- Penang property developer Tambun Indah Land Bhd will launch two new projects with a combined gross development value (GDV) of RM300 million
The two new projects are Raintree Park 2 and Avenue Garden on mainland Penang, the company said in a statement.
Raintree Park 2 comprises duplex villas, two-storey terrace and semi-detached houses with approximately RM205 million in GDV, and Avenue Garden is a 17-storey serviced apartment with 312 residential units with approximately RM95 million in GDV.
“The high take-up rate of 89.2 per cent across our ongoing projects of RM1.2 billion, especially in the challenging environment, demonstrates the sustained demand for affordable properties in mainland Penang.”
Managing director Teh Kiak Seng said the group would also enjoy rental income from GEMS International School from September 2015 onwards, which would complement the billings from its property development segment.
Tambun Indah today reported net profit of RM47 million for the first half ended June 30, 2015 compared with RM50.7 million in the previous corresponding period.
Revenue fell to RM190.4 million from RM240 million previously due to timing of revenue recognition.
As at June 30, 2015, its unbilled sales amounted to RM408.1 million, which would contribute positively to the group’s earnings for the next two to three years.