>

Hatten Land acquires land parcels in Melaka for $35.3 mil for mixed developments

By PC Lee

/ The Edge Singapore |

November 17, 2017 11:04 AM SGT

Join our Telegram channel and follow our Facebook for the latest update.

SINGAPORE (Nov 17): Hatten Land is acquiring two parcels of land in Melaka for a combined RM108.6 million ($35.3 million) which will be developed into separate integrated projects.

The 6.1-acre freehold land and 6.7-acre leasehold land of 99 years expiring 5 May 2108 are located in Klebang, a coastal town in Melaka.

The latest acquisition will enlarge its property portfolio to seven mixed-use developments and one retail mall.

Hatten Land believes that demand for mixed developments in the area will be robust, underpinned by new township developments and riding on the momentum of China’s Belt and Road Initiative.

Hatten Land will acquire an 85%-stake in Rico Development – which owns the 6.1-acre land parcel – for RM46.75 million, and a 75% stake in Rico Ventures – which owns the 6.7-acre land parcel – for RM61.88 million.

The remaining stakes in both companies are owned by Edwin Tan, Hatten Land’s Deputy Managing Director, who is a passive investor in both entities.

The consideration will be satisfied in full by the issue of 140.16 million new Hatten Land shares at 25 cents, 28.1% higher than its volume weighted average price of 19.52 cents on Wednesday.

This story, written by PC Lee, first appeared on The Edge Singapore.

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

Luxury living in the new heart of Bukit Timah

5

Grandson of Genting Group founder leads Cover Projects, carves niche in Singapore’s heritage properties

Our Site

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.