Tambun Indah sees recurring income from Pearl City in 2015

BATU KAWAN: Tambun Indah Land Bhd, a leading property developer in mainland Penang, expects recurring income starting next year from its 43.3-hectare business park project in Simpang Ampat.

Managing director Teh Kiak Seng said the park at Pearl City, its flagship township development, would be equipped with facilities such as a shopping complex, international school, medical centre and a retirement village.

The project is likely to see a recurring income between seven and eight per cent rental yield, he told Bernama in an interview on Wednesday.

Pearl City Business Park, dubbed as one of the leading commercial hubs in Seberang Perai, comprises phase one with an international school, with construction cost of about RM38mil and a shopping complex costing RM30mil.

In December last year, Tambun Indah had said that it would build an international school in Penang, costing RM38mil, and lease the school, GEMS International, to its operator, GEMS Maju Sdn Bhd, for 30 years.

Construction of the campus on a 3.24-hectare piece of land in Pearl City Business Park, with a built-up area of 18,580 sq metres, will start this year and likely complete by the middle of 2015.

Teh said construction of the RM30mil shopping mall is expected to commence by the second quarter of this year, with a built-up area of about 290,000 sq ft.

He said Tambun Indah has about 202.3 hectares of land within the Pearl City township, which will be used for future projects of mixed development in Simpang Ampat. - Bernama