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Tuesday, October 14, 2014

Bertam to develop land in Tuaran, Sabah (Edge)

Bertam Alliance Bhd ( Bertam)’s wholly owned unit Bertam Development Sdn Bhd has entered into a sale and purchase agreement with Nadi Hasil (M) Sdn Bhd to acquire three parcels of factory land in Tuaran, Sabah for RM43 million.

In a filing with Bursa Malaysia, Bertam said the 33.015-acre land also comprises a brick factory and a block of double-storey office building.

“The management of Bertam has intention to either develop the properties into a 2,560-unit of PR1MA apartments project or a 1,982-unit of 5-storey walk-up apartments project. Presently, the management has not finalised the feasibility study of the proposed projects,” said the company.

The acquisition, which is expected to be completed by the first quarter next year, will be funded by bank borrowings and internally generated funds.

Bertam closed down 0.5 sen or 0.58% to 85 sen, giving it a market capitalisation of RM175.74 million.

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