Tiger Synergy scraps en bloc sale of condo project to Prosma

  • Property
  • Monday, 13 Nov 2017

During the quarter in review, the car distributor registered a net profit of RM32.82mil compared with RM19.43mil in the corresponding period last year. Consequently, its earnings per share jumped to 8.4 sen from 4.97 previously

KUALA LUMPUR: Tiger Synergy Bhd has scrapped the proposed en bloc sale of a condominium project in Gombak, Kuala Lumpur, that it had previously expected to help it return to the black.

In a filing with Bursa Malaysia, the property development, construction and manufacturing group said a memorandum of understanding (MoU) with Prosma Bhd in relation to the sale of Telaris Gombak had been aborted.

The condominium project was to be part of a private rent-to-own (RTO) initiative managed by Sekretariat Komuniti Prefer Malaysia (SKPM) to complement the Government’s 1Malaysia People’s Housing Scheme (PR1MA) project.

SKPM’s partner Prosma, which is tasked with acquiring assets for the scheme, has received the Government’s green-light to provide residential facility under a musyarakah mutanaqisah (diminishing partnership) housing scheme.

Tiger Synergy explained that the MOA, signed on June 29, was aborted as consensus on the terms and conditions could not be reached during the negotiation period.

Tiger Synergy is developing the Telaris Gombak affordable condominium project with a gross development value of RM95mil.

Based on its annual report, Telaris Gombak comprises a block of service apartment with 180 residential units attached with eight units of commercial units .

For the financial year ended June 30, 2017, the Tiger Synergy group recorded a wider loss attributable to its owners of RM6.10mil from RM2.02mil previously.
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