KUALA LUMPUR (March 22): Melaka-based property developer Teladan Group Bhd, formerly known as Teladan Setia Group Bhd, has teamed up with the Melaka state government development agency, Melaka Corp (MCorp), to develop a 341.2-acre German Technology Park at Ayer Panas in Jasin, Melaka.

Teladan, through its wholly owned subsidiary Riverwell Resources Sdn Bhd, entered into a memorandum of understanding (MOU) with MCorp to collaborate on feasibility studies and development planning for the proposed German Technology Park project.

“The agreement seeks to leverage on the construction expertise of Teladan and its landbank located along Jalan Gapam (Melaka). At the same time, MCorp will lead the development and sales of the proposed project,” it said in a statement to the local bourse on Friday.

The German Technology Park aims to attract German investment into Melaka and strengthen Malaysia-Germany economic ties across industrial developments, including industrial bungalow lots, semi-detached factories, shop offices and centralised labour quarters.

Melaka Chief Minister Datuk Seri Utama Ab Rauf Yusof said the proposed project aligns with the government’s economic growth initiatives by promoting industrial advancement and attracting high-tech industries to Melaka. 

“The proposed project represents a significant step toward advancing international trade activities, creating job opportunities and broadening the country’s market access,” Ab Rauf said.

Germany has remained Malaysia’s top trading partner in the European Union (EU), while Malaysia is now Germany’s largest trading partner in Southeast Asia, according to Teladan.

It cited that Malaysia’s foreign direct investments (FDIs) with German companies stood at EU€8.5 billion (RM43.61 billion) as of 2023.

Meanwhile, Teladan managing director Richard Teo Lay Ban expressed his confidence in developing the proposed project, banking on the group’s proven track record of developing over RM2.9 billion in combined gross development value (GDV) across residential, commercial and industrial projects.

“With Teladan’s deep experience in Melaka, we are well positioned to explore new development opportunities and unlock significant long-term commercial value,” Teo said.

As of Dec 31 last year, Teladan held a total of 1,071.5 acres of undeveloped landbank, with a significant portion located in Melaka and a potential GDV of RM2.7 billion.

At noon break on Friday, Teladan shares were one sen or 0.85% lower at RM1.17, valuing the group at RM947.99 million. The stock has risen 13.59% year-to-date.