TEE Land

TEE Land: entered into an Option to Purchase Agreement to acquire a f/h land with an existing industrial complex with est land area of 96,649 sf in Petaling Jaya, Selangor, Msia, for purchase consideration of RM40m. The site, presently zoned for “industrial” use, has potential to be re-zoned for “commercial” use and redeveloped into a mixed devt project, with a potential plot ratio of 4. The acq will be funded by IPO proceeds and external bank borrowings and is expected to be complete with 6-8 mths from the date of the option. This adds to TEE Land’s existing project at Cyberjaya, also in Selangor. Mgt notes the acq continues the group’s regionalization strategy, particularly in Singapore, Msia and Thailand.