“Teladan Setia Group Bhd has canceled its RM48.54 million land acquisition in Melaka Tengah after the vendor failed to meet conditions despite extensions.“
Kuala Lumpur, 10th Feb 2025, 11.30am – Teladan Setia Group Bhd has scrapped its RM48.54 million land acquisition in Melaka Tengah after the vendor, Megan Mastika Sdn Bhd, failed to meet the required conditions despite multiple deadline extensions.
The property developer’s wholly owned subsidiary, Asal Harta Sdn Bhd, announced the termination of the sale and purchase agreement (SPA) in a Bursa Malaysia filing on Friday.
“Asal Harta has elected to rescind the SPA pursuant to its provisions,” the company stated, without elaborating on the vendor’s failure to fulfill the conditions.
The 7.54-acre land was initially earmarked for a health and wellness centre and serviced apartments. Teladan had signed the SPA in January 2023, expecting the deal to be finalized by Q4 2023. In January 2024, the company granted a 12-month extension, but the conditions remained unmet.
As of February 6, Teladan’s shares were last traded at 96 sen, giving the company a market capitalization of RM781.76 million.
