KUALA LUMPUR: Teladan Setia Group Bhd has entered into a deal to acquire five parcels of leasehold land in Jasin, Melaka for RM117.9mil.

       The properties, totalling 136.9 hectares, or 338.3 acres, are located near the company’s existing developments.

       The company, in a filing today. said wholly-owned subsidiary, Riverwell Resources Sdn Bhd has entered into a sale and purchase agreement with Bakat Muhibbah Sdn Bhd to purchase the land.

       The proposed acquisition is expected to be funded via a combination of internally generated funds, bank borrowings as well as proceeds from its recent initial public offering.

       “We are happy to continue the momentum of our landbank expansion as we capitalise on the current economic market environment of attractive land prices and low interest rates," managing director Richard Teo Lay Ban said in a statement.

       "Thanks to our strong cash position and healthy gearing ratio, we are able to make the most of the current opportunity and these landbank expansion efforts will sustain our pipeline developments well into the future,” he added.

       In April, the group acquired 519.8 acres of land in Jasin.