Tambun Indah to launch more projects in Penang
PROPERTY developer Tambun Indah Land Bhd targets to launch at least five new projects in the first half of this year, with a total gross development value (GDV) of RM252.9 million.
All of the projects will be in Penang, where the company has been active in recent years and will continue to do so, as it taps into the growing Penang property market.
The company is actively looking for new land banks in the Klang Valley and other areas where it can develop future projects, either on its own or in collaboration with joint-venture partnerships.
“This will complement our existing undeveloped land bank of 300ha across Penang, which translates into a potential GDV of more than RM3.4 billion that is expected to last until 2020,” said managing director Teh Kiak Seng in an interview with Business Times.
He said the five new projects to be launched in the first six months of this year would allow the group to meet the growing demand for mid-range to higher-end developments in mainland Penang.
Teh said the company is optimistic about Penang property market mainly due to the returning of high-profile foreign direct investment to Penang.
This includes Robert Bosch Solar’s plans to invest RM2.2 billion in its solar energy manufacturing plant in Batu Kawan and Aviatron’s RM500 million investment in a new plant in Penang Science Park on mainland Penang.
He said according to the Real Estate and Housing Developers’ Association Malaysia, the property market in Penang is likely to see sustainable growth of between five per cent and 10 per cent in 2013.
He added that the increased government infrastructure spending will also contribute to the flourishing of Penang’s property market.
The targeted completion of the second Penang bridge in September 2013 and the ongoing double-tracking rail project will improve accessibility to the mainland, he noted.
Commenting on the company’s performance last year, Teh said the company was able to achieve a number of successful highlights and sustain a strong financial performance.
For the nine-month period ended September 30 2012, Tambun Indah launched a total of four new projects with total GDV of RM513.6 million.
The projects were Pearl Indah residential units within the company’s flagship Pearl City township, mixed residential BM Residence project in Bukit Mertajam, three-storey gated terraces and two-storey shop offices Carissa Villas in Butterworth, and Straits garden suites and condominiums located in Penang Island.
“To date, we have recorded high take-up rates of more than 70 per cent for ongoing projects with GDV of RM1.1 billion,” said Teh.
Last year saw the company entering a memorandum of understanding to develop mainland Penang’s first international school with a British curriculum, which is scheduled to be completed in 2014.
He noted that such developments have translated into positive financial performance as the group’s revenue for third quarter of 2012 rose 63.2 per cent to RM221.5 million from RM135.8 million previously.
Net profit doubled to RM29.6 million in the third quarter from RM14.4 million in the previous corresponding period.
Total unbilled sales stood at RM262 million as at September 30 2012, said Teng.
Source: Business Times
Tambun Indah should launch more high rise residential project in Butterworth! This area is emerging and growthing super fast than any other area in Penang.
Quality?
Straits Garden is a failure in Penang island!
Juru Heights is a failure in mainland!
I don’t think their own staff will also not buying.
Sorry! I don’t think their own staff will buy.
if tambun indah want to be a great like other developers they should improve the quality of building and planning. Branded developers always keep the quality of the material and also the quality of life after occupying. Not just think build and sell. That why many TI project arise the issues after occupation. Everybody buying a house for their own comfort. If only build and sell without keep the quality of the material and planning requirements, it’s no different with government projects.
Not really understand why people keeps talking bad about TI. I stay at one of their project that completed before TI listing, i don’t see any major issue with it.
Anyway, i can’t comment on their new project like pearl garden on the quality since i have never see the house nor own the house.
Not all but some of their project has issue. I also stay at one of their project ‘juru heights’ and has major issue (sorry i dont want to explain the issue here). anyone who live here or have a friend/family here or had come to visit here surely know what the major issue is.
why so secretative ? scare your unit cannot sell issit ? land slide, wall cracking, land sinking all nothing new in Juru Height, you pay peanut RM400k for bungalow of course you will get monkey quality.
beside terrible is horrible
go around their project and experience yourself.
but all the sales still so proud and keep chasing people out from their sales’ office…..
Greatly regret on the units purchased.
besides quality is still quality issues
why Juru Heights bungalow hard to resale??
I think this is not a forum to talk about an issues of some area. But if u want the answer, u can visit the site. I think today (sunday) is the best day u come to Juru Heights around 4pm and above and i believe u will get the answer.
Browsing around TI projects. 90% were badly negative comments.
I guess TI must have truly disappointed their ex-purchasers.
People have risen so much of disappointment. I also give up due to the extremely bad comments.
TI have to improve….
I came here last Sunday. For own stay I will think twice to buy here even the price is cheap. not a comfortable place to live in. Cheap is good but status also needs to be maintained.
@Bata
do not be too secretive. Just tell the truth there are many foreigners there. Used as a foreign worker placement. Residents live together with foreigners. nothing to hide if it is true. Issue there is more to social issue not building quality. Of course when foreigners live there will cause nuisance. Whether they are comfortable live together or not i dont know. TI also must improve aspect of life and social for their housing project.
Seems like PenangPropertyTalk is a place to hamtam developer. Beside hamtam-ing, is still hamtam-ing. All more a like comments feel like came out from a group of same person. OM,TW, Airmas, Jadi all became target victim once i read all the comments.
@enguin
“Seems like PenangPropertyTalk is a place to hamtam developer.” Only
Tambun Indah because of its past records that give a bad impression.
Based on their previous project where should put this Tambun Indah standards? are they same level with IJM, Mah Sing, Sp Setia and DNP ? or same level with Asas Dunia, OM,TW, Airmas & Jadi? or same level with TPPT, PLB Homes & UDA? or same level with PDC & goverment project or PRIMA? only those who had bought the TI project know the answer.
I think Tambxn Indxh same level with TahWah and AirMas. Their quality are far below expectaction. Of cos, you pay peanut, and you buy peanut laaa ….. what to complaint.
Unless Tambxn Indxh can make it like pay meanut for durian.
@Cucu-Bird
yes i agree with “you pay peanut, of cos u will get peanut”. dont expect pay peanut get durian. What is feared is if you pay peanut but u get peanut skin!