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KUALA LUMPUR: Teladan Setia Group Bhd via its wholly-owned unit, Asal Harta Sdn Bhd, has entered into a sale and purchase agreement with Megan Mastika Sdn Bhd to acquire 3.1 hectares (ha) of leasehold land in Melaka worth RM48.5 million.

In a statement today, its managing director Richard Teo Lay Ban said the proposed acquisition is in line with the company’s strategy to balance its landbank developments to cater to different market environments and demands.

He said as the group strives to enhance the value proposition in its property projects, this land is earmarked for the development of a health and wellness centre and residential serviced apartments.

“The land is strategically located in the heart of the city of Melaka, 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 well,” he said.

Teo said Teladan Setia would also benefit from the pent-up demand for residential properties arising from the recovery of economic activities and rebound in the tourism industry.

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

Teladan Setia said that over the past two years, it has acquired new landbanks in Melaka amounting to 347.2ha.

Including this deal, it said that the group’s total landbank will further increase to 447.9ha, allowing it to scale up its property development activities and generate long-term sustainable income.

The acquisition is expected to be completed by the fourth quarter of 2023, barring any unforeseen circumstances and subject to approval from the authority, it said. – Bernama

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