TEE Land to acquire Malaysian asset for RM40m

It has a land area of 96,649 sq ft.

In a release, TEE Land Limited announced that it has entered into an Option to Purchase Agreement to  acquire a freehold land with an existing building with an estimated land area of 96,649 square feet, at PN 9425 Lot 27, Bandar Petaling Jaya, Negeri Selangor, Malaysia for a purchase consideration of RM40 million. 

The Proposed Acquisition adds to the Group’s existing project at Cyberjaya, also in the State of Selangor, Malaysia.

The site, which is presently zoned for “Industrial” use has potential to be re-zoned for “Commercial” use and re-developed into a mixed development project, with a potential plot ratio of 4. The plot is well situated within the mature town of Petaling Jaya.

It is easily accessible and located within short driving distance to PJ Hilton Hotel, a number of schools and medical centres. It is also a short distance away from the local LRT station.