18 July 2014

Tambun Indah Land plans retirement village

  18 July 2014


PROPERTY developer Tambun Indah Land Bhd will be offering a retirement village within its flagship integrated mixed project “Pearl City” in Simpang Ampat on Penang mainland.

The company’s managing director Teh Kiak Seng said a total of 200 high-end condominium units will be offered for sale to those aged 60 and above.

The proposed development, to be built on 1.24ha of land, will offer clubhouse facilities found in condomimium developments, with
additional amenities catering to the elderly.

“We are looking at offering an Australian-inspired retirement village with custom-designed amenities for retirees,” he told Business Times.

These, he added, would include a full-time nurse on site, a shuttle bus service, clubhouse amenities, meeting room and a medical centre built next to the development.

“Residential units offered will include one- and two-bedroomed options and be located in a single eight-storey block,” he said.

“Investors will be only 15 minutes away from a public golf course, and a shuttle service for residents to visit the nearby shopping mall and surrounding amenities are also being considered.”

Teh said Tambun Indah is currently studying the ownership structure for the project and expects good demand for the retirement option the company is incorporating into its township.

Pearl City is a residential and commercial development, of which construction started in 2009 and completion is expected by 2020.

The project, which boasts an estimated gross development value of RM3 bililion, is also set to see the opening of the mainland’s first international school next year.

The RM40 million international school will be leased by Tambun Indah Land to Dubai-based GEMS Education, the world’s largest kindergaten to secondary education group, for 30 years.

The Gems International School of Pearl City is a project undertaken by Gems Education and local partner Maju Holdings Sdn Bhd via its subsidiary Gems Maju Sdn Bhd.

Teh said the operator is expected to invest RM20 million in the project, which will serve as Gems Education’s first international school in Malaysia.

Founded in 1994, Tambun Indah Land was instrumental in developing Penang’s first guarde-and- gated residential community — Taman Tambun Indah and the first landed strata scheme property in the state.

The group’s market segments are touted as residential properties that are affordable but luxurious.

~ By BUSINESS TIMES

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