KUALA LUMPUR: SP Setia Bhd, Malaysia's leading property developer today inked a RM1.07 billion syndicated financing facilities agreement with four banks for a land swap development transaction.
The four banks are CIMB Investment Bank Bhd, Malayan Banking Bhd, AmInvestment Bank Bhd and Industrial and Commercial Bank of China (Malaysia) Bhd.
SP Setia, through it's 50 per cent-owned unit, Setia Federal Hill Sdn Bhd will build a new integrated health and research institute which will be known as the National Institute of Health (1NIH) on a 41-acre site in Setia Alam in Shah Alam, Selangor, in return for a 52-acre parcel of land on Federal Hill in Kuala Lumpur.
1NIH will comprise office buildings, health management institutions medical research centre, facilities block and staff quarters.
SP Setia's joint venture partner in this development is Mekar Gemilang Sdn Bhd. Together they will undertake the 1NIH development and the mixed residential and commercial project on Federal Hill that is estimated to have a gross development value of RM15 billion.
SP Setia acting president and chief executive officer Datuk Khor Chap Jen said the Federal Hill project is expected to launch in 2017.