S P SETIA ENTERS SINGAPORE WITH A STRATEGIC US$51.72 MLN ACQUISITION

KUALA LUMPUR, April 14 (Bernama) -- S P Setia Bhd Group through its unit, S
P Setia International (Singapore) Pte Ltd has entered into a private treaty with
owners of all 27 units of Leong Bee Court to buy the site for S$65 million
(US$51.72 million).

In a statement here Thursday, the company said it will build on the acquired
site measuring 29,440 square feet, a high-rise comprising 105 units of one, two
and three bedroom apartments and launch the project by the middle of next year.

Its president and chief executive officer, Liew Kee Sin said it has
been carefully crafting its strategy to expand its development base to include
both integrated commercial cum high rise residential projects as well as
international expansion.

"We see this as a good timing to participate in the upturn of Singapore's
economy," said Liew.

He said the close proximity of the site to several colleges and schools is
highly advantageous as it will enable the company to tap into its Malaysian
customer base.

"We are targeting home buyers seeking a good investment and expect strong
demand given the site's choice location next to an existing Mass Rapid
Transit station with good connectivity to the city via the Central Expressway
and Pan-Island Expressway.

"Our presence as a developer in Singapore will also provide an additional
marketing platform and reach to cross-sell the group's various developments
located in Malaysia, Australia and Vietnam," Liew said.