Hatten Land to acquire two properties in Malacca for $35.31m

Their property portfolio includes seven developments and one retail mail.

Hatten Land announced that it will acquire two land parcels in Malacca which it plans to develop into separate integrated projects for $35.31m (RM108.6m).

This brings a total of seven mixed-use developments and one retail mail for its property portfolio.

According to a press release, the freehold lands are estimated at 6.1 acres and 6.7 acres respectively and are located in Klebang, Malacca along the peninsular Malaysia.

The property developer will also acquire an 85%-stake in Rico Development Sdn. Bhd. – which owns the 6.1-acre land parcel – for $15.2m (RM46.75m), and a 75%-stake in Rico Ventures Sdn. Bhd. – which owns the 6.7-acre land parcel – for $20.12m (RM61.88m).