Tambun Indah eyes new launches worth RM300 million in 2H2015

 
PETALING JAYA (AUG 26): Penang property developer Tambun Indah Land Bhd plans to launch new projects worth RM300 million in gross development value (GDV) in the second half of 2015, the group announced in a statement today.

The two new projects are Raintree Park 2, which comprises duplex villas, 2-storey terraced homes and semi-detached houses (GDV: RM205 million), and Avenue Garden on the mainland, a 17-storey service apartment with 312 residential units (GDV: RM95 million).

“The high take-up rate of 89.2% across our ongoing projects [worth] RM1.2 billion, especially in the challenging environment, demonstrates the sustained demand for affordable properties in Mainland Penang. Encouraged by this, we hope that the new launches will be taken up positively by prospective buyers,” said Tambun Indah Land managing director Teh Kiak Siang.

The group will enjoy rental income from GEMS International School from September this year onwards, complementing billings from its property development segment, he added.

Tambun Indah today reported a net profit of RM47 million on the back of RM 190 million revenue in the first half ended 30, June 2015 (1H2015), down 7.3% compared with RM50.7 million in the previous corresponding period.

The lower profit is attributed to lower revenue of RM190.4 million, compared with RM240 million previously, due to timing of revenue recognition.

This was on the back of lower revenue of RM190.4 million compared with RM240 million.

As at 30 June 2015, the group reported unbilled sales of RM408.1 million, which will contribute positively to its earnings for the next two to three years, it said in the statement.