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News Room

02 Jan 2013

Tambun Indah to build five new projects in Penang

Property Guru

By Farah Wahida

Tambun Indah Land Bhd plans to launch at least five new projects in 1H2013 with a combined gross development value (GDV) of RM252.9 million, reported The Business Times.

Although all these projects are in Penang, the company is also searching for new landbanks at Klang Valley and other areas where it can build future projects, independently or in collaboration with other firms.

Teh Kiak Seng, Managing Director of Tambun Indah, said: “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.”

The five new projects will comprise mid-range and luxury developments in mainland Penang.

Moreover, the company is bullish on Penang’s property market thanks to the return of high-profile foreign direct investments in the state. They include Aviatron’s RM500 million investment in a new factory in Penang Science Park and Robert Bosch Solar’s plan to spend RM2.2 billion in its solar energy manufacturing plant in Batu Kawan.

The government’s higher infrastructure spending is also expected to boost the state’s real estate market, while the completion of the second Penang bridge in September 2013 is expected to further improve accessibility to the mainland.

Aside from that, the Real Estate and Housing Developers’ Association (REHDA) also sees Penang’s property market growing between five percent and 10 percent this year.