SINGAPORE (Yosefardi) – TEE Land Limited has signed an Expression of Interest with Anak Agung Gde Prastista, Raditya Umbas, Subur Dasmono and PT Batu Raden Inda to acquire three plots of land in Batam, Indonesia for a purchase price of $4,882,800.
The Land, located at Batu Besar, Nongsa, Batam, is for the proposed development of affordable housing and commercial development. With the recent boom in the aerospace industries in Batam, there is a shortage of affordable housing for the l
ocal Indonesians and immigrants. The total land size is approximately 188,149 square metre, with an extendable 30-year lease.
Meanwhile Teckwah Industrial Corporation Ltd said its wholly-owned subsidiary, Teckwah Logistics Pte. Ltd., had incorporated PT Teckwah Trading Indonesia (PTTTI) with a paid up capital of IDR2,625,000,000.
Teckwah Logistics will hold a direct equity interest of 33% in PTTTI. PTTTI will provide distributorship and procurement services.