Wednesday, 18 March 2015

Tambun Lands Good Deal

If you ask any Bukit Mertajam folk what is the current property hot spot in the town, I'm sure that more than half of them will tell you it's "Song Ban Kheng road".

Mr Song Ban Kheng is an ex-principal of Jit Sin High School from 1962-1980 and is a very well-respected figure in BM.

This road is relatively new about 10 years old and is quickly becoming the main route that connects BM to PLUS highway, thus linking BM to Autocity, Penang bridge and Butterworth area.

Recently-completed road upgrade by Penang government, as well as newly constructed Beng Teik primary school, has made this area more attractive.

Various banks have started to move in such as OCBC, RHB and Hong Leong. Surely there are more to come soon. This tells us how strategic this location is.

Unfortunately, there are not much empty land left along the road for development.

Tambun Indah has just proposed to acquire 18.8acres of residential land which costs RM38.9mil (RM47.50 psf). The land is described as:
  • Located 5km from BM town
  • Accessible via Jalan Kota Permai
  • Close proximity to Jalan Song Ban Kheng
  • Has squatters on the land

From the description, it is not hard to guess where is the approximate location of the said land.

      Possible location of Tambun's land

Latest property development nearby are Casa Residence (condo), Spectrum Garden (G&G), Spectrum Residence (condo) and Taman Lembah Permai (G&G). Tambun Indah's Bukit Residence is located just opposite the road.

Personally I think it is a better deal compared to Huayang who recently acquired 2 pieces of land in BM town center at RM66 psf & RM103 psf respectively.

I believe that the next phase of development here will be Bukit Kecil area between Tambun Indah's BM Residence and Bukit Residence. Sooner or later a new road will be built to connect Keow Kuang primary school there and Jalan Song Ban Kheng. We should see who owns the land and which developers can acquire them.

       Possible Tambun's land on the right

I think this is a very positive move by Tambun Indah. The location of land is good and the price is reasonable. The only problem is squatters, and also relatively low-lying land. Hopefully both parties can come out with a good solution as soon as possible.

The land acquisition is expected to be completed in the second quarter of this year. Tambun usually will launch its development project very fast perhaps by year end or early next year if squatters issue can be settled early.

There is still no information available regarding the detail of development and its GDV. Base on current trend, it is likely that Tambun will develop it into high-end gated guarded project featuring at least 3-storey terrace, semi-Ds, bungalows, condominium and may be townhouses.

Selling price for 3-storey terrace will be above RM700k while condo will be at least RM300 psf.

It is a good acquisition by Tambun Indah indeed.

No comments:

Post a Comment