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News Room


20 Jun 2013


Tambun Indah targets up to 42% land bank growth
 
The Sun Daily

GEORGE TOWN (June 20, 2013): Tambun Indah Land Bhd, best known for developing its flagship Pearl City township in Seberang Perai, Penang, aims to expand its land bank in the country by another 80-121ha by the end of this year, said its founder and managing director Teh Kiak Seng (pix).

It currently has a land bank totalling 289.71ha, which will keep the group busy until 2020.

Teh said talks are ongoing with landowners to acquire more land in Seberang Perai and hopes to conclude the deals in the next one to two months.

He added that the group plans to allocate RM100 million to RM200 million as capital expenditure this year for the purpose.

He said the group is looking for big parcels of land, befitting its role as a township developer.

"It is important to look ahead for more opportunities to sustain our growth in the longer term," he told a press conference after the group's AGM and EGM here yesterday.

Tambun Indah had declared a final dividend of 3.3 sen per share for the financial year ending Dec 31, 2012, bringing its total payout for the year to 5.3 sen per share or RM16.7 million.

It posted a 28% growth in net profit to RM11.7 million for the first quarter ended March 31, 2013 from RM9.2 million a year ago, while revenue rose 19% to RM78.3 million from RM66 million.

The growth in net profit and revenue was attributed to its newly-launched projects, Pearl Residence and Pearl Indah 3 on Penang mainland and Straits Garden on the island.

Meanwhile, Teh said its 445ha Pearl City project has received a good response, especially from buyers from Penang island which made up half of its total buyers.

He attributed the phenomenon to rising property prices on the island and opined that the area could see more growth once the Second Penang Bridge was opened.

"We hope the Penang state government will also work hard to develop Batu Kawan (in Seberang Perai) as Pearl City is just 15 minutes away."