PENANG (June 19): Penang-based property developer Tambun Indah Land Bhd (TILB) is acquiring 19.05 acres in Kota Permai, Bukit Mertajam, for RM39.42 million and increased its landbank to 472 acres which would sustain the Group for approximately six to seven years.

In a statement today, TILB managing director Ir. Teh Kiak Seng commented that the land acquisition in Kota Permai was timely as the mainland Penang property market held tremendous potential for growth in tandem with the increasing number of infrastructure initiatives and key manufacturing and services sector investments.

At its annual general meeting today, TILB shareholders approved the final single tier dividend of 6.7 sen per share in respect of the financial year ended 31 December 2014 (FY2014).

Combined with the earlier-paid interim dividends of 3.0 sen per share, Tambun Indah has declared total dividends of 9.7 sen per share for FY2014.

Total dividend payout of RM40.6 million represents 40% of the Group’s FY2014 net profit.

The company is also focusing efforts on developing recreational aspects of their flagship Pearl City township in Seberang Perai South with GEMS International School is on track to be operational in September 2015 and Pearl City Mall by the first half of 2016.

High rise service apartments Avenue Garden located next to the school’s campus are slated to be launched in the second half of 2015.

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