KUALA LUMPUR: Teladan Setia Group Bhd is buying 520 acres of land in Jasin, Melaka for RM95.1mil, increasing its total landbank 738.9 acres.
The property firm said it is planning to developed landed residential properties priced between RM200,000 to RM400,000 each in Jasin.
"Based on our recent market studies, we believe that landed homes remain the property of choice among the local Melaka population for the foreseeable future,” Managing Director Richard Teo Lay Ban said in a statement today.
On Wednesday, Teladan Setia' wholly owned Asal Harta Sdn Bhd has entered into a conditional sale and purchase agreement (SPA) with Eramaju Tegas Sdn Bhd for the proposed acquisition of three parcels of land in Jasin in Melaka with an aggregate land size of 519.8 acres for a total consideration of RM95.1mil.
Teleadan Setia said the purchase will be settled by a combination of cash and bank borrowings.