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Tambun Indah buys more land near Pearl City

April 10th, 2019 Leave a comment

land-bought-by-tambun-indah

A subsidiary of Tambun Indah Land Bhd is acquiring 27 parcels of freehold land in Penang for RM131mil in cash.

The group, in a filing with the stock exchange, said it has proposed to provide up to RM3.45mil in shareholders’ advances to its 70%-owned subsidiary, Mustiara Sdn Bhd, to fund the acceptance deposit and other costs of the acquisition.

The parcels of freehold land Mustiara plans to acquire from TPPT Sdn Bhd measure in aggregate about 209.54 acres, and are located in the district of Seberang Perai Selatan.

The group said Mustiara had, yesterday, paid the acceptance deposit of RM2.62mil, and the acquisition would be subject to a formal sale and purchase agreement to be entered into between the companies.

Tambun Indah said it anticipates extending financial assistance totalling RM3.45mil to Mustiara in shareholders’ advances, when necessary, with the advances subject to an interest rate of 5.12% per annum, calculated on a monthly basis.

Source: TheStar.com.my

 

Categories: Property News Tags:
  1. Daniel Choo
    April 14th, 2019 at 00:22 | #1

    More land in Pearl City which now looks like a ghost town? How are they going to boost their sales in the same location? They seemed to have lost direction.

  2. Bosskur
    April 16th, 2019 at 14:49 | #2

    @Daniel Choo

    agree with you, currently that place is like a ghost town, i think the occupancy rate is below 30%.
    Many owners failed to sell their units on hand.

  3. Emmy
    April 17th, 2019 at 09:58 | #3

    How about ECO meadow?

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