PENANG property developer Tambun Indah Land Bhd is looking to expand its landbank outside the state.
Its managing director Teh Kiak Seng yesterday said it is on the lookout for land in the outskirts of the Klang Valley with an eye on developing townships.
“We are always on the lookout for land and ideal locations would be areas like Rawang, Kajang and Banting,” he said after Tambun’s annual general meeting, here.
The firm, which has 271.5ha (of which 218.7ha is undeveloped), has seen encouraging response since the beginning of the year for its ongoing projects that have a gross development value (GDV) of RM1.1 billion, including newly-launched projects.
“We are heartened by the warm response from our new projects from both Penangites and out-of-state buyers, largely due to the visibility and close proximity to the newly-opened Sultan Abdul Halim Muadzam Shah Bridge.”
Tambun launched four residential projects on mainland Penang during the first half of this year with a RM294.9 million GDV and take-up rate of 49.3 per cent to date.
For first quarter ended March 31, the company recorded a net profit of RM25.3 million compared with RM11.7 million a year ago. Group revenue rose 43 per cent to RM112 million from RM78.3 million a year ago.
This is due to higher progress billings and new take-ups of the ongoing projects, Teh said.
Yesterday, shareholders approved a single-tier final dividend of 4.6 sen per share.
In addition to the earlier interim single-tier dividend of two sen per share, Tambun would have paid a total dividend of 6.6 sen per share, or RM26.7 million, translating to 40.8 per cent dividend payout ration in respect of its 2013 fiscal year.
This is in line with firm’s dividend policy of paying a minimum 40 per cent to 60 per cent of net profit to shareholders.
~ By BUSINESS TIMES
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