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News Room


02 Jan 2013


Tambun Indah to launch more projects in Penang

Malaysian Digest

 

PROPERTY developer Tambun Indah Land Bhd targets to launch at least five new projects in the first half of this year, with a total gross development value (GDV) of RM252.9 million.

All of the projects will be in Penang, where the company has been active in recent years and will continue to do so, as it taps into the growing Penang property market.

The company is actively looking for new land banks in the Klang Valley and other areas where it can develop future projects, either on its own or in collaboration with joint-venture partnerships.

"This will complement our existing undeveloped land bank of 300ha across Penang, which translates into a potential GDV of more than RM3.4 billion that is expected to last until 2020," said managing director Teh Kiak Seng in an interview with Business Times.

He said the five new projects to be launched in the first six months of this year would allow the group to meet the growing demand for mid-range to higher-end developments in mainland Penang.

Teh said the company is optimistic about Penang property market mainly due to the returning of high-profile foreign direct investment to Penang.

This includes Robert Bosch Solar's plans to invest RM2.2 billion in its solar energy manufacturing plant in Batu Kawan and Aviatron's RM500 million investment in a new plant in Penang Science Park on mainland Penang.

He said according to the Real Estate and Housing Developers' Association Malaysia, the property market in Penang is likely to see sustainable growth of between five per cent and 10 per cent in 2013.

He added that the increased government infrastructure spending will also contribute to the flourishing of Penang's property market.

The targeted completion of the second Penang bridge in September 2013 and the ongoing double-tracking rail project will improve accessibility to the mainland, he noted.

Commenting on the company's performance last year, Teh said the company was able to achieve a number of successful highlights and sustain a strong financial performance.

For the nine-month period ended September 30 2012, Tambun Indah launched a total of four new projects with total GDV of RM513.6 million.

The projects were Pearl Indah residential units within the company's flagship Pearl City township, mixed residential BM Residence project in Bukit Mertajam, three-storey gated terraces and two-storey shop offices Carissa Villas in Butterworth, and Straits garden suites and condominiums located in Penang Island.

"To date, we have recorded high take-up rates of more than 70 per cent for ongoing projects with GDV of RM1.1 billion," said Teh.

Last year saw the company entering a memorandum of understanding to develop mainland Penang's first international school with a British curriculum, which is scheduled to be completed in 2014.

He noted that such developments have translated into positive financial performance as the group's revenue for third quarter of 2012 rose 63.2 per cent to RM221.5 million from RM135.8 million previously.

Net profit doubled to RM29.6 million in the third quarter from RM14.4 million in the previous corresponding period.

Total unbilled sales stood at RM262 million as at September 30 2012, said Teng.