Teladan Setia Group Bhd was first listed on the ACE Market of Bursa Malaysia Securities Bhd this morning at a price of 60 sen, a premium of 12 sen from the price offered of 48 sen.
At 9 a.m., a total of 32.53 million shares of the property developer company had been traded.
Bernama reported that Teladan Setia is a property developer with a diversified development portfolio, comprising low- and high -rise residential properties, shophouses, offices and retail outlets.
Its managing director, Richard Teo Lay Bin, said the company intended to raise a total of RM77.3 million from the implementation of the initial public offering (IPO) with RM35 million (45.3%) to be allocated for the acquisition of land in Melaka in the future.
He added that he was very confident in the growth prospects of the company because the property development industry in Melaka was supported by a strong long -term foundation.
“There is still a strong demand for affordable housing in Melaka and we are focusing on landed residential properties because these units are these units are the lowest unsold units in the country according to the National Property Information Center (NAPIC). ).
"Last year, the unsold units for homes in Melaka were 925 units compared to the national average of 3,450 units," he said at a press conference held virtually today.
According to Lay Bin, his party will develop properties in the price range of RM400,000 to RM500,000 while stressing that these units are the most sold.
"Currently, we have a gross development value of RM1.6 billion, including ongoing and future projects that will last for another four years," he explained.
Moving forward, Lay Bin said stimulus measures by the government such as a low interest rate at 1.75% and the Home Ownership Campaign (HOC) will help buyers buy their first home.
"Therefore, for the Melaka housing market, most buyers are first time home buyers, which is the consumer segment we are targeting," he said.
Commenting on plans to build properties outside Melaka, Lay Bin said his party had built a piece of land in Seri Kembangan, Selangor and would be the first Teladan Setia project outside Melaka.
“This land will be used for high -rise projects. However, our main focus is on residential properties in Melaka, ”said Lay Bin.
