KUALA LUMPUR: Tambun Indah Land Bhd has expanded its landbank further by buying a 19.05-acre land in Kota Permai, Bukit Mertajam for RM39.4mil.

In a statement on Friday, the group said it would increase its available undeveloped landbank to 472 acres, which would sustain the group for approximately six to seven years.

Managing director Teh Kiak Seng said that the land acquisition was timely, as Mainland Penang property market held tremendous potential for growth in tandem with the increasing number of infrastructure initiatives.

"Alongside our ongoing landbank expansion strategy, we are focusing our efforts on building up the recreational aspects of in our flagship Pearl City township.

"To this end, the international school is on track to be operational in September 2015, and the Pearl City Mall by the first half of 2016," he said.

Alongside the school, Tambun Indah is slated to launch “Avenue Garden” high-rise service apartments located next to the campus in the second half of 2015.

Meanwhile, at the group's annual general meeting today, Tambun Indah's shareholders approved the final single tier dividend of 6.7 sen per share in respect of the financial year ended Dec 31, 2014 (FY2014).

Combined with the earlier-paid interim dividends of 3.0 sen per share, Tambun Indah has declared total dividends of 9.7 sen per share in respect of FY2014.

Total dividend payout of RM40.6mil represents 40% of the group’s FY2014 net profit.

Tambun Indah has a dividend policy to distribute 40% to 60% of net profits to shareholders.