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KUALA LUMPUR (April 14): Newly listed Teladan Setia Group Bhd said it is acquiring three parcels of land measuring a combined 210ha (520 acres) in Jasin, Melaka for RM95.1 million, to develop affordable houses priced between RM200,000 and RM400,000.
"This is in line with our future plans to expand our business of property development in Melaka through acquisition of landbank for future projects that meet the demand of the residential property market in Melaka," the group said in a statement.
Teladan Setia said its wholly-owned unit Asal Harta Sdn Bhd is buying the land parcels from Eramaju Tegas Sdn Bhd.
The cash purchase is expected to be financed via bank borrowings and proceeds from its initial public offering (IPO), it added.
The group's managing director, Richard Teo, previously said that RM35 million from the RM77.3 million IPO proceeds would be used for land bank acquisitions in Melaka.
The group had earlier purchased a 116-acre land parcel in Jasin, and is also in the midst of acquiring another five parcels totalling 29.2 acres in Alor Gajah and central Melaka.
"With this proposed acquisition, the group's total land bank will grow to 738.9 acres," the statement said.
Shares of Teladan Setia rose 1.52% or one sen to close at 67 sen today, valuing the group at RM539.55 million. The counter has risen by 39.58% from its IPO price of 48 sen since its ACE Market listing on March 16.
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