PPB Group to launch bungalows in Taman Tanah Aman, Penang by end-2018

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KUALA LUMPUR (Sept 4): PPB Group Bhd plans to roll out Phases 3 and 4 of Taman Tanah Aman in Seberang Jaya, Penang by end 2018. The phases comprise a total of 34 units of 3-storey bungalows.

"It is an elite area, so we are taking some time to finalise the plans. We hope to launch by the end of this year," PPB Group property division chief operating officer Chew Hwei Yeow said at a media and analysts’ briefing here today.

According to PPB Group's website, Taman Tanah Aman is a 29-acre freehold housing project in Bukit Tengah, Seberang Prai.

The project is being developed in five phases consisting of a clubhouse, 48 units of 3-storey bungalows, 24 units of 2-storey semi-dees and 12 units of 3-storey shopoffices.

Phase 1 is made up of 24 units of 2-storey semi-detached houses and is fully sold and completed. Phase 2 comprises 14 units of 3-storey bungalows and has also been completed.

Meanwhile, PPB Group's Megah Rise mixed-use development in Taman Megah, Petaling Jaya has recorded a take-up rate of 50% for its 228 serviced apartment units since its soft launch in November last year.

With a GDV of about RM300 million, Megah Rise consists of serviced apartments and a retail podium. It is expected to be completed by end-2021.

"The sales [for the 228 units] are quite encouraging. Prices are from RM890 psf and above," said Chew, adding that the remaining 50% of the serviced apartment units are bumiputra lots.

Looking ahead, Chew said the property division is eyeing more land for property projects to increase the property segment’s contribution to the group.

For the first half of 2018 (1H2018), PPB Group’s property segment’s revenue and profit stood at RM22.67 million and RM4.43 million, which accounted for 1% and 3% of the overall group revenue and profit, respectively.

"Our landbank are not situated at major locations and some of them cannot be developed," he opined.

"We plan is to grow [the property segment] but we can't do it without land for developments, so we are actively hunting for land which are in better locations," he added.

Meanwhile, PPB Group managing director Lim Soon Huat noted that the ongoing township developments under Hillcrest Gardens Sdn Bhd in which the company has about 17% stake offer good development potential.

The company completed the acquisition of Hillcrest's shares at end-May. Hillcrest has two mature townships including Puchong Utama, Selangor and another one in Gombak with a combined development landbank of 140 acres.

PPB Group is also looking forward to better occupancy rate at its Cheras LeisureMall which is currently 91% tenanted. More tenants are coming into the mall by end-2018, said Chew.

The developer is also set to open retail centre The Linc at the Jalan Tun Razak-Jalan Ampang junction in Kuala Lumpur in November this year.

"With a net lettable area of about 150,000 sq ft, The Linc targets to have an occupancy rate of about 75% upon its opening," he said.