KUALA LUMPUR: Melaka-based property developer Teladan Group Bhd’s (TGB) wholly-owned subsidiary Riverwell Resources Sdn Bhd (RRSB), signed a memorandum of understanding (MoU) with Melaka Corporation (MCorp) to develop a 341.2-acre German Technology Park at Ayer Panas, in Jasin, Melaka.
The project aims to attract German investment into Melaka and strengthen Malaysia-Germany economic ties.
It encompasses various industrial developments, including industrial bungalow lots, semi-detached factories, shop offices, and centralised labour quarters.
Under the MoU, both parties will collaborate on feasibility studies and development planning for the project.
The agreement seeks to leverage TGB’s construction expertise and its landbank located along Jalan Gapam.
MCorp, the Melaka state government development agency, will lead the development and sales of the Project.
Melaka chief minister Datuk Seri Utama Ab Rauf Yusof said this collaboration strengthens Malaysia’s position as a preferred investment destination within ASEAN and deepens economic ties with Germany.
“The project aligns with the government’s economic growth initiatives by promoting industrial advancement and attracting high-tech industries to Melaka.
“By leveraging Malaysia’s strategic location in Southeast Asia and its robust infrastructure, we aim to drive Melaka’s industry, business, and trade forward.
“The project represents a significant step towards advancing international trade activities, creating job opportunities, and broadening the country’s market access.
“At MCorp, we are committed to supporting Malaysia’s economic growth and development,” he said in a statement.
Ab Rauf Yusoh and the ambassador of the Federal Republic of Germany Dr Peter Blomeyer graced the recent signing ceremony.
This project builds on the robust trade relations between Malaysia and Germany, which have flourished over the past decade.
Germany has remained Malaysia’s top trading partner in the European Union, while Malaysia is now Germany’s largest trading partner in Southeast Asia.
Furthermore, Malaysia remains an attractive destination for foreign direct investments (FDIs), with German companies investing EUR€8.5 billion (RM43.61 billion) as of 2023.
TGB managing director Richard Teo Lay Ban said the company is confident in its contribution to this project’s success, given its proven track record of developing over RM2.9 billion in combined gross development value (GDV) across residential, commercial, and industrial projects.
“Looking ahead, we are optimistic about Melaka’s economic trajectory, driven by the 2024 Budget’s focus on enhancing Melaka’s competitiveness and the government’s commitment to positioning the state as a global tourism hub and trade and investment centre.
“With TGB’s deep experience in Melaka, we are well-positioned to explore new development opportunities and unlock significant long-term commercial value,” he said.
As of December 31, 2023, TGB holds 1,071.5 acres of undeveloped land, a significant portion of which is located in Melaka.
This land has a potential GDV of RM2.7 billion.
