SP Setia Confirms Bid For Residential Plot In Singapore

Last update: 12/04/2017KUALA LUMPUR, April 12 (Bernama) -- SP Setia Bhd today confirmed a news report that it has, via a wholly-owned unit, SP Setia International (S) Pte Ltd, submitted a bid for a residential plot in Singapore.

However, the property developer, in a filing to Bursa Malaysia, said it has yet to receive the official notification from the Urban Redevelopment Authority, Singapore on the final outcome of the tender award.

SP Setia was referring to an article published by 'The Business Times Singapore' stating that "an overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road", the Urban Redevelopment Authority announced at the tender closing on Tuesday.

Among them, the report said Malaysian property developer, SP Setia International's bid was the highest - at S$265 million (about RM836 million), which translated to about S$939 (RM2,962) per square foot per plot ratio.

"A detailed announcement will be made to Bursa Malaysia Securities Bhd upon receipt of notification of the final result of the tender award," added SP Setia.