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Thursday, June 20, 2013

Tambun Indah plans RM200mil capex to expand landbank


GEORGE TOWN: Property developer Tambun Indah Land Bhd plans to spend RM100mil to RM200mil in capital expenditure this year to buy more land.
Managing director Teh Kiak Seng said the group was actively scouting for land in Penang, especially in Seberang Prai. “We will spend to expand our landbank based on the opportunities that arise,” he told reporters after the company AGM yesterday.
Teh said the company planned to add about 80.94ha to 121.41ha of land to the current 227.43ha of undeveloped land in Seberang Prai Selatan. “We’re currently talking to a few landowners in Seberang Prai, but so far nothing has been confirmed,” he said.
Teh also said it had secured about a 70% take-up rate on its ongoing projects. “We’re expecting our projects – Taman Bukit Residence, Camellia Park and Seri Permai – with a total gross development value of RM114mil to be completed by this year,” he said.
He said Tambun Indah unbilled sales totalled RM425mil as at March and was expected to contribute to the group’s earnings over the next two to three years.
Teh said the company was poised for better growth this year, driven by Penang’s booming property market.
He said the property market in Penang’s mainland was expected to grow, boosted by the completion of the Penang Second Bridge project. “Following the skyrocketing property prices on Penang Island, many Penangites have opted to buy properties on the mainland, and this has increased our property sales, especially our current projects in Seberang Prai Selatan,” he said.
Tambun Indah Land’s pre-tax profit rose 32.1% to RM23.98mil in the first quarter ended March 31, 2013 from RM18.15mil a year ago. Its revenue increased 18.7% to RM78.32mil from RM65.99mil previously.
Teh said the revenue growth was mainly derived from newly launched projects – Pearl Residence and Pearl Indah 3 – on Seberang Prai and Straits Garden on the island. — Bernama

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