SINGAPORE - TEE Land has signed an expression of interest to acquire three plots of land in Batam, Indonesia for $4.9 million.

The land, at Batu Besar, Nongsa, Batam, is earmarked for the 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 local Indonesians and immigrants," said TEE Land.

The total land size is some 188,149 square metres, with an extendable 30-year lease.

The transaction is part of TEE Land's continual effort to look for development opportunities around the region.