storey luxury condominium there with a gross development value of S$457 million.

In a statement, the property developer said the 4.6-acre site, for which it was reported to have made the highest bid of S$265 million or S$939 per sq ft of gross floor area, would represent its third development in the republic.

S P Setia, which is majority owned by Permodalan Nasional Bhd’s parent Bumiputra Investment Foundation, was awarded the tender for the Toh Tuck Road site on Tuesday by the Urban Redevelopment Authority through subsidiary S P Setia International (S) Pte Ltd.

The new condominium, comprising 327 units, is expected to be launched next year and be completed within five years.

It will be a walking distance from Beauty World MRT station, S P Setia said, adding that residents would also get to enjoy the nearby Bukit Timah Nature Reserve and Bukit Batok Nature Park.

“It is also easily accessible to other parts of the island via the Pan Island Expressway (PIE) and Bukit Timah Expressway (BKE),” the company added.

Datuk Khor Chap Jen, S P Setia chief executive officer and president, said: “Singapore is one of our key overseas market and we will continue to strengthen and grow our brand presence here.

“The group forayed into Singapore in 2012 with 18 Woodsville, a freehold condominium located next to Potong Pasir MRT station and thereafter launched Eco Sanctuary, a 483-unit condominium along Chestnut Avenue that enjoys lush views of the island’s central catchment nature reserve.

“Both projects had been successfully launched and completed. We are confident that this new development will be an attractive proposition for home buyers and investors alike.” S P Setia’s land tender win comes closely after other such wins by Malaysian property developers in Singapore.

Last November IOI Properties Group Bhd clinched a 1.1ha Marina Bay site by placing a record S$2.57 billion bid for a mixed-use site, or S$1,689 per sq ft. It was the first piece of land sold in Marina Bay in nine years.

The previous month, Sunway Bhd’s unit Sunway Developments Pte Ltd and Hoi Hup Realty Pte Ltd netted a tender to acquire a 5.19-acre land at Anchorvale Lane in Sengkang from the Housing and Development Board of Singapore for S$240.95mil. Their condominium project was reported to have an indicative gross development value of S$520mil.