Teladan Setia acquires land in Melaka for RM118mil

TheStar Tue, Sep 07, 2021 07:50am - 1 year View Original

Teladan Setia managing director Richard Teo Lay Ban said the group continues to expand its landlank, capitalising on the current economic market environment of attractive land prices and low interest rates.

KUALA LUMPUR: Melaka-based property developer Teladan Setia Group Bhd has proposed to acquire five parcels of land from Bakat Muhibbah Sdn Bhd totalling 136.9ha in Melaka for a cash consideration of RM117.9mil.

Yesterday, the group said its wholly-owned subsidiary Riverwell Resources Sdn Bhd (RRSB) had entered into a sale and purchase agreement with Bakat Muhibbah Sdn Bhd for the proposed acquisition.

In a filing with Bursa Malaysia, the property developer said the five parcels of land would be used for the development of gated and guarded townships.


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