Completion of the second Penang bridge in 2013 will help sustain Penang?s property market
Malaysiapropertynews.net reports that property developer Tambun Indah Land Bhd plans to launch at least five new projects in the first half of 2013, with a total gross development value (GDV)of RM252.9 million (US$83.2 million). All of the proposed projects will be in Penang, where Tambun Indah has been busy in recent years, and will continue to be so as it responds to the growing demand for property in Penang.
The property developer is also seeking new land banks in the Klang Valley, in addition to other areas, where it can develop future projects either on its own or as part of joint venture collaborations.
Teh Kiak Seng, managing director of Tambun Indah Land, said, ?This will complement our existing undeveloped land bank of 300 hectares across Penang, which translates into a potential GDV of more than RM3.4 billion (US$1.11 billion) that is expected to last until 2020?.
Seng added that the five new projects to be launched in 2013 would allow his company to meet the growing demand for mid to high-end property developments in mainland Penang.
Seng also commented that Tambun Indah has a positive outlook regarding property in Penang, chiefly due to the return of high profile foreign investments to the area.
Such investments include Robert Bosch Solar?s plans to channel RM2.2 billion (US$724 million) into its solar manufacturing plant in Batu Kawan and Aviatron?s RM500 million (US$164 million) investment in a new plant in Penang Science Park on mainland Penang.
Seng stated that according to the Real Estate and Housing Developers? Association in Malaysia, the property market in Penang is likely to see steadfast growth of between five percent and ten percent in 2013.
In addition, Seng said that the increased spending by the government on Malaysia?s infrastructure will contribute to the growing success of Penang?s property market.
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The anticipated completion of the second Penang bridge in September 2013, as well as ongoing work to the double-tracking rail project, will improve accessibility to the mainland, adding further fuel to Penang?s property market, according to Seng.
Seng said that in 2012, Tambun Indah was able to achieve a variety of successes and continue a robust financial performance. Indeed, for the nine month period ending in September 2012, Tambun Indah launched four new projects in total, with a combined GDV of RM13.6 million (US$4.47 million).
2012?s projects included Pearl Indah residential units within the firm?s flagship Pearl City township, mixed residential BM Residence project in Bukit Mertajam, three-storey gated terraces and two-storey show offices in Carissa Villas in Butterworth, and Straits garden suites and condominiums situated in Penang Island.
?To date, we have recorded high take-up rates of more than 70 percent for ongoing projects with GDV of RM1.1 billion (US$362 million),? said Seng.
2012 saw a strong financial performance from Tampun Indah, as revenue generated from its developments in quarter three 2012 increased 63.2 percent from RM135.8 million (US$44.7 million) in quarter two to RM221.5 million (US$72.9 million).
Source: http://www.property-report.com/a-happy-new-year-for-tambun-indah-land-26870
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