Tambun Indah Land Bhd, one of Malaysia's leading residential and commercial developers and managers, is developing five residential projects with a total gross development value (GDV) of approximately RM571.5 million.
The projects include the RM180-million Pearl Residence 1 (pictured) and RM131.3-million Pearl Indah in Simpang Ampat; the RM39.3-million BM Residence in Bukit Mertajam; the RM180-million Straits Garden in Jelutong Island; and the RM41-million Carissa Villas in Bagan Lallang.
Teh Kiak Seng, Group Managing Director, in an interview with StarBizWeek, said four of the five projects commenced their construction work while the other project - Straits Garden project in Jelutong - is slated for launch in Q3 this year.
"Both Pearl Indah and Pearl Residence 1 are in the RM2 billion Pearl City project, where we plan to build some 5,600 landed residential properties and 1,400 commercial properties," he said.
"The first two phases of the Pearl City project the Pearl Garden and Pearl Villas are 90 percent and 80 percent sold respectively. Some 41 percent and 28 percent of the purchasers for Pearl Villas and Pearl Garden respectively are from the island."
He noted that funding for these projects would come from the issuance of 88.4 million rights issues of new shares which is expected to raise RM44.2 million.
The two-for-five rights issues were approved during the EGM, and are expected to be completed by June, effectively increasing the company's share capital to around RM154.7 million.
"We have a landbank of 625 acres, which has a GDV of RM2.8 billion. We are constantly on the lookout for more land in Penang. We are also exploring land outside of Penang," said Teh.
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