SP Setia to redevelop Cheras housing area at RM2.8b
PUTRAJAYA (June 3, 2011): Property developer SP Setia Bhd will redevelop the Sri Johor, Sri Pulau Pinang and Sri Melaka low-cost apartments and the Taman Ikan Emas low-cost homes in Bandar Tun Razak, Cheras here at a total development value of RM2.8 billion.
SP Setia's deputy president and chief operating officer Datuk Voon Tin Yow said the first phase of the project would take off next month.
He said this at a press conference after a meeting today with Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin on the proposal to rebuild the housing area.
Nong Chik said the first phase of the project will involve the development of affordable, quality homes totalling 1,255 units. They would be completed in three years.
He said SP Setia would also undertake an apartment housing project in the area for young executives with each unit to cost not more than RM300,000 and with a built-up area of at least 800 ft.
The decision to build quality, affordable homes in the area was made in view of the dire condition of the housing area. The area will be modernised with well built homes as well as public facilities and improved landscaping.
Under the second phase, Nong Chik said the housing developer will also develop a commercial and residential centre which will take between 14 and 15 years in the 53.4-hectare area.
On the number of housing units to be built, Voon said this has not been decided yet. — Bernama