Teladan Setia proposes RM48.5mil purchase of Melaka land for mixed-development

KUALA LUMPUR: Teladan Setia Group Bhd's wholly owned subsidiary Asal Harta Sdn Bhd has proposed to acquire 7.54 acres of leasehold land in the Central Melaka district for RM48.5mil.

The group said the proposed purchase, which is expected to be completed by the fourth quarter of 2023, will be funded with a combination of bank borrowings and internally generated funds.

Teladan Setia managing director Richard Teo Lay Ban said the land is earmarked for the development of a health and wellness centre and residential service apartments.

"The land is strategically located in the heart of Melaka Town, which is opposite Mahkota Medical Centre and within walking distance to popular tourist spots including Jonker Street.

"As this is a prime area amongst local and international tourists, we are confident that the projects will do very well," he said in a statement.

"Moving forward, we are confident of benefitting from the pent-up demand for residential properties arising from the recovery of economic activities and rebound in tourism industry.

"In addition, we also continue to pursue our strategy of accumulating strategic land parcels that bring potential economic value and positive future earnings to our group,” he added.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Wall St opens higher as rate hike pause hopes grow
Accenture cuts jobs, trims forecasts on worries of lower IT spending
US weekly jobless claims edge lower
Ringgit rallies against US dollar after Fed signals a more dovish stance going forward
Gamuda 2Q net profit rises to RM194.62mil
Straits Energy associate firm CBL International to be listed n Nasdaq
SunCon wins RM604.9mil RTS Link Project
TNB appoints Abdul Razak Abdul Majid as chairman
Etiqa, first local insurer to sign on to UN Principles for Sustainable Insurance
Yinson 4Q net profit jumps more than two-fold to RM168mil

Others Also Read