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.
