contents ir. teh kiak seng, presented by : chief financial...
TRANSCRIPT
TAM
BU
N IN
DA
H LA
ND
BE
RH
AD
(Co
mp
an
y N
o. 8
10
44
6-U
)
FY2
01
3 R
esu
lts an
d C
orp
ora
te U
pd
ate
5M
arch
20
14
IR A
dv
iserA
QU
ILA
S
Pre
sen
ted
by
:
Ir. Teh
Kia
k S
en
g, M
an
ag
ing
Dire
ctor
Mr. S
teve
Ne
oh
, Ch
ief F
ina
ncia
l Office
r
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
CO
NT
EN
TS
�F
Y2
01
3 O
pe
ratio
ns R
ev
iew
�F
Y2
01
3 F
ina
ncia
l Hig
hlig
hts
�R
ece
nt D
eve
lop
me
nts
�G
row
th R
oa
dm
ap
�In
vestm
en
t Ca
se
�A
pp
en
dix
�C
orp
ora
te P
rofile
�P
en
an
g G
row
th C
ata
lysts
2
FY2
01
3 O
PE
RA
TIO
NS
RE
VIE
W
Bu
ildin
g o
n Stre
ng
ths...
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
FY2
01
3 O
PE
RA
TIO
NS
RE
VIE
W
4
On
goin
g G
ross D
eve
lop
me
nt
Va
lue
(GD
V)
(RM
1.3
4 b
illion
as a
t 31
/12
/13
)
+3
7.7
%(R
M0
.98
billio
n a
s at 3
1/1
2/1
2)
Ave
rage
Take
-up
Ra
te
(as a
t 31
De
c 20
13
)8
3.5
%(7
1.3
% a
s at 3
1/1
2/1
2)
Un
bille
d S
ale
s (RM
’00
0)
(RM
45
5.4
millio
n a
s at 3
0/1
2/1
3)
+3
9.1
%(R
M3
27
.3 m
illion
as a
t 31
/12
/12
)
Hig
h a
ve
rag
e ta
ke
-up
of 8
3.5
% a
cross R
M1
.34
billio
n o
ng
oin
g p
roje
cts...
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
FY2
01
3 SA
LES
OV
ER
VIE
W
5
Pro
ject N
am
eLa
un
ch
Da
te
Tota
l No
. of
Un
its sold
in FY
20
13
Tota
l wo
rth o
f
pro
pe
rty sa
les
in FY
20
13
(RM
’ mil)
Tota
l No
. of
Un
its sold
in
FY2
01
2
Tota
l wo
rth o
f
pro
pe
rty sa
les
in FY
20
12
(RM
’ mil)
Pa
st Co
mp
lete
d P
roje
cts5
2.1
16
7.7
Pe
arl G
ard
en
( @ P
ea
rl City
)N
ov
-09
--
24
10
.2
Imp
ian
Re
side
nce
No
v-1
0-
-1
67
.0
Da
hlia
Pa
rk
No
v-1
06
2.9
12
4.5
Pe
arl V
illas ( @
Pe
arl C
ity)
Jan
-11
10
5.7
63
32
.4
Ta
nju
ng
He
igh
ts F
eb
-11
11
4.2
18
6.2
Ca
pri P
ark
Ju
n-1
15
1.7
52
16
.3
Pe
arl S
qu
are
1 &
2 ( @
Pe
arl C
ity)
Se
pt-1
12
01
1.5
26
12
.0
Ke
lisa R
esid
en
ceN
ov
-11
16
7.1
84
25
.1
Pe
arl In
da
h 1
& 2
( @ P
ea
rl City
)F
eb
-12
10
4.2
20
56
9.1
Pe
arl In
da
h 3
( @ P
ea
rl City
)A
pr-1
25
93
2.7
10
44
9.8
Ca
rissaV
illas
Ap
r/Oct-1
21
51
0.6
38
27
.8
BM
Re
side
nce
Au
g-1
24
61
8.4
80
28
.8
Stra
its Ga
rde
n –
Su
ites, C
on
do
min
ium
s&
Ap
artm
en
tsO
ct/No
v-1
21
75
10
1.6
21
91
04
.0
Pe
arl R
esid
en
ce (
@ P
ea
rl City
)D
ec-1
23
63
15
6.3
--
Pe
al Im
pia
n( @
Pe
arl C
ity)
De
c-12
24
17
5.2
--
Pe
arl A
ve
nu
e –
Ph
ase
1 (
@ P
ea
rl City
)A
pr-1
37
66
1.5
--
TO
TA
L1
,05
84
95
.79
57
40
0.9
+1
0.6
%
+2
3.6
%
So
ld 1
1%
mo
re u
nits in
FY
13
com
pa
red
to F
Y1
2…
bu
lk o
f sale
s from
Pe
arl C
ity
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
ON
GO
ING
PR
OJE
CT
S
6
Un
bille
d sa
les o
f RM
45
5.4
millio
n to
be
reco
gn
ized
in tw
o to
thre
e
ye
ars…
Pe
arl C
ity a
nd
Stra
its Ga
rde
n th
e m
ajo
r con
tribu
tors
Pro
ject La
un
che
d
(20
09
-20
11
)
Ty
pe
N
o. o
f Un
its E
st.G
DV
(RM
’mil)
Ta
ke
-Up
Ra
te
Pro
gre
ssU
nb
illed
Sa
les
(RM
’mil)
Pe
arlV
illas
2-sto
rey
Bu
ng
alo
ws
19
14
5.1
94
.9%
89
.1%
15
.02
-store
yS
em
i-D1
64
2-sto
rey
Te
rrace
s1
52
Ca
priP
ark
Ap
artm
en
ts1
48
51
.79
0.7
%8
1.1
%8
.92
-store
yS
ho
pO
ffices
7
Ta
nju
ng
He
igh
tsC
on
do
min
ium
s1
48
58
.09
1.0
%8
7.4
%6
.72
-&
3-sto
rey
Sh
op
Office
s1
7
Da
hlia
Pa
rkC
on
do
min
ium
s1
34
47
.19
2.4
%9
2.4
%3
.32
-store
yS
ho
pO
ffices
12
Juru
Ind
ustria
lPa
rkIn
du
strialF
acto
ries
22
37
.28
8.4
%8
9.4
%3
.5
Pe
arlS
qu
are
12
-store
yS
ho
pO
ffices
96
48
.78
8.6
%8
9.6
%4
.5
Pe
arlS
qu
are
22
-store
yS
ho
pO
ffices
56
25
.68
6.7
%8
8.4
%2
.6
Contin
ue to
next p
age…
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
ON
GO
ING
PR
OJE
CT
S (C
ON
T’D
)
7
Pro
ject s La
un
che
d
(20
12
-20
13
)
Ty
pe
N
o. o
f Un
its E
st.G
DV
(RM
’mil)
Ta
ke
-Up
Ra
te
Pro
gre
ssU
nb
illed
Sa
les
(RM
’mil)
Pe
arlIn
da
h1
2-sto
rey
Te
rrace
s1
80
63
.79
3.0
%8
7.1
%7
.7
Pe
arlIn
da
h2
2-sto
rey
Te
rrace
s5
01
6.8
83
.6%
86
.5%
1.9
Pe
arlIn
da
h3
2-sto
rey
Se
mi-D
19
29
9.2
83
.2%
81
.1%
15
.6
Ca
rissaV
illas
3-sto
rey
Te
rrace
s4
85
5.2
69
.7%
81
.8%
7.0
2-sto
rey
Sh
op
office
s2
4
BM
Re
side
nce
Co
nd
om
iniu
ms
10
85
7.4
82
.2%
50
.0%
23
.6La
nd
ed
Ho
use
s3
9
Stra
itsG
ard
en
Bu
sine
ssS
uite
s2
30
23
7.8
86
.5%
16
.2%
17
2.3
Co
nd
om
iniu
ms
18
3
Ap
artm
en
ts3
6
Low
-me
diu
mco
st8
3
Pe
arlR
esid
en
ce
2-sto
rey
Bu
ng
alo
ws
12
22
3.5
69
.9%
46
.5%
83
.62
-store
yS
em
i-D1
12
2-sto
rey
Te
rrace
s3
61
Pe
arlIm
pia
n2
-store
yT
erra
ces
28
59
0.0
83
.6%
30
.6%
52
.2
Pe
arlA
ve
nu
e
@P
ea
rlCity
–P
ha
se1
2&
3-S
tore
yS
ho
pO
ffices
10
08
2.6
74
.5%
23
.0%
47
.4
TO
TA
L3
,01
81
,33
9.3
45
5.4
Contin
ued fro
m p
revio
us p
age…
Un
bille
d sa
les o
f RM
45
5.4
millio
n to
be
reco
gn
ized
in tw
o to
thre
e
ye
ars…
Pe
arl C
ity a
nd
Stra
its Ga
rde
n th
e m
ajo
r con
tribu
tors
FY2
01
3 FIN
AN
CIA
L HIG
HLIG
HT
S
Be
st-Eve
r Pe
rform
an
ce...
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
FY2
01
3 IN
CO
ME
STAT
EM
EN
T
9
ⁱBased on w
eighted average no. o
f ordinary sh
ares o
f RM0.50 each
durin
g each
perio
d
Co
mm
en
ts4
Q1
34
Q1
2C
ha
ng
e
RM
'000
FY
13
FY
12
Ch
an
ge
C
om
me
nts
Hig
he
r top
line
larg
ely
attrib
uta
ble
to h
igh
er
pro
gre
ss billin
gs a
nd
hig
he
r sale
s in P
ea
rl
City
11
8,4
09
75
,23
4
57
.4%
Re
ve
nu
e
37
6,3
89
29
6,7
08
26
.9%
Imp
rove
d to
plin
e d
ue
to
hig
he
r take
-up
rate
s an
d
hig
he
r pro
gre
ss billin
gs fro
m
the
Gro
up
's on
go
ing
pro
jects
40
,41
12
7,9
52
44
.6%
Gro
ss Pro
fit1
36
,69
51
03
,27
63
2.4
%
34
.1%
37
.2%
(3.1
pt)
Gro
ss Ma
rgin
36
.3%
34
.8%
1.5
pt
35
,46
92
1,2
59
66
.8%
EB
ITD
A
11
8,7
43
80
,91
14
6.8
%
30
.0%
28
.3%
1.7
pt
EB
ITD
A
ma
rgin
31
.5%
27
.3%
4.2
pt
36
,26
22
0,8
38
74
.0%
PB
T
11
7,7
09
78
,98
64
9.0
%
30
.6%
27
.7%
2.9
pt
PB
T m
arg
in
31
.3%
26
.6%
4.7
pt
21
,99
51
1,2
51
95
.5%
PA
TM
I 6
4,9
86
40
,81
35
9.2
%
18
.6%
15
.0%
3.6
pt
Ne
t ma
rgin
1
7.3
%1
3.8
%3
.4 p
t
6.1
43
.62
69
.6%
Ba
sic EP
Sⁱ
(sen
)
19
.77
14
.93
32
.4%
Larg
ely d
riven
by h
igh
er
top
line
gro
wth
an
d
be
tter m
arg
in p
rod
ucts
Ma
inly fro
m stro
ng
reve
nu
e; in
clud
es 1
-
mo
nth
full co
ntrib
utio
n
from
Pa
lmin
gto
n S/B
an
d T
am
bu
n In
da
h
De
velo
pm
en
t S/B
Imp
rove
d m
arg
ins d
ue
to
susta
ine
d O
PE
X a
nd
imp
rove
d se
lling
price
s
Re
cord
full ye
ar p
erfo
rma
nce
Stron
g G
P g
row
th, b
ut
ma
rgin
s sligh
tly
imp
acte
d b
y hig
he
r on
e-
off p
rovisio
ns
Still-imp
rovin
g m
arg
ins ye
ar-
on
-yea
r from
favo
ura
ble
pro
du
ct mix
Po
sts reco
rd-h
igh
ne
t pro
fit for F
Y1
3…
Gro
up
to e
njo
y co
nso
lida
ted
an
d
ex
pa
nd
ing
pro
fits from
Pe
arl C
ity fro
m F
Y1
4 o
nw
ard
s
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
RE
VE
NU
E A
NA
LYS
IS B
Y P
RO
JEC
T
10
`FY
20
13
FY2
01
2
RM
’ mil
% G
rou
p R
ev
en
ue
RM
’ mil
% G
rou
p R
ev
en
ue
Pro
pe
rty D
ev
elo
pm
en
t
Pe
arlG
ard
en
(@P
ea
rl City
)-
-2
1.7
27
.31
%
Pe
arlV
illas (@
Pe
arl C
ity)
23
.71
6.3
0%
64
.28
21
.65
%
Pe
arl In
da
h 1
, 2 &
3 (@
Pe
arl C
ity)
81
.48
21
.65
%4
9.1
81
6.5
6%
Pe
arl S
qu
are
1 &
2 (@
Pe
arl C
ity)
21
.43
5.6
9%
33
.69
11
.35
%
Pe
arlR
esid
en
ce (@
Pe
arl C
ity)
72
.70
19
.32
%-
-
Pe
arl Im
pia
n (@
Pe
arlC
ity)
23
.05
6.1
2%
--
Pe
arl A
ve
nu
e (@
Pe
arlC
ity) –
Ph
ase
11
4.1
73
.76
%-
-
Ta
nju
ng
He
igh
ts1
1.1
72
.97
%2
4.2
08
.15
%
Imp
ian
Re
side
nce
--
18
.26
6.1
5%
Da
hlia
Pa
rk1
1.3
73
.02
%1
8.3
86
.19
%
Juru
Ind
ustria
lPa
rk8
.88
2.3
6%
17
.55
5.9
1%
Ca
pri P
ark
18
.70
4.9
7%
16
.24
5.4
7%
Ca
rissa P
ark
--
2.6
10
.88
%
Ca
rissaV
illas
21
.18
5.6
3%
10
.26
3.4
6%
BM
Re
side
nce
20
.36
5.4
1%
3.2
21
.08
%
Stra
its Ga
rde
n2
9.0
77
.72
%4
.26
1.4
3%
Co
mp
lete
dP
roje
cts5
.71
1.5
2%
4.7
51
.60
%
Su
b T
ota
l3
62
.98
96
.44
%2
88
.58
97
.18
%
Oth
er R
ev
en
ue
Co
nstru
ction
, Re
nta
l, Ca
rpa
rk, e
tc1
3.4
03
.56
%8
.37
2.8
2%
To
tal
37
6.3
81
00
.0%
2
96
.95
10
0.0
0%
65
.81
%5
6.8
7%
Pe
arl C
ity re
ma
ins th
e to
p co
ntrib
uto
r to g
rou
p re
ve
nu
e... n
ew
er
de
ve
lop
me
nts b
eg
inn
ing
to a
dd
to to
plin
e
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
34.5
30.0
36.2
46.9
79.0
117.6
23.5
23.8
25.2
23.4
40.8
64.9
FY2
00
8FY
20
09
FY2
01
0FY2
01
1FY2
01
2FY2
01
3
PB
TP
ATM
I
RE
VE
NU
E &
PR
OFIT
TR
EN
DS
11
Stro
ng
top
line
an
d b
otto
mlin
e g
row
th th
rou
gh
the
ye
ars…
PB
T &
PAT
MI (R
M ‘m
il)
126.0
100.9
128.1
191.8
296.9
376.4
30
.0%
32
.0%
30
.8%
31
.9%
34
.9%
36
.3%
FY
20
08
FY
20
09
FY
20
10
FY
20
11
FY
20
12
FY
20
13
Gro
up
Re
ve
nu
e (R
M’m
il)
Re
ve
nu
eG
ross M
arg
in
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
BA
LAN
CE
SH
EE
T
12
Stro
ng
FY
13
retu
rns…
ne
t cash
po
sition
pro
vid
es h
ea
dro
om
for la
nd
ba
nk
ex
pa
nsio
n a
nd
wo
rkin
g ca
pita
l ne
ed
s to fin
an
ce o
ng
oin
g p
roje
cts
(1)
Ba
sed
on
39
4.7
mil o
rdin
ary sh
are
s of R
M0
.50
ea
ch
(RM
’00
0)
As a
t
31
De
c 20
13
As a
t
31
De
c 20
12
(Au
dite
d)
Co
mm
en
ts
No
n-C
urre
nt A
ssets
15
7,1
30
13
6,7
25
Hig
he
r larg
ely
du
e to
hig
he
r inv
estm
en
t pro
pe
rties a
nd
lan
d co
sts
Cu
rren
t Asse
ts3
39
,77
93
07
,14
8H
igh
er m
ain
ly d
ue
to in
crea
se in
cash
an
d b
an
k b
ala
nce
s
an
d in
crea
se in
rece
iva
ble
s
Cu
rren
t Liab
ilities
10
9,5
03
10
3,0
73
No
sign
ifican
t fluctu
atio
n
No
n-C
urre
nt Lia
bilitie
s7
3,8
19
78
,88
3Lo
we
r du
e to
de
crea
se in
lon
g-te
rm b
orro
win
gs
Sh
are
ho
lde
rs’ Eq
uity
31
0,0
72
22
3,2
15
Hig
he
r attrib
uta
ble
to in
crea
se in
sha
re ca
pita
l
Min
ority
Inte
rest
3,5
15
38
,70
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ed
uce
d d
ue
to co
mp
lete
d a
cqu
isition
of m
ino
rity
inte
rest in
Pa
lmin
gto
nS
dn
Bh
da
nd
Ta
mb
un
Ind
ah
De
ve
lop
me
nt S
dn
Bh
do
n 2
6 N
ov
em
be
r 20
13
Bo
rrow
ing
s (ST
+ LT
)9
8,1
68
83
,82
6H
igh
er la
rge
ly a
ttribu
tab
le to
incre
ase
in sh
ort-te
rm
bo
rrow
ing
s
Ca
sh &
Ba
nk
Ba
lan
ces
12
5,9
39
95
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2H
igh
er d
ue
to p
ositiv
e ca
sh flo
w fro
m o
pe
ratio
ns
Ne
t Ge
arin
g R
atio
(x)N
et C
ash
Ne
t Ca
sh
Ne
t Ta
ng
ible
Asse
ts / Sh
are
(RM
)(1
)
0.7
90
.57
Re
turn
On
Sh
are
ho
lde
rs Eq
uity
24
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21
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Hig
h re
turn
s on
bo
oste
d p
rofita
bility
Re
turn
on
Asse
ts1
3.8
%1
0.7
%
See
s recu
rring
inco
me
from
Pe
arl C
ity in 2
01
5…
RE
CE
NT
DE
VE
LOP
ME
NT
S
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
RE
CE
NT
DE
VE
LOP
ME
NT
S
•C
om
ple
ted
acq
uisitio
ns o
f the
rem
ain
ing
40
% in
tere
st in P
alm
ingto
n S
/B
an
d 3
0%
inte
rest in
Tam
bu
n In
da
h D
eve
lop
me
nt S
/B o
n 2
5 N
ov
20
13
�F
ull co
ntrib
utio
n fro
m P
ea
rl City
to b
e co
nso
lida
ted
to G
rou
p p
erfo
rma
nce
from
FY
20
14
on
wa
rds
•P
ea
rl City
Bu
sine
ss Pa
rk ta
kin
g sh
ap
e
�S
et to
op
en
GE
MS
inte
rna
tion
al sch
oo
l cam
pu
s in m
id-2
01
5; th
is will b
e th
e first
inte
rna
tion
al sch
oo
l in M
ain
lan
d P
en
an
g
�S
ho
pp
ing
ma
ll targ
ete
d fo
r com
ple
tion
in e
nd
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15
�O
the
r com
po
ne
nts in
the
wo
rks inclu
de
me
dica
l cen
tre a
nd
oth
er re
tail o
utle
ts
•P
en
an
g S
eco
nd
Brid
ge o
fficially
op
en
ed
on
1 M
arch
20
14
�E
xpe
cted
to e
ase
traffic co
ng
estio
n o
n th
e first P
en
an
g B
ridg
e b
y 2
5.0
%; ca
pa
city o
f
10
0,0
00
veh
icles a
da
y
•M
ain
lan
d P
en
an
g co
ntin
uin
g to
dra
w in
vestm
en
ts�
Sw
ed
ish h
om
e fu
rnish
ing
store
Ikea
exp
ecte
d to
op
en
a sh
op
pin
g m
all in
Ba
tu K
aw
an
in 2
02
0
�P
en
an
g S
tate
Go
vern
me
nt re
cen
tly a
nn
ou
nce
d p
lan
s for a
RM
1.0
billio
n P
en
an
g
De
sign
er V
illag
e in
Ba
tuK
aw
an
; inclu
de
s a p
rem
ium
sho
pp
ing
ou
tlet, 3
00
-roo
m
inte
rna
tion
al-cla
ss ho
tel, a
nd
a b
ran
ch ca
mp
us o
f Brita
in’s U
nive
rsity o
f Hu
ll
14
Ma
inla
nd
Pe
na
ng
bo
om
ing
on
the
ba
ck o
f gro
win
g in
du
strial a
rea
an
d
infra
structu
re b
oo
st…
GR
OW
TH
RO
AD
MA
P
Pip
elin
e o
f Pro
jects to
Ma
inta
in M
om
en
tum
...
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PR
OJE
CT
PR
OFILE
BY
LOC
AT
ION
16
Pe
na
ng
Se
co
nd
Brid
ge
Pro
jects
Tim
elin
e to
com
ple
tion
Lan
d
size
(acre
s)
Est.
GD
V
(RM
’mil)
On
go
ing
(lau
nch
ed
)
Cu
rren
t to
20
15
15
3.4
1,3
39
.3
Fu
ture
Pro
jects
20
13
-20
20
50
1.5
2,4
50
.9
Inv
estm
en
t
pu
rpo
ses
20
13
-20
20
93
.65
-
TO
TA
L7
48
.55
3,7
90
.9
Achie
ved a
vera
ge ta
ke-u
p ra
te o
f 83.5
%
on o
ngoin
g p
roje
cts
as a
t 31 D
ec 2
013
De
ve
lop
me
nts stra
teg
ically
loca
ted
ne
ar d
ev
elo
pe
d in
frastru
cture
…
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PIP
ELIN
E P
RO
JEC
TS
17
Pro
ject
Typ
eA
cres
Exp
ecte
d
com
me
nce
me
nt
Est. G
DV
(RM
’ mil)
Ca
me
llia P
ark
Ap
artm
en
ts & S
ho
ps
3.3
4Q
20
13
/ 1Q
20
14
50
.0
Pe
rma
iR
esid
en
ce2
-Sto
rey
Ho
me
s3
.94
Q 2
01
3 / 1
Q 2
01
4
24
.2
Tam
an
Bu
kit R
esid
en
ceG
ate
d &
No
n-g
ate
d
Link
-Ho
me
s
8.0
2Q
20
14
63
.7
Pe
arl A
ven
ue
(Ph
ase
2)
@ P
ea
rl City
2-
& 3
-Sto
rey
Sh
op
Office
s4
.13
Q 2
01
43
4.9
Pe
arl H
arm
on
i
@ P
ea
rl City
2-S
tore
y H
om
es
21
.61
Q 2
01
41
22
.4
Ra
in Tre
e P
ark
1
@ P
ea
rl City
Ga
ted
Ho
me
s2
5.1
2Q
/3Q
20
14
13
5.8
Ra
in Tre
e P
ark
2
@ P
ea
rl City
Ga
ted
Ho
me
s3
0.1
4Q
20
14
17
3.4
Pe
arl Tro
pika
@ P
ea
rl City
2-S
tore
y H
om
es
20
.34
Q 2
01
48
6.5
Pe
arl C
ity –
Oth
er p
ha
ses
Re
side
ntia
l un
its3
85
.12
01
5 -
20
20
1,7
60
.0
TOTA
L2
,45
0.9
RM690.9 mil
Pla
ns to
lau
nch
ne
w p
roje
cts exce
ed
ing
RM
60
0 m
illion
GD
V in
FY
20
14
…
mo
re th
an
RM
2.4
billio
n G
DV
in th
e p
ipe
line
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
GR
OW
TH
STR
AT
EG
IES
18
GR
OW
TH
STR
AT
EG
IES
Co
ntin
ue
to in
no
va
te
in p
rod
uct d
esig
ns to
en
ha
nce
pro
fitab
ility
Stre
ng
the
n
ba
lan
ce
sh
ee
t to
un
de
rtake
ag
gre
ssiv
e
lan
db
an
kin
g
To
ide
ntify
an
d e
xp
an
d
stra
teg
ic la
nd
ba
nk
in
an
d o
uts
ide
Pe
na
ng
to
su
sta
in g
row
th
•N
et ca
sh p
ositio
n to
be
furth
er stre
ng
the
ne
d
with
cash
flow
from
on
go
ing
pro
jects
•To
ge
ar u
p e
ven
wh
en
op
po
rtun
ities a
rise fo
r
lan
db
an
kin
g
•To
leve
rag
e o
n
tow
nsh
ip
de
velo
pm
en
t
exp
erie
nce
an
d
du
plica
te su
ccess in
po
ten
tial la
nd
ba
nks
•To
bu
ild u
p b
ran
d
ima
ge
of Ta
mb
un
as a
qu
ality
de
velo
pe
r with
inn
ova
tive id
ea
s at
affo
rda
ble
pro
pe
rty
price
s
•T
he
reb
y, en
ha
ncin
g
ma
rgin
s an
d e
arn
ing
s
susta
ina
bility
To stre
ng
the
n b
ala
nce
she
et w
ith a
gg
ressiv
e la
nd
ba
nk
ing
…
INV
EST
ME
NT
CA
SE
Pro
xy to th
e B
urg
eo
nin
g M
ain
lan
d P
en
an
g P
rop
erty M
arke
t...
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
DIV
IDE
ND
HIST
OR
Y
20
3.3
3.8
5.3
2.0
4.6
^
FY
10
*F
Y1
1F
Y1
2F
Y1
3
Div
ide
nd
Pe
r Sh
are
(sen
)
•A
dju
sted
for 2
-for-5
Rig
hts Issu
e
^
Sub
ject to
sha
reh
old
ers’ a
pp
rova
l
10
.21
1.8
17
.3
7.9
18
.2^
40
.3%
50
.3%
40
.4%
40
.1%
FY
10
FY
11
FY
12
FY
13
Div
ide
nd
Pa
you
t (RM
’ mil)
To
be
pa
idP
ay
ou
t Ra
tio
Fin
al d
ivid
en
d o
f 4.6
sen
de
clare
d^
... ad
he
ring
to p
rog
ressiv
e d
ivid
en
d
po
licy th
at p
ay
s 40
% to
60
% o
f ne
t pro
fit
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
VA
LUA
TIO
N
21
Sh
are
price
@ 2
8 Fe
b 2
01
4R
M1
.71
Ma
rket C
ap
@ 2
8 Fe
b 2
01
4 1
RM
67
4.9
mil
Trailin
g P
E ra
tio8
.6x
Price
to b
oo
k ra
tio2
2.2
x
Histo
rical D
ivid
en
d y
ield
33
.9%
1 B
ase
d o
n 3
94
.68
mil sh
are
s 2
Ba
sed
on
NTA
pe
r sha
re o
f RM
0.7
93
Ba
sed
on
FY
13
Div
ide
nd
of 6
.6 se
n p
er sh
are
Incre
me
nta
l pro
fits from
acq
uire
d m
ino
rity in
tere
st to co
mp
ress
FY
20
14
’s ea
rnin
gs m
ultip
le…
de
cen
t div
ide
nd
yie
lds lim
it do
wn
side
risks
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
INV
EST
ME
NT
ME
RIT
S
Attra
ctive
sing
le-d
igit v
alu
atio
n p
rox
y to
fast-g
row
ing
Ma
inla
nd
Pe
na
ng
pro
pe
rty m
ark
et...
22
►R
esp
ecte
d b
ran
d in
Ma
inla
nd
Pe
na
ng
’s ho
t ho
me
ma
rket
►S
tron
g fu
nd
am
en
tals u
nd
erp
inn
ing
susta
ine
d p
rop
erty
price
s in th
e S
tate
►G
rou
p’s p
roje
cts en
joyin
g a
pp
recia
ting
seco
nd
ary
ma
rket p
rices,
sup
po
rted
by re
pu
tatio
n fo
r qu
ality, m
od
ern
de
sign
s
►U
nb
illed
sale
s of a
pp
roxim
ate
ly R
M4
55
.4 m
illion
as o
f 31
De
c 20
13
►F
utu
re G
DV
of m
ore
tha
n R
M2
.4 b
illion
till 20
20
►F
Y1
4 re
ven
ue
to b
e d
riven
by o
ng
oin
g p
roje
cts with
GD
V o
f RM
1.4
billio
n
inclu
din
g th
e ico
nic P
ea
rl City
de
velo
pm
en
t
►F
Y1
4 to
see
con
solid
atio
n o
f full p
rofits fro
m P
ea
rl City
tow
nsh
ip
►D
ivid
en
d p
olicy
of 4
0%
to 6
0%
of n
et p
rofit
TH
AN
K Y
OU
IR C
on
tacts:
Mr. S
teve
Ne
oh
T: 04
-32
40
08
8ste
ven
eo
h@
tam
bu
nin
da
h.co
m
Mr. Te
ren
ce Lo
oT: 0
3-2
71
11
39
1 / 0
12
-62
95
61
8 te
ren
ce@
aq
uila
s.com
.my
AP
PE
ND
IX
CO
RP
OR
AT
E P
RO
FILE
A p
roxy to
Ma
inla
nd
Pe
na
ng
con
urb
atio
n sto
ry…
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
CO
RP
OR
AT
E IN
FOR
MA
TIO
N
26
Lea
din
g p
rop
erty
de
ve
lop
er in
Ma
inla
nd
Pe
na
ng
, with
tota
l ma
rke
t
cap
italisa
tion
of m
ore
tha
n R
M7
00
.0 m
illion
...
Tam
bu
nIn
da
h La
nd
Wa
rran
ts 20
12
/20
17
Wa
rran
t Co
de
TAM
BU
N –
WA
Ba
lan
ceN
o. o
f Wa
rran
ts3
4.9
mil @
28
Feb
20
14
Term
s of W
arra
nts
Exp
iry:
30
Ma
y 2
01
7; E
xercise
price
: RM
0.6
0 e
ach
; Co
nve
rsion
: 1-fo
r-1
Ma
rket C
ap
italisa
tion
RM
38
.0 m
il (RM
1.0
9 p
er w
arra
nt @
28
Feb
20
14
Tam
bu
nIn
da
h La
nd
Be
rha
d
Sto
ck E
xcha
ng
eM
ain
Ma
rket, B
ursa
Ma
laysia
-sin
ce1
8 Ja
nu
ary
20
11
-IP
Op
rice: R
M0
.64
(Ad
juste
d fo
r Rig
hts a
nd
Wa
rran
ts Issue
in Ju
ne
20
12
)
Se
ctor
Pro
pe
rties
Co
de
sB
ursa
: 51
91
/TA
MB
UN
Blo
om
be
rg: T
ILB M
K
Re
ute
rs: TAM
B.K
L
Sh
are
Ca
pita
l1
97
.1 m
il(3
94
.7 m
il sha
res o
f RM
0.5
0 p
ar)
Ma
rket C
ap
italisa
tion
RM
67
4.9
mil (R
M1
.71
pe
r sha
re @
28
Feb
20
14
)
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
BA
CK
GR
OU
ND
27
An
esta
blish
ed
rep
uta
tion
for d
ev
elo
pin
g m
od
ern
, rela
tive
ly a
fford
ab
le
pro
jects... p
ion
ee
ring
ma
ny
firsts in M
ain
lan
d P
en
an
g
•Fo
un
de
d in
19
94
, Tam
bu
n In
da
h is re
pu
tab
le in
Ma
inla
nd
Pe
na
ng
for h
igh
-qu
ality, m
od
ern
de
sign
pro
jects a
t rela
tively
affo
rda
ble
price
s
–M
an
y o
f ou
rd
eve
lop
me
nts a
re e
njo
yin
g fu
ll take
-up
rate
s & h
igh
price
s in se
con
da
ry h
om
e m
arke
t
–P
ion
ee
red
Pe
na
ng
’s first-eve
r ga
ted
& g
ua
rde
d la
nd
ed
com
mu
nity
–Ta
ma
n Ta
mb
un
Ind
ah
(lau
nch
ed
in 1
99
4)
–A
lso u
nve
iled
Se
be
ran
gP
rai’s
first strata
-lan
de
d g
ate
d
com
mu
nity, P
alm
Villa
s (lau
nch
ed
in 2
00
7)
•H
as la
un
che
d >
6,3
00
un
its with
tota
l GD
V o
f ap
pro
xima
tely
RM
2.2
bil sin
ce in
cep
tion
•N
ow
de
velo
pin
g th
e first in
teg
rate
d to
wn
ship
in M
ain
lan
d
Pe
na
ng
at S
imp
an
gA
mp
at, P
ea
rl City
–Ico
nic fla
gsh
ip w
ith a
n e
stima
ted
GD
V o
f RM
3.0
bil
–S
late
d fo
r com
ple
tion
by
20
20
•Ta
mb
un
Ind
ah
wa
s on
e o
f the
12
Ma
laysia
n co
mp
an
ies
sele
cted
in 2
01
3 F
OR
BE
S A
SIA
20
0 B
est U
nd
er a
Billio
n
(BU
B) list
PE
AR
L CIT
Y
Tam
bu
nIn
da
h’s p
rized
ge
m…
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PE
AR
LC
ITY
Pe
arl C
ity
�M
ixed
De
velo
pm
en
t in
Sim
pa
ng
Am
pa
t; S
eb
era
ng
Pe
rai S
ela
tan
�To
ga
in co
mp
lete
exp
osu
re
to b
en
efits
from
com
ple
tion
o
f Pe
na
ng
Se
con
d B
ridg
e
�C
om
me
nce
d in
20
09
, e
xpe
cted
com
ple
tion
in 2
02
0
�U
po
n co
mp
letio
n, P
ea
rl City
w
ill be
aw
ell-in
teg
rate
d city
co
mp
lem
en
ted
with
:
�P
ub
lic am
en
ities
�R
ecre
atio
n fa
cilities
�H
ea
lthca
re a
nd
we
llne
ss ce
ntre
�R
eta
il
�>
11
,00
0 re
side
ntia
l h
ou
sing
un
its
29
Ae
rial vie
w o
f Pe
arl C
ity w
ith lo
catio
ns o
f imp
en
din
g a
nd
existin
g d
eve
lop
me
nts
Pe
arl C
ity: G
rou
p’s fla
gsh
ip d
ev
elo
pm
en
t to m
ee
t gro
win
g d
em
an
d fo
r
resid
en
tial p
rop
ertie
s in M
ain
lan
d P
en
an
g…
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PE
AR
LC
ITY
BU
SIN
ES
SP
AR
K
30
Pe
arl C
ity B
usin
ess P
ark
: en
com
pa
ssing
nu
me
rou
s facilitie
s for th
e
ultim
ate
lifesty
le in
the
he
art o
f the
city…
Pe
arl C
ity B
usin
ess P
ark
�E
qu
ipp
ed
with
facilitie
s an
d
am
en
ities:
�S
ho
pp
ing
com
ple
x
�In
tern
atio
na
l Sch
oo
l
�M
ed
ical ce
ntre
�F
urn
iture
villa
ge
�R
etire
me
nt v
illag
e
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PE
AR
LC
ITY
TR
AN
SP
OR
TIN
FRA
STR
UC
TU
RE
Pe
arl C
ity
�5
-min
drive
from
No
rth-S
ou
th H
igh
wa
y;
�1
5-m
in to
20
-min
drive
from
1st&
2n
d
Pe
na
ng
brid
ge
s; an
d
�1
-min
drive
from
pro
po
sed
Ele
ctrified
D
ou
ble
Track
Co
mm
ute
r Train
statio
n
31
Stra
teg
ically
loca
ted
ne
ar e
xistin
g a
nd
futu
re tra
nsp
orta
tion
infra
structu
re…
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PE
AR
LC
ITY
CA
TC
HM
EN
TA
RE
A
32
Pe
arl C
ity
�1
2 in
du
strial p
arks lo
cate
d w
ithin
a
15
km
rad
ius fro
m th
e p
roje
ct
�T
he
se in
clud
e:
�P
rai In
du
strial E
state
�P
en
an
g S
cien
ce P
ark
�B
uk
it Min
yak
Ind
ustria
l Esta
te
�B
uk
it Ten
ga
h In
du
strial E
state
�B
atu
Ka
wa
n In
du
strial P
ark
�S
urro
un
din
g in
du
strial p
arks ca
pa
ble
o
f ge
ne
ratin
g a
bu
nd
an
t em
plo
ym
en
t o
pp
ortu
nitie
s
We
ll-pla
ced
to ta
p in
to th
e e
xistin
g a
nd
futu
re in
du
strial d
ev
elo
pm
en
ts
in M
ain
lan
d P
en
an
g…
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PE
NA
NG
GR
OW
TH
CA
TALY
STS
33
�C
om
bin
ed
ap
pro
ved
ma
nu
factu
ring
inve
stme
nts o
f m
ore
tha
n R
M2
0.0
billio
n in
20
10
to 2
01
2 [S
ou
rce:
MID
A]; sig
nifica
nt F
DIs d
urin
g th
e p
erio
d in
clud
e:
�A
via
tron
�B
oo
n S
iew
Ho
nd
a
�V
AT
�P
hiso
nE
lectro
nics
�B
ose
�M
ala
ysia A
uto
mo
tive Lig
htin
g
�U
OP
•R
ece
nt in
vestm
en
t in 2
01
3 in
clud
e:
�H
ae
mo
ne
ticsC
orp
ora
tion
’s pla
n to
set-u
p
me
dica
l de
vice
s ma
nu
factu
ring
facility
in
Ba
tu K
aw
an
, Pe
na
ng
�E
xpa
nsio
n o
f Ba
tu K
aw
an
Ind
ustria
l Pa
rk e
xpe
cted
to
ge
ne
rate
ne
w m
an
ufa
cturin
g a
ctivitie
s, em
plo
ym
en
t o
pp
ortu
nitie
s
�S
tate
Go
vern
me
nt a
lso p
rom
otin
g P
en
an
g a
s a S
ha
red
S
erv
ices O
utso
urcin
g (S
SO
) hu
b to
dive
rsify e
con
om
ic d
ep
en
de
nce
on
ma
nu
factu
ring
�To
urism
an
d m
ed
ical to
urism
see
n a
s futu
re g
row
th
drive
rs, com
ple
me
nte
d b
y p
rop
ose
d P
rem
ium
Ou
tlet
an
d p
rop
ose
d th
em
e p
ark
�P
en
an
g S
eco
nd
Brid
ge
exp
ecte
d to
spu
r furth
er
eco
no
mic g
row
th b
y im
pro
vin
g tra
nsp
orta
tion
ne
two
rk
Pe
na
ng
eco
no
my
rob
ust... stra
teg
ies in
pla
ce to
ke
ep
the
mo
me
ntu
m
go
ing
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
SE
BE
RA
NG
PE
RA
I GR
OW
TH
CA
TALY
STS
34
Co
mp
letio
n o
f Pe
na
ng
Se
con
d B
ridg
e n
ot o
nly
spu
rring
incre
ase
d
de
ve
lop
me
nt in
Se
be
ran
gP
rai
bu
t also
acce
lera
ting
mig
ratio
n…
�In
flux o
f FDIs w
ithin
Ma
inla
nd
Pe
na
ng
’s ind
ustria
l p
ark
s ha
ve b
oo
sted
the
eco
no
my
�N
ew
job
crea
tion
incre
ase
s de
ma
nd
for m
ore
e
xecu
tive-le
vel e
mp
loye
es n
ee
din
g h
om
es n
ea
r th
eir w
ork
pla
ce
�A
vera
ge p
rice p
er sq
ft for p
rime
de
velo
pm
en
t lan
d
in S
eb
era
ng
Pe
rai u
p 2
0%
in o
nly
2 ye
ars
[Sou
rce: H
en
ry Bu
tche
r & C
o]
�La
nd
price
s aro
un
d th
e P
en
an
g S
eco
nd
Brid
ge
la
nd
ing
are
a h
ave
ap
pre
ciate
d
�P
rices fo
r ne
w re
side
ntia
l an
d co
mm
ercia
l p
rop
ertie
s in p
rime
are
as h
ave
also
ap
pre
ciate
d
20
% sin
ce 2
01
0
�S
eco
nd
ary
pro
pe
rty m
arke
t ha
s also
see
n a
rise in
re
cen
t time
s
�P
rices still re
ma
in a
ttractive
(esp
ecia
lly fo
r lan
de
d
pro
pe
rties) w
he
n co
mp
are
d to
Pe
na
ng
Islan
d
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PR
OP
ER
TY
PR
ICE
TR
EN
D (S
EB
ER
AN
G P
ER
AI S
ELA
TAN
)
35
Av
era
ge
sellin
g p
rices in
surro
un
din
g d
ev
elo
pm
en
ts ind
icate
stea
dy
up
tren
d... in
dica
tive
of g
row
ing
po
pu
larity
of M
ain
lan
d P
en
an
g h
om
es
0
10
0,0
00
20
0,0
00
30
0,0
00
40
0,0
00
50
0,0
00
60
0,0
00
70
0,0
00
80
0,0
00
90
0,0
00
1,0
00
,00
0
19
95
19
99
20
03
20
07
20
08
20
09
20
10
20
11
20
12
RM
Ma
rket Tre
nd
for S
urro
un
din
g H
ou
sing
De
velo
pm
en
t (Se
be
ran
g P
era
i Se
lata
n)
Te
rrace
Se
mi-D
eta
che
dB
un
ga
low
Ye
ar
Te
rrace
(RM
)
Se
mi-
De
tach
ed
(RM
)
Bu
ng
alo
w
(RM
)
19
95
12
0,0
00
21
8,0
00
40
0,0
00
19
99
12
8,0
00
23
8,0
00
43
0,0
00
20
03
15
9,0
00
28
8,0
00
50
0,0
00
20
07
19
0,0
00
33
8,0
00
60
0,0
00
20
08
21
8,0
00
38
8,0
00
70
0,0
00
20
09
24
8,0
00
42
8,0
00
75
0,0
00
20
10
28
8,0
00
48
8,0
00
80
0,0
00
20
11
31
8,0
00
58
8,0
00
90
0,0
00
20
12
35
0,0
00
60
0,0
00
92
0,0
00
Ave
rage
Se
lling
Price
s (Se
be
ran
g P
era
i Se
lata
n)
Co
rpo
rate
Pro
fileC
orp
ora
teP
rofile
Op
era
tion
sR
evie
wO
pe
ratio
ns
Re
vie
wG
row
th R
oa
dm
ap
Gro
wth
Ro
ad
ma
pF
ina
ncia
l Hig
hlig
hts
Fin
an
cia
l Hig
hlig
hts
Inve
stm
en
tC
ase
Inve
stm
en
tC
ase
Ap
pe
nd
ixA
pp
en
dix
In g
row
ing en
clave…
PO
PU
LAT
ION
SH
IFT
36
Pe
arl G
ard
en
(Lau
nch
ed
20
09
)
�M
ove
me
nt fro
m Isla
nd
to M
ain
lan
d sp
urre
d b
y g
row
ing
job
op
po
rtun
ities, im
pro
ved
tra
nsp
orta
tion
ne
two
rk a
nd
rela
tively
mo
re a
fford
ab
le h
om
es
�E
xtern
al m
igra
tion
dra
wn
by P
en
an
g’s e
con
om
ic succe
ss story
Th
e P
en
an
g M
ain
lan
d p
rop
erty
ma
rke
t ha
s see
n a
n in
crea
sed
influ
x o
f
bu
ye
rs from
the
islan
d a
s we
ll as o
ut-o
f-state
bu
ye
rs
28
%
26
%2
5%
4%
17
%
Pe
na
ng
Islan
d
Se
be
ran
g P
era
i
Se
lata
n
Se
be
ran
g P
era
i
Te
ng
ah
Se
be
ran
g P
era
i Uta
ra
Oth
ers
37
%
13
%1
4%
9% 2
7%
Pe
na
ng
Islan
d
Se
be
ran
g P
era
i Se
lata
n
Se
be
ran
g P
era
i Te
ng
ah
Se
be
ran
g P
era
i Uta
ra
Oth
ers
Pe
arl R
esid
en
ce (La
un
che
d 2
01
3)