Wednesday, 13 November 2013
Tambun Indah Expands Pearl City
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).