TADMAX RESOURCES TO ACQUIRE LAND FOR RM36.65 MILION

• Vendor: Syarikat Perumahan Pegawai Kerajaan Sdn Bhd
• Purchaser: Tadmax Coastal Sdn Bhd
• Location: Cheras-Kajang Expressway
• Land Area: 3.24 acres
• Tenure: Leasehold
• Category: Commercial
• Consideration: RM36.65 million
• Price PSF: RM260 psf
• DO Approval: Yes

KUALA LUMPUR: Tadmax Resources Bhd is buying 3.24 acres of land located near the Cheras-Kajang Expressway from Syarikat Perumahan Pegawai Kerajaan Sdn Bhd (SPPK) for RM36.65mil.

The leasehold land, Tadmax told Bursa Malaysia today, has been designated for commercial use with approval from Kuala Lumpur City Hall for the development of two blocks of serviced apartments.

The deal valued the land at RM200 per square foot. Tadmax said it won the bid to purchase the land via a closed tender exercise.

Tadmax said the proposed acquisition will give wholly subsidiary Tadmax Coastal Sdn Bhd a new landbank at a strategic location.

"This is in line with Tadmax's aim to further strengthen its foothold in the property development and construction activities and to generate long-term sustainable income," it said.

SPPK is a subsidiary of SP Setia Bhd.

Source: https://www.thestar.com.my/business/business-news/2019/10/01/tadmax-buys-324-acres-land-for-rm3665mil