THIRD PROJECT IN VIETNAM FOR MALAYSIAN COMPANY

KUALA LUMPUR, Oct 27 (Bernama) -- Malaysian company S P Setia Bhd Group
through its subsidiary, Setia Lai Thieu Ltd, signed an agreement Monday with
Investment and Industrial Development Corp (Becamex IDC Corp) for the assignment
of 27 acres of land to develop a mixed-use development project in Binh Doung
Province, Vietnam.

The land is valued at US$16.26 million.

This will be S P Setia's third project in Vietnam after EcoLakes at My Phuoc
Industrial Park.

"The success of EcoLakes has boosted our confidence in Vietnam and we are
looking forward to growing S P Setia's brand in the country," said its
president and chief executive officer, Tan Sri Liew Kee Sin, in a statement
here.

Liew said the project will be developed based on S P Setia's all
encompassing development philosophy of "LiveLearnWorkPlay".

"The opportunity and decision to embark on another project in the
same province will enable the group to ride on the awareness already created by
EcoLakes," he said.

The development will encompass shop houses, terraced houses, semi-detached
houses, commercial centres, club house and apartments which will be for lease
and for sale.

The project is expected to take six years to complete and has a gross
development value of US$250 million.

SP Setia made its foray into Vietnam in mid-2007 when it joined forces with
Vietnam's top state-owned conglomerate, Becamex IDC Corp to develop EcoLakes.
-- BERNAMA