Tambun Indah's soon-to-be-wholly-owned-subsidiary Palmington has entered into a sale and purchase agreement with BLS Mega Sdn Bhd on 13 Nov 2013 to acquire a piece of 24.1 acres land in Seberang Perai Selatan for RM14.7mil.
The land which is transacted at RM14 psf, is located just adjacent to its Pearl City township development.
I'm not sure where is the exact location of the land. If it is the land of nearby broiler farm, then it will be "one stone kills two birds" as these farms nearby have turned away quite a lot of potential house buyers.
The land is probably south of Pearl City
Though 24 acres (~60% of Pearl Residence size) is not a big piece of land, its location within the Pearl City will serve Tambun Indah well as it does not need to advertise too much on this location.
The acquisition comes in time as a lot of its on-going projects are either just completed or near completion. New projects launched in the second half of 2013 include Camellia Park condo (GDV RM41mil), Pearl Harmoni (GDV RM122mil) and Permai Residence (GDV RM24.2mil).
Tambun Indah's unbilled sales stand at RM509.8mil in 1H13 compared to RM327.3 just 6 months earlier (end FY12).
Hi Admin,
ReplyDeletefor FYE2013, 1H2013 total revenue is just 160926k only, then unbilled revenue is so whopping 500M, then tambun price will be surge?
Dear Koay, The unbilled sales will be recognized into revenue according to construction stages of the properties sold, so it will be in 1-3 years max.
ReplyDeleteAs average of 3 years, RM500mil unbilled sales will give only RM170mil revenue a year. This is good number but not too much as TI already has RM300mil revenue last year. So it needs to launch more new projects get more sales.
Anyway, share price movement mostly depends on profit, not revenue.
Just my 2 cents..