Tee International, the engineering and integrated real estate group, announced that wholly owned subsidiary, Tee Resources Sdn Bhd, has acquired a piece of commercial land in Cyberjaya for RM32.1 million ($12.8 million).
Tee intends to develop the land into a mixed use project comprising of retail and SOFO (Small Office Flexible Office) units.
Tee says the property is strategically located in the heart of Cyberjaya with good road access and infrastructure. It is also within a 1-kilometer radius of key institutions such as the Multimedia University (MMU), Cyberjaya University College of Medical Sciences and the future University Islam Malaysia.
In addition, the site is within close proximity to major Multinational Companies (MNC) offices and banks such as Shell, IBM and HSBC, major retail outlets as well as the Cyberjaya Transport Terminal.
The property, which is freehold in tenure, occupies a land area of 2.4ha and has a plot ratio of 3.0. The acquisition of the property will be financed by internal funds and bank borrowings.
Cyberjaya is situated about 26 kilometers from Kuala Lumpur and in its 15th year of development. Aspiring to become the “Silicon Valley” of Malaysia, Cyberjaya has a science park as its core that forms a key part of the Multimedia Super Corridor in Malaysia.
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