KUALA LUMPUR: Tadmax Resources Bhd has signed an agreement (SPA) with Labuan Corp, an agency under the Federal Territories Ministry, for the en bloc sale of Block C in the Ganggarak Permai housing development (phase 2), Labuan, for RM50mil.
In a filing with Bursa Malaysia, the property development, construction and plantation company said its unit Ganggarak Development Sdn Bhd sold 260 units of affordable residential apartments in total, with each unit measuring either 800 sq ft or 850 sq ft.
“The development has commenced since the first quarter of 2016 and is expected to complete and vacant possession delivered within 36 months from the date of the sale and purchase agreement,” Tadmax said.
Along with this disposal, the Tadmax group has cumulatively sold 780 affordable residential apartments in Ganggarak Permai since its maiden launch in April 2015 with 520 units in Phase 1.
Tadmax said the disposal would not be subject to any conditions precedent.
Based on its annual report, the sale of Block C means Tadmax has completed the sale of 50% of its commitment to build 1,500 affordable houses in Labuan.
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