TELADAN Setia Group Bhd (TSG) is buying a 70,020 sq m piece of freehold vacant land in Negri Sembilan for RM24.12 million.

In a filing to Bursa Malaysia, TSG said its wholly-owned unit, Pavilion Link Sdn Bhd, had yesterday entered into a sale and purchase agreement with Complete Achievement Sdn Bhd for the acquisition.

“The proposed acquisition of land is planned for mixed development. This is in line with our strategy of replenishing our land bank at locations with strong growth potential and to scale up our property development activities to generate long term sustainable income,” it said.

TSGs board believes that the proposed acquisition provides the Group the opportunity to create greater economic value and contribute positively to its future earnings.

It said that the land located at the vicinity of Taman AST Seremban, is in line with its land acquisition strategy to balance its land banks to cater different market environments and demands. — TMR / pic source: Teladan Setia