Tambun Indah Land Bhd plans to launch new projects worth RM570 million this year after generating strong property sales in its financial year ended Dec 31, 2011.

In a statement today, Tambun Indah said it sold 912 units valued at RM347.3 million in financal year 2011 compared with 396 units valued at RM137.1 million previously.

The group was looking to launch five projects by year-end, namely Straits Garden in Penang Island, and Pearl Residence, Pearl Indah, Carissa Villas and BM Residence in Mainland Penang, it said.

The strong property sales last year saw group revenue and pre-tax profit increase 49.8 per cent and 29.8 per cent to RM191.8 million and RM46.9 million respectively, from proforma revenue of RM128.1 million and pre-tax profit of RM36.2 million a year ago. — BERNAMA

SOURCE: Business Times

SP Setia Bhd is still confident of achieving its sales target of RM4 billion in its financial year ending Oct 31, 2012 despite Bank Negara Malaysia's new guidelines for loan borrowers.

President and chief executive officer Tan Sri Liew Kee Sin who welcomed the ruling, said the move would ensure only genuine buyers who had no financial problems own a property.

"The whole idea of the central bank is to dampen property bubble or credit bubble which is going on.

"Though the ruling will definitely affect the property sector, but we in SP Setia is confident that we can still achieve RM4 billion sales, driven by both local and foreign property sales," he told a media conference after the company's annual general meeting in Shah Alam, Selangor today.

Under Bank Negara's new guidelines that took effect from Jan 1, a prospective loan borrower will be assessed based on net income basis (instead of gross income) after deducting statutory deductions for tax and EPF and all other debt obligations (eg. car loan, other housing loan, credit cards).

Liew said SP Setia had already locked in sales of RM933 million for the first quarter of its current financial year ended Jan 31, 2012.

This represented a 27 per cent increase over the sales achieved in the corresponding period of previous year of RM737 million.

Liew said sustained demand for properties in the group's existing projects in the Klang Valley, Johor Baru and Penang would continue to underpin the group's sales performance in the 2012 financial year.

"We have many exciting new projects to help us capture new markets and further diversify our product mix.

"Our strong balance sheet also gives us ample room to continue to aggressively pursue opportunities to acquire good landbank thereby locking in future growth," he said.

Meanwhile, Liew said the SP Setia group also was keen on the London and Vietnam markets and was looking at opportunities there.

"We are looking at acquiring land in downtown Hanoi and Ho Chi Min for our property projects which will be more customer-based.

"SP Setia is also looking at acquiring land for property projects in London city as we want to make London an important market for SP Setia," he said.

Elsewhere, he said the group was targeting at least 30 to 50 per cent sales of its projects in Singapore would be from Malaysian buyers despite the 10 per cent increase in stamp duty for foreign buyers in the republic.

In Singapore, he said, the group would launch its maiden project namely a high-rise condominium development called Woodsville. — BERNAMA


SOURCE: Business Times

Pearl Residence, the latest addition to Pearl City by Tambun Indah. Pearl City is a self-contained township with good Feng Shui and supported by well-planned infrastructure. This gated and guarded development is adjacent to Pearl Villas, comprises 2-storey terrace and semi-detached houses.

Property Project : Pearl Residence
Location : Pearl City, Simpang Ampat, Penang
Property Type : 2-Storey Terrace & Semi-Detached
Land Area: 22′ x 66′ (Terrace), 35′ x 80′ (Semi-D)
Built-up Area: 22′ x 40′ (Terrace), 24′ x 43′ (Semi-D)
Tenure : Freehold
Developer : Tambun Indah
Indicative Price: RM 308,000 onwards

The Penang government gave credit to all 1.6 million Penangites for a “historic feat” after the state recorded the highest manufacturing investments in the country, for the second year running, last year.

“This is a marvellous and incredible achievement for the second smallest state in Malaysia without any natural resources,” Chief Minister Lim Guan Eng said in a statement today.

He noted that International Trade and Industry Minister Datuk Seri Mustapa Mohamad had announced Penang topped manufacturing investments for 2011 with RM9.1 billion. The figure surpassed the state’s RM6.1 billion target.

“In 2010, Penang became top in manufacturing investment in Malaysia for the first time in history with RM12.2 billion,” he noted.

“Open competitive tenders and public declaration of assets by Penang government leaders have inspired confidence amongst investors of our political commitment towards good and clean governance as well as personal obligation to integrity in leadership,” he said.

Lim expressed the state’s gratitude to Mustapa and the Malaysian Investment Development Authority (Mida) for their co-operation with InvestPenang.

“The late (former chief minister) Tun Dr Lim Chong Eu should not be forgotten for his legacy in laying the foundation of an industrial state that has enabled the present government to build on this singular success,” he added.

Calling the feat to emerge top for the second consecutive year “unexpected”, he said the state government has focused on consolidating its human resources and building up capacity to attract critical sectors that are knowledge-intensive, high-tech and high-value added in electronics, LED lighting, renewable energy such as solar energy, avionics and aerospace, medical devices and biotechnology.

Lim stressed that for the first time ever, Mida introduced a new measurement indicator of “total investment” which included manufacturing, services and primary sectors.

“In this new category of ‘total investment’, Penang lost out narrowly to Sarawak which received a huge boost from oil and gas investments,” he said.

He stressed that state has identified the services sector as one of the twin engines of economic growth together with manufacturing. Penang hopes to see the services grow to more than 50% of GDP by 2020.

“The Penang state government is willing to share this success with the Federal government for the benefit not only of 1.6 million Penangites but for all Malaysians who will benefit from the increased tax receipts,” he said.

Lim said the state will further upgrade logistics and infrastructure, both physical and digital, while focussing on training, retraining, retaining and attracting new talent.

“At the same time, the development of the SME sector will only intensify with the expected completion of the Penang SME Centre in June this year that offers cheap rentals to technological start-up companies,” he added.

Source: TheSunDaily

ONE of the oldest markets in Penang — the Chowrasta Market — will be transformed into an iconic landmark in the state under a proposed major facelift project costing up to RM12mil.

Well-known for its stores selling second-hand books, preserved fruits and other titbits, the run-down three-storey building is set to undergo a major makeover since it was last upgraded in 1961.

Arkitek LLA Sdn Bhd director Ong Jin Cheng said the market would sport a refreshing new look under the project which is expected to cost between RM10mil and RM12mil.

The firm has been engaged by the Penang Municipal Council (MPPP) as the project’s architect.

The original Chowrasta Market was built in 1890 by the George Town Municipal Council.

The market faces Penang Road and is flanked by Lebuh Tamil, Jalan Chowrasta and Jalan Kuala Kangsar.

Ong said there were plans for an urban farm on the rooftop where hydroponic plants could be grown.

“We have proposed that an escalator be built for easier access to the upper levels.

“The first floor will also be equipped with amenities for the public,” he said at a press conference in Komtar yesterday.

He said creepers would be grown along the side of the walls of the multi-storey car park at the back portion of the building under the proposed new look.

MPPP secretary Ang Aing Thye said the project was still at the designing stage and the council was getting more feedback from the public.

Chief Minister Lim Guan Eng, who was present, said the upgrading of the market would be helmed by heritage architect Laurence Loh from the same firm.

“The traders can continue to operate their business there in a cleaner, greener, safer and healthy environment,” he said.

Lim added that the contractor for the project would be chosen through an open tender.

When contacted, Komtar assemblyman Ng Wei Aik said the project design was almost ready.

“Now we need to know the actual cost for each element of the project,” he said adding that the upgrading works were expected to begin within the next few months.

It was reported in December last year that a multi-storey car park and travelators were among the proposals to rejuvenate the market.

It was proposed that one third of the back portion of the market be demolished to build a five-storey car park with 153 parking bays.

Source: The Star

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