Penang-based property developer Tambun Indah Land Bhd plans to launch three new projects worth about RM170 million for 2017, said the developer.

These projects are Pearl Saujana phase 1, Pearl 28 in Pearl City, Bandar Tasek Mutiara and Palma Residence in Alma, Penang.

“The group is optimistic that the planned launches would contribute positively to its track record and are in line with the group’s focus in the affordable landed property segment.

“As at Dec 31, 2016, Tambun Indah has achieved 80.3% take-up in on going projects of RM1.4 billion,” said the developer in a statement, adding that its balance sheet remains healthy, allowing them to not only complete its planned developments but also to acquire landbank for expansion.

Tambun Indah added that it has a pipeline gross development value of RM3.1 billion to be built over the next seven years. As at Dec 31, 2016, unbilled sales stood at RM196.9 million.

For the financial year ended Dec 31, 2016, Tambun Indah’s net profit rose 11% to RM112.2 million from RM101.1 million. This is despite revenue dipping marginally by 1.85% to RM360.8 million as compared with RM367.7 million over the same period last year.

“The enhanced profitability is attributed to progress billings being on track, as well as a favourable product mix in property development, additional rental from newly completed investment properties and a net fair value gain of RM5.2 million from investment properties,” said Tambun Indah.

The developer’s investment holdings consist of GEMS International School and the Pearl City Mall, which commenced operations in September 2015 and April 2016, respectively.

“The mall boasts a healthy occupancy rate and would contribute its first full year of revenue in the current financial year ending Dec 31, 2017,” added Tambun Indah.

Source: TheEdgeProperty.com.my