Tambun Indah to launch two projects with RM122.7 million GDV by mid-2017

PETALING JAYA (May 18): Penang property developer Tambun Indah Land is targeting to launch two landed residential developments with a total gross development value (GDV) of RM122.7 million in its Pearl City township in Penang by mid-2017.

Spanning an estimated 1,140 acres of freehold land, Pearl City is located at Simpang Ampat in Seberang Prai South.

The two new projects are the phase one development of Pearl Saujana, which comprises 219 residential units of double-storey semi-dees and double-storey terraced houses; and Pearl 28 which consists of 30 units of double-storey linked semi-detached houses and double-storey bungalows.

In a statement today, the developer said Pearl Saujana carries a GDV of RM102.7 million while Pearl 28 has a GDV of RM20 million.

As at end of March this year, Tambun Indah has ongoing projects worth RM1.5 billion in GDV, with average take-up rate of 82.7% while unbilled sales stood at RM153.8 million, which could contribute positively to the company in the next two to three years.

For 1Q2017, the company recorded a net profit of RM24 million, a slight year-on-year increase from RM23.6 million.

“This was despite a 9.9% decline in revenue to RM80.4 million in 1Q17 from RM89.3 million a year ago,” said the company.

It noted that the stable profitability is mainly due to a favourable product mix and income from investment properties, namely GEMS International School and Pearl City Mall.

Tambun Indah’s portfolio of completed and ongoing projects include Pearl City, Juru Heights, Casa Impian and Casa Permai in Mainland Penang, as well as Scotland Villas and Straits Garden in Penang Island.