KUALA LUMPUR: Tambun Indah Land Bhd's wholly-owned subsidiary, Palmington Sdn Bhd, has proposed to acquire 27 parcels of freehold land in Penang worth RM150 million from TPPT Sdn Bhd.
In a filing to Bursa Malaysia, Tambun Indah said the purchase of the land totalling 84.8 hectares would be satisfied by cash.
It said the proposed acquisition is in line with Tambun Indah's strategy to expand its land bank in locations with growth potential and strengthen its foothold in the property market in mainland Penang.
Going forward, the group expects prospects for the property market in Penang to remain positive and the proposed acquisition to enhance the overall viability as well as value of the Pearl City flagship township and its vicinity.-- Bernama