PETALING JAYA: Penang property developer Tambun Indah Land Bhd is expanding its landbank in Seberang Prai with the proposed acquisition of a 209-acre land for RM150mil.
Its wholly-owned subsidiary, Palmington Sdn Bhd (PSB), yesterday acknowledged a letter of acceptance of offer to acquire 27 parcels adjacent to the group’s flagship development, Pearl City.
Tambun Indah managing director Teh Kiak Seng said the proposed land acquisition would enlarge its remaining ongoing and undeveloped landbank in Pearl City to 844 acres from 635 acres previously.
“We are 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 Seberang Prai to capture the anticipated demand uptrend for affordable homes,” he said in a statement yesterday.
He added that this was in light of the recent opening of the Sultan Abdul Halim Muadzam Shah Bridge (Penang second bridge) and upcoming developments in and around Batu Kawan.
TPPT Sdn Bhd (TPPT) is the vendor of the land.
Tambun Indah will be paying about RM16 per sq ft, considerably lower than the market rate for land around that area.
In a news report last month, Henry Butcher Seberang Prai associate director Fook Tone Huat said vacant land prices in South Seberang Prai where the second bridge was located, were now hovering around RM40-RM50 per sq ft, compared with RM8-RM9 per sq ft prior to the announcement of the second link project in 2006.
At that market rate, Tambun Indah is buying the land at a maximum discount of 68%.
The transaction is subject to the execution of a sales and purchase agreement between PSB and TPPT, and is also subject to approval from shareholders of Tambun Indah.
The acquisition will be funded by the group’s internally-generated funds and bank borrowings. - The Star
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