THE thriving Penang property market has gotten off to a robust start this year with a new development planned for Jelutong.

Tambun Indah Land Berhad has proposed to acquire the entire equity of Premcourt Development Sdn Bhd, and will undertake a mixed strata development project in the area through Premcourt.

The project, with a gross development value (GDV) of RM180mil, involves a 1.69ha piece of land in Jelutong.

Tambun Indah managing director Teh Kiak Seng said the project was located in the heart of the island and would feature modern apartments, office suites and shoplots to meet the demand for commercial and lifestyle properties in the central business district.

“We anticipate to commence development in the fourth quarter of the year. Targeted completion is by the fourth quarter of 2014,” he said in a statement.

Teh said he was optimistic on the outlook of the Penang property market in light of the government’s commitment to continuously improve the infrastructure and provide incentives to attract corporations to establish and expand their facilities in the state.

He said besides Premcourt, Tambun Indah had proposed to acquire Pridaman Sdn Bhd and Ikhtiar Bitara Sdn Bhd.

Pridaman and Ikthiar have landbanks on the mainland.

The purchase consideration for the acquisition of all three companies is RM11.6mil which will be through internally-generated funds.

“Development projects via these companies are expected to contribute approximately RM38.7mil in pre-tax profits from 2011 to 2014,” he said.

He said the proposed acquisitions would increase the group’s GDV by RM245mil and its landbank to 96.3ha.

SOURCE: The Star