The global headwinds impacted the Malaysian economy in 2011, resulting in a dip in gross domestic product (GDP) growth to 5.1% from 7.2% in 2010, according to the Malaysian Institute of Economic Research (MIER).
Nevertheless, the domestic property sector remained largely resilient, spurred by continued economic development and the steadily-growing population.
In Penang, the rising local and foreign investments became major pull factors in attracting more skilled workers and expatriates into the state. This not only resulted in the growing affluence of the community at large, but also in pushing up property prices, particularly in land-scarce Penang Island. Consequently, more people began to seek out more affordable high-quality property alternatives in Mainland Penang.
As most of our developments are on the Mainland, Tambun Indah has benefited from this positive trend, which has translated into healthy sales for the Group in the year under review.
In FY2011, Tambun Indah