“S P Setia finalizes RM392 million land sale to Mah Sing, reallocating resources to key projects, reducing debt, and enhancing competitiveness. Mah Sing to launch M Legasi township in Semenyih by end-2024.”
Selangor, 6th Aug 2024, 10.15am – S P Setia Bhd has finalized the sale of its land to Elite Park Development Sdn Bhd, Grand Prestige Development Sdn Bhd, and Mestika Bistari Sdn Bhd, all wholly owned subsidiaries of Mah Sing Group Bhd. The transaction, announced in mid-2023, involved about 500 acres of freehold land in Glengowrie, Semenyih, and was completed for RM392 million in cash.
“The completion of this land sale enables us to reallocate resources to major projects, reduce debt, and support our asset-light strategy to boost competitiveness,” said S P Setia president and CEO, Datuk Choong Kai Wai.
“It also positions us for future growth, promoting a more dynamic and innovation-driven approach, enabling us to capitalize on new opportunities, thereby increasing profitability and stakeholder value,” he added.
S P Setia mentioned in a media release that this decision is “part of Setia’s strategy to enhance capital efficiency and concentrate on high-priority projects, guiding the company towards a leaner business model.”
In March, Mah Sing announced plans to launch the M Legasi township in Semenyih by the end of 2024.
