SP Setia Investors await details of RM1b project as shares slips.

Shares of property developer SP Setia Bhd slipped on Thursday as investors awaited more details about its proposed development of the British High Commission land here.

At 9.34am, it was down two sen to RM3.06. There were 151,500 shares done at prices ranging from RM3.06 to RM3.11.

The FBM KLCI was up 3.94 points to 1,617.73. Turnover was 82.47 million shares valued at RM80.81mil. There were 131 gainers, 79 losers and 158 counters unchanged.

SP Setia had successfully tendered for another the British High Commission land, measuring 3.1 acres situated along Jalan Ampang for RM295mil or RM2,200 per sq ft.

It would build investment-grade commercial and residential properties with a potential gross development value (GDV) of RM1bil.

Public Investment Research said SP Setia would have no problems financing the deal, given its balance sheet strength, that is net gearing of 0.3 times and the planned private placement that could raise RM1bil.

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