Referenceis made to our announcement made on 26 November 2009 with regard to‘The Garden JV’ between TA Development One (Canada) Lt, a 100% ownedsubsidiary of TA Global Berhad and Townline Gardens Inc. to develop apiece of mixed development land located at City of Richmond, BritishColumbia, Canada (‘Project’).
The Board is pleased to provide herewith an update on the aforesaid project as at 31 August 2011:
1.
The 4th and Final Reading of Rezoning and Development Approval took place on 25 July 2011.
2.
The Building Permit application for Building A & B was lodged on 15 August 2011.
3.
Land Remediation process in still ongoing.
4.
Sale Centre is completed and up and operating. And Sales of the apartment units has commenced on 27 July 2011.
5.
Theaverage Selling Price for the Magnolia apartment units is at C$452.00per square feet or ranging from C$250,000 to C$416,000 per unit.
6.
And as at 25 August 2011, the sale result has achieved 48%. (44 units of confirmed sales from a total of 92 units).
7.
Key Summary:
a.
63% (24 out of 38 units) of 1 Bedroom units have been sold;
b.
48% (13 out of 27 units) 0f 2 Bedroom (Junior) units have been sold;
c.
26% (7 out of 27 units) of 2 Bedroom units have been sold;
Other than the above there is no significant update of the Group’s Venture for the quarter under review.
This announcement is dated 21 September 2011.
Sources: Bursa Malaysia