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Hatten Land in non-binding pacts with founders to buy plots in Malaysia
HATTEN Land Limited said on Friday that it has entered into a non-binding memorandum of understanding (MOU) with the founding Tan brothers to acquire four land parcels and a company that owns development rights in Malaysia.
Those targeted four plots of leasehold land in Melaka range from 2.05 acres to 66 acres (0.83 hectare to 26.7 hectares), of which two have obtained development order approval.
The target company is Admiral Merger Sdn Bhd, which owns the rights to develop 25.55 acres (10.34 hectares) of freehold land in Cyberjaya in Selangor. The land is slated to be developed across three phases into a mixed development comprising retail, offices, residential and hospitality units and a hospital.
"The proposed acquisitions would be value accretive and in the best interest of all shareholders of the company in driving the next phase of growth of the group," Hatten Land said in an announcement.
Following the signing of the MOU, the company will be engaging the vendors in discussions and will also be conducting due diligence on the targets to finalise the definitive agreements.
Also giving an update on its existing business, Hatten Land said unbilled revenue from July 1, 2016, was RM800 million (S$256 million) from the sales of units in Hatten City Phase 1 and 2, Vedro by the River and Harbour City.
Hatten Land was listed on the Catalist this year through a reverse takeover deal with Singapore-listed VGO Corporation and a transfer from the mainboard.