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News Room


22 Apr 2013


Tambun Indah in discussion to acquire more land in Seberang Perai

Property Guru

By Farah Wahida

Famous for its flagship Pearl City Township development in Seberang Perai, Penang, Tambun Indah Land Bhd is currently discussing the acquisition of more land in Seberang Perai with three land owners, said Teh Kiak Seng, Founder and Managing Director of Tumban Indah.

He added that the company is confident of closing the deals by the end of 2013 and finds no problem to finance the acquisitions of land as it is currently sitting in a net cash position of about RM100 million.

However, aside from Penang mainland, Teh added that the group is also scouting for land on the fringes of Kuala Lumpur such as Rawang, Kajang and Banting for township projects.

“So far, we haven't found any suitable land (in the Klang Valley). But we are constantly looking for land in Penang and the Klang Valley. We will come to the Klang Valley only if the project is feasible,” he said.

Meanwhile, Steve Neoh Sze Tsin, Financial Controller at Tambun Indah, said in an interview: “Our net gearing ratio of up to 0.5 times also allows room for the group to raise another RM110 million in borrowings.”

He noted that the group's existing projects are worth RM1.5 billion in gross development value (GDV), thus providing earnings visibility.

“The take-up rate (for our projects) has been about 75% and so, I don't think we will have problems with future cashflow.

“The new landbank will be for future development use, that is, from 2015 onwards,” Neoh added.