Property Developers Shifting Southwards
from Market Watch Hosted by BFM Media
Loong Kok Wen, RHB Research analyst talks about Tambun Indah Land: - Tambun Indah is buying a minority stake in Pearl City from Nadayu Properties (Not rated, NPB MK). Using a proposed private placement to partially fund this. Tell us more about Pearl City, what stage of development is it at? - sales forecast raised to RM500m on the back of launches such as Straits Garden and Pearl Avenue shop lots - exceeded 70%. - After the 2nd Penang Bridge Ramp collapsed, confidence level in the bridge’s construction - ready when? - Islanders typically don’t quite consider mainland as part of Penang per se. How would that perception affect Penang mainland from being viewed as a desirable area? - bullish on Penang island property? Seems like a very crowded market though. - Stock is somewhat illiquid though, with Teh Kiak Seng holding 47%, so free float comes in at 53%. - In terms of property stocks, your overall sector outlook? Between Penang, Iskandar, Rawang - property hot spot? Tambun Indah hit a 52-week high earlier this week of RM1.50 on 22 July. RHB Research has a Buy call on Tambun Indah at RM1.71.
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