Plenitude sees over RM3.8b GDV in next 15 years

By THE EDGE

KUALA LUMPUR: Plenitude Bhd expects to be kept busy over the next 10 to 15 years with the development of its total landbank of 767.6ha (1,919 acres) which could rake in an estimated gross development value (GDV) of over RM3.81 billion.

Its acting chief operating officer Khoo Yek San said the estimated GDV comprised 88% of residential development, with the balance being commercial properties. As at June 2007, it had unbilled sales of RM153.9 million.

Speaking to reporters after the AGM here yesterday, she said this was part of the company’s plans in the three growth corridors in Peninsular Malaysia comprising the Northern Corridor Economic Region (NCER), central region of the Klang Valley and the Iskandar Development Region (IDR).

Khoo said Plenitude’s flagship mixed development project, the Taman Desa Tebrau township located within the Iskandar Development Region (IDR), covered a land area of 386.29ha (965.73 acres) with a total GDV of RM1.9 billion.

When completed in 2018, it will be one of the biggest integrated commercial and residential hubs in the southern corridor. The take-up rate to-date has been 86% for its launches.

The latest phase, Tebrau City, is a city-within-a-city development concept comprising 236 serviced apartments and 38 retail outlets. The largest Jusco department store in Southeast Asia and Tesco and IKEA stores are located within Tebrau City.

“The company recently launched its first Block D of Tebrau City Residences (serviced apartments) of 82 units with an average price of RM180,000 with take-up rate 40%. Profit margin for the Tebrau City Residences is expected at 25%,” Khoo said, adding that the city project would be completed in four phases over the next five to seven years.

Plenitude’s other on-going projects include Lot 88 in Sg Petani, a mixed development project on a 23.5ha land with a GDV of RM134 million targeted to be launched by year-end.

Its planned bungalows valued at RM39 million in Bukit Tunku and RM94 million in Damansara Heights here are expected to be launched by year-end and early 2008, respectively.

Plenitude also plans to launch its high-end residential development comprising three-storey semi-detached units and condominum blocks in Batu Ferringhi, Penang, with a total GDV of RM120 million by next year. It will also develop another 0.49ha parcel of land in Jln Tanjung Bungah for boutique hotel and apartments.

Meanwhile, Plenitude announced that its net profit rose 22% to RM11.99 million in the first quarter ended Sept 30, 2007 from RM9.82 million a year earlier on the back of projects at Taman Desa Tebrau in Johor, Taman Putra Prima in Selangor, Bandar Perdana in Kedah and The Residences Changkat View in Sri Hartamas here.

Its turnover rose 25.39% to RM53.33 million from RM42.53 million, while earnings per share rose to 8.88 sen from 7.28 sen a year earlier. Its Tanjung Bungah Beach Hotel in Penang contributed 2.5% to the group’s net profit.

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