Tambun Indah will invest RM35mil to construct an International school in its Pearl City Business Park and will lease the building to Straits International School for 20 years. For the residents of Pearl City (Bandar Tasek Mutiara), this is an absolute great news. But for Tambun Indah shareholders, is it a good news?
RM35mil is not a big amount nor a small amount of money. It's difficult to tell now whether it will benefit the company in the long run. This will very much depend on the rental rate. However, generally it is a good move by Tambun Indah to enhance the value of its RM2 billion major development at Pearl City.
The International School, which is expected to open in 2014, may attract more franchise business and hypermarket here. Together with the nearby new Jit Sin SPS branch, the housing development in this area is sure to see increase in demand. Tambun Indah may sell its property here at higher price yet seeing a good take up rate. In the long run, this move is an encouraging one.
It is not sure how well the international school in mainland Penang will be accepted, since this is only the first one here. However, it's worth a try, as more foreign investment can be seen in the mainland now. Local people may have a choice to send their children to international school as most government schools are too academic-oriented, stressful and infested with gangsterism.
After the international school, what's next? Could it be a hypermarket or a private hospital?
Anyway, this is just an MOU which is valid for 6 months, and not finalized yet.
Pear City proposed business park
PCBP: Pearl City Business Park, TIFD: Tambun Indah future development
PI: Pearl Indah, PG: Pearl Garden, PV: Pearl Villa, PR: Pearl Residence
PS: Pearl Square Commercial, SW: Star Walk Commercial
SA: Simpang Ampat town center, KTM: KTM station
KK: Klinik Kesihatan, POL: Police station
BB: Boon Beng primary school, JS: Jit Sin SPS branch
Tol: PLUS Tambun tol, BMIA: Bukit Minyak Industrial Area
“We are pleased with the signing of this MOU as it was always in the Pearl City Master Plan to have a world-class educational centre of excellence within our integrated city to fulfil the demand from the growing population in Mainland Penang.
The setting up of Straits International School at Pearl City Business Park will go a long way in enhancing the attractiveness of our ever-expanding township, and strengthen our value proposition as a fully integrated and self-sustaining development.”
Ir. Teh Kiak Seng (“鄭克生”) Managing Director, Tambun Indah Land Berhad
“We chose to work together with Tambun Indah because we believe in the future success of the Pearl City integrated township. After all, it is expected to have a catchment area of more than 50,000 people by 2020, and at present, there are 400,000 people within 15km radius from Pearl City.
Furthermore, its close proximity to 12 industrial parks – with potentially more on the way thanks to Penang’s booming economy – as well as its established and growing transportation infrastructure makes it the ideal place to set up the school.
We look forward to a rewarding partnership with Tambun Indah as we cater to the quality educational needs of this vicinity.”
Mr. Desmond To (“杜涇福”) Founder, SIS Charter Sdn Bhd
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From The Star
PENANG’s leading property developer on the mainland, Tambun Indah
Land Berhad, will build the first international school on the mainland
in the integrated township of Pearl City in Tambun, Seberang Prai.
Tambun
Indah signed a Memorandum of Understanding (MoU) with SIS Charter Sdn
Bhd to develop the Straits International School (SIS).
Tambun Indah’s subsidiary company Palmington Sdn Bhd will develop the project.
At
the signing of the MoU at Equatorial Hotel, Tambun Indah was
represented by its managing director Teh Kiak Seng while SIS Charter was
represented by its chief executive officer Lita Nasyitah Goh Abdullah.
SIS Charter is the owner and operator of the school.
SIS
Charter chairman Dr Roslan A. Ghaffar and State Local Government and
Traffic Management committee chairman Chow Kon Yeow witnessed the
signing.
Also present at the signing on Saturday were Tambun
Indah’s executive directors Teh Theng Theng and Thaw Yeng Cheong, its
financial controller Steve Neoh and SIS patron Toh Puan Mariam Mustapha.
The school will be built on a 2.63ha land in Pearl City and have a built-up area of 18,580.61sq metre.
In
his speech, Kiak Seng said it has always been part of the Pearl City
Master Plan to have a world-class educational centre within the
integrated city to fulfil the demand of the growing population on the
mainland.
“The setting up of this school will go a long way in
enhancing the existing attractions of our ever-expanding township and
strengthen our value as a fully integrated and self-sustaining
development,” he said.
Estimated to cost RM50mil, Palmington will
invest RM35mil to develop the school while SIS Charter will invest
about RM15mil for school equipment, furniture, interior decoration and
air-conditioning.
Kiak Seng said the school would be able to handle a student population of between 800 and 1,200 when it opens in 2014.
Mariam said the school would see state-of-the-art security system being installed including the use of key-cards for students.
“The
key-cards, incorporating the GPS (Global Positioning System) technology
would be able to track the movement and whereabouts of the students
within the school compound and could be used to keep track of their
attendance and other records,” she said.
SIS will offer the Cambridge International Curriculum to students aged between seven and 16.
