Tadmax unit in en bloc sale of housing development in Labuan
Published on: Tuesday, June 28, 2016
Kuala Lumpur: Tadmax Resources Bhd's wholly-owned subsidiary, Ganggarak Development Sdn Bhd, has entered into a Sale and Purchase Agreement (SPA) with Perbadanan Labuan for the en bloc sale of a housing development for RM50 million.In a filing to Bursa malaysia, Tadmax said the sale involved Block C, Phase II housing development known as Ganggarak Permai, Labuan, comprising 260 units of affordable residential apartments complete with common facilities."A deposit of ten per cent will be paid on the execution of the SPA and the remaining balance will be paid by progress payment at the time and in the manner of the schedule of progress payment of the SPA which is in accordance with the Housing Development Act," it said.
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Tadmax said the development has commenced since the first quarter of this year and was expected to be completed and vacant possession delivered within thirty six months from the date of the sale and purchase agreement.Stay up-to-date by following Daily Express’s Telegram channel.
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