SP Setia has won a S$180m or RM437.7m bid from the Urban Redevelopment Authority of Singapore for a 4.62-acre site along Chestnut Avenue in Singapore. The land tender is the company's second foray into the Singapore property market following its acquisition of a freehold development along Woodsville Close in April this year. "The Chestnut Avenue site has a potential development value of RM1.1bn and a maximum allowable gross floor area of 39,270 sq m," it said.
We are neutral on this acquisition as SP Setia has yet to prove itself in the highly competitive Singapore property market. Nonetheless, at the minimum, the second project will also help the group raise its profile and awareness amongst Singaporeans and help sell its properties in Malaysia and elsewhere to them.
We are neutral on this acquisition as SP Setia has yet to prove itself in the highly competitive Singapore property market. Nonetheless, at the minimum, the second project will also help the group raise its profile and awareness amongst Singaporeans and help sell its properties in Malaysia and elsewhere to them.
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