S P Setia is pleased to announce its joint venture with Mitsui Fudosan (Asia) Malaysia Sdn Bhd (Mitsui Fudosan) to develop two parcels of prime commercial land measuring 2.67 acres in Setia Federal Hill, Bangsar. The development will encompass two parcels of land and is set to inject a fresh wave of vitality into the vibrant Bangsar neighbourhood.
This strategic development signifies a significant opportunity for S P Setia to expand its presence further and establish a strong foothold in the highly sought-after Bangsar district. The estimated GDV for the 2.67 acres of development is approximately RM1.4b and will comprise two residential towers with approximately 1,300 units, with the first tower slated to be launched next year.
“This joint venture between S P Setia and Mitsui Fudosan is significant for both companies, as it brings together one of the country's top developers and a distinguished property investment company in Malaysia. The collaboration will not only bolster the project's profile but also provide an exceptional opportunity for Setia to market to international clients. With their combined expertise and proven track records, the joint venture is poised to unlock the full potential of the development and redefine the skyline of Setia Federal Hill,” said Datuk Choong Kai Wai, President and CEO of S P Setia Berhad.
Spanning 51.66 acres, Setia Federal Hill is a prestigious development located in the prime area of Bangsar, Kuala Lumpur. Strategically situated opposite KL Sentral, Malaysia's largest integrated transport hub that offers global connectivity with a direct link to Kuala Lumpur International Airport and seamlessly connects Kuala Lumpur City Centre to the rest of the Klang Valley townships, Setia Federal Hill offers unparalleled convenience and accessibility. The project is set to enjoy strong property growth in the heart of Kuala Lumpur and is highly desirable among discerning homebuyers and investors.
"We are delighted to partner with Mitsui Fudosan in this exciting project. By combining the strengths and expertise of both companies, we are confident that this joint venture will pave the way for a remarkable development in Setia Federal Hill. The collaboration with Mitsui Fudosan is a testament to our commitment to excellence in every endeavour," Datuk Choong continued.
S P Setia further solidifies its position as a leading player in the property development industry with this joint venture, showcasing its determination to spearhead innovative and transformative projects. The collaboration with Mitsui Fudosan sets the stage for an exciting chapter in Setia's journey, fueling its mission to create sustainable communities that enrich lives.
(14 December 2023)