KUALA LUMPUR: Tiong Nam Logistics Holdings Bhd's wholly-owned subsidiary Terminal Perintis Sdn Bhd (TPSB), has bought a 3.23-acre commercial land parcel in Puteri Harbour, Nusajaya.

The RM30.95 million sale and purchase agreement was signed with UEM Land Bhd, a wholly-owned subsidiary of UEM Land Holdings Bhd and the master developer of Nusajaya, on Wednesday, June 1.

"TPSB intends to construct a hotel and service apartments that conform to at least a minimum four star rating.

"The rationale for the acquisition of the land is to enable Tiong Nam Group to add hotel and service apartments letting to its existing property letting market portfolio which is warehouse, factory, showroom, commercial shop and office letting," Tiong Nam said in a filing to Bursa Malaysia.

Total construction cost of the hotel was estimated at RM75 million, while the service apartments' cost was RM81 million.

Tiong Nam said both the land purchase consideration and financing for the construction of the hotel and service apartments would be from internal generated funds and bank borowing in an approximate ratio of 30:70. — Bernama

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