Tadmax gets RM30mil loan from MBSB

PETALING JAYA: Tadmax Resources Bhd has accepted a RM30mil loan from Malaysia Building Society Bhd to develop a 41.5-acre parcel of land in Ganggarak, Labuan.

In a filing with Bursa Malaysia, the property developer said the bridging financing-I facility was accepted via its wholly owned subsidiary, Ganggarak Development Sdn Bhd, for a period of 36 months.

The project comprises two components – 1,560 units or six blocks of 14-storey affordable housing apartments known as Ganggarak Permai, and a mixed-development project consisting of a commercial centre with condominiums.

Tadmax, which had sold 310 acres of land in Pulau Indah for RM294.38mil, said Ganggarak Permai would be completed with associated infrastructure, facilities and amenities for a targeted total gross development value (GDV) of RM288mil.

The affordable housing apartments would be carried out over three phases, each comprising 520 units. The (loan) facility will part-finance this phase, Tadmax said.

The mixed development would be carried out over four phases, separately, and will have a GDV of RM323mil. Both projects could generate an estimated total GDV of RM611mil.

The facility would be solely used to fund the development of Tadmax’s project and such interest expenses will be covered by the revenue from the project.

In a separate filing, Tadmax said it had incorporated a subsidiary company known as Tadmax Permai Sdn Bhd as a private limited company for property development and construction.

Tadmax holds a 70% share in the subsidiary, while the remaining 30% is held by Maxcorp Development Sdn Bhd director Datuk Syed Azmi Syed Othman.