Tambun Indah Land Bhd has terminated its sale and purchase agreement (SPA) with TPPT Sdn Bhd to acquire 27 parcels of land in Seberang Perai, Penang for RM150mil.

The company said on Tuesday the SPA, signed by its unit Palmington Sdn Bhd on July 4, 2014, with TPPT had ceased due to non-fullfillment of a condition precedent.

The deal was to acquire the 209.54 acres of freehold land which is adjacent to the township currently developed by Tambun Indah Land, known as Bandar Tasek Mutiara (also known as Pearl City) in the locality of Simpang Ampat.

Tambun Indah said the aborted deal was not expected to have any financial impact on its financial year ending Dec 31, 2014 and that TPPT Sdn Bhd would refund the RM15mil paid deposit without interest.

It also said despite the cancellation of the SPA, it would continue to seek opportunities to build up its landbank further.

Source: StarProperty.my