KUALA LUMPUR, May 19 — Penang property developer, Tambun Indah Land Bhd, is scheduled to launch two new projects at its Pearl City township development by mid-2017 with a combined gross development value (GDV) of RM122.7 million.
The projects, Pearl Saujana (Phase 1) and Pearl 28 with a GDV of RM102.7 million and RM20 million respectively, are landed residential property developments, it said in a statement here.
As at March 31, 2017, Tambun Indah had ongoing projects with a GDV of RM1.5 billion and an average take-up rate of 82.7 per cent, while unbilled sales amounted to RM153.8 million which should contribute positively to the group for the next two to three years.
The group has also maintained its net profit of RM24 million in the first quarter ended March 31, 2017 (1Q17) compared to RM23.6 million in the corresponding quarter of 2016.
“The stable profitability is mainly due to a favourable product mix in property development and income from investment properties, namely GEMS International School and Pearl City Mall,” said Tambun Indah.
Meanwhile, a final dividend of 7.0 sen per share has been approved by shareholders in respect of the financial year ended Dec 31, 2016.