KUALA LUMPUR: Malaysia’s leading property developer, S P Setia Berhad through its associate company, Setia Federal Hill Sdn Bhd (SFH)inked a RM1.07 billion syndicated financing facilities agreement with CIMB Investment Bank Berhad, Malayan Banking Berhad, AmInvestment Bank Berhad, Industrial and Commercial Bank of China (Malaysia) Berhad for a land swap development transaction.“SFH will undertake the development of a new integrated health and research institute which will be known as the National Institute of Health (1NIH) on a 41-acre land in Setia Alam, Shah Alam, comprising office buildings, health management institutions, medical research centre, facilities blocks, a kindergarten and staff quarters. In return, the government will provide SFH a 52-acre site on Federal Hill for the development of a mixed residential and commercial project worth RM15 billion in Gross Development Value (GDV). We expect to launch this project in 2017.” said Dato’ Khor Chap Jen, Acting President & CEO of S P Setia Berhad and Chairman of Setia Federal Hill Sdn Bhd.
Located in the mature township of Setia Alam, the 1NIH complex will be surrounded by existing facilities such as a shopping mall which is Setia City Mall, Setia City Convention Centre, corporate offices, banks and financial institutions, shop offices, F&B outlets and residential units.
“The 1NIH is a particularly meaningful project approved by the government in the 7th Malaysian Plan. When fully operational, the facility will provide a conducive research environment for the health and research practitioners in the medical field.” Dato’ Khor added.
The 1NIH complex is targeted to complete by October 2017. Once completed it will house more than 5,000 personnel from the Ministry of Health. The opening of this new complex in 2017 is envisage to bring new vitality and increase footfall to Setia Alam.