, which debuted on the ACE Market at a 12 sen premium of 60 sen with 32.53 million shares traded, will focus on developing landed residential properties in Melaka below RM500,000.
Managing director Richard Teo Lay Ban said there is still steady demand for affordable homes in Melaka.
“We are focusing on landed residential because these units in Melaka are one of the lowest throughout Malaysia according to Napic figures.
“Last year, the overhang for residential units in Melaka was 925 units compared with the national average of 3,450 units,” he said during a virtual press conference today.
Teo said the Melaka-based property developer will be developing properties within the RM400,000 to RM500,000 price range, emphasising that these units were “most sellable.”
PETALING JAYA: Malacca-based property developer Teladan Setia Group Bhd’s offer of 40.27 million new shares to the public at 48 sen per share has been.
24 Feb 2021 / 09:30 H. From left: Teladan Setia head of marketing Christina Tong Siok Meng, executive director Francis Sia Ah Piew, Teo, financial controller Ng Mih Fern and account manager Eunice Goh Fong Kim at the prospectus launch.
PETALING JAYA: Malacca-based property developer Teladan Setia Group Bhd, en route to a listing on the ACE Market on March 16, 2021, will be raising RM77.3 million in its initial public offering (IPO) exercise, of which RM35 million (45.3%) will be allocated for land acquisition in Malacca.
Meanwhile, RM33.1 million (42.8%) will be used as working capital for project development, RM4 million (5.2%) million for repayment of bank borrowings, and the balance RM5.2 million (6.7%) earmarked for listing expenses.
KUALA LUMPUR (Feb 23): Melaka-based property developer Teladan Setia Group Bhd, which is scheduled to be listed on the ACE Market of Bursa Malaysia Securities Bhd on March 16, 2021, aims to raise RM77.3 million from its initial public offering (IPO) exercise.