KUALA LUMPUR: SP Setia Bhd has entered into a conditional lease agreement with Tesco Stores (Malaysia) Sdn Bhd to lease a 3.92ha parcel of land in Johor Bahru to the hypermarket for a fixed term of 30 years.
In a statement yesterday, SP Setia said the land, located in the Bukit Indah Johor Township, was part of a 12ha master land belonging to its subsidiary Bukit Indah Johor Sdn Bhd. It would construct a building with a gross built-up area of 233.578.8 sq ft for Tesco to operate its business.
“The land is a part of a larger parcel of commercial land owned by Bukit Indah Johor within the 10 year-old mixed residential township. Given the prime location of the said land within Bandar Nusajaya, the lease is in line with the group’s strategy to further diversify its earnings base to include investment properties with attractive rental yields in strategic locations,” it said.
It added that the lease was expected to provide stable recurring income to complement its profits from property development.
The presence of Tesco would greatly improve the quality of the township’s overall amenities, while increased vibrancy and traffic flow into the township would increase the value of its 195.5ha undeveloped landbank there, it said.
“The lease is also anticipated to improve the attractiveness of Setia Eco Gardens, the proposed 383.6ha township, which is located only a mere 5km from the said land,” it added.
By The EDGE
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