Tambun Indah to buy land in Seberang Perai for RM150 mln

by **Cals** Thu 05 Jun 2014, 03:16

Business & Markets 2014

Written by Bernama

Wednesday, 04 June 2014 18:27

KUALA LUMPUR (June 4): Tambun Indah Land Bhd (Tambun Indah), a leading property developer in mainland Penang, is expanding its landbank with the proposed acquisition of a 84.6 hectare piece of land in Seberang Perai for RM150 million.

Palmington Sdn Bhd (PSB), a wholly-owned subsidiary of Tambun Indah, today acknowledged a letter of acceptance of offer to acquire 27 parcels adjacent to Pearl City, the group’s flagship development in Seberang Perai, Penang.

TPPT Sdn Bhd (TPPT) is the vendor of the land.

In a statement, it said the proposed land acquisition would enlarge the group’s remaining ongoing and undeveloped landbank in Pearl City to 337.6 hectares from 254 hectares, previously.

Tambun Indah Managing Director Teh Kiak Seng said the group was constantly looking out for landbank to expand Pearl City.

"This parcel of land is a good opportunity for us to strengthen our position as a key developer in mainland Penang and to capture the anticipated demand uptrend for affordable homes in light of the opening of the Sultan Abdul Halim Muadzam Shah Bridge (Penang Second Bridge) and upcoming developments in Batu Kawan," he said.

The sales and purchase agreement for the proposed land acquisition would be executed at a later date between PSB and TPPT.

The transaction is subject to approval from Tambun Indah’s shareholders and was expected to be completed by the fourth quarter ending 31 December, 2014.

The acquisition would be funded by the group’s internally generated funds and bank borrowings, said the statement.