Plenitude plans 5 projects with GDV of RM1.3b

KUALA LUMPUR: Small-cap developer Plenitude Bhd is planning to launch five developments with a total gross development value (GDV) of RM1.27bil in financial year 2014.

Among the projects the group intends to roll out are semi-detached houses and service apartments in Taman Desa Tebrau, Johor Baru with a GDV of about RM740mil and link houses with a GDV of RM250mil in Taman Putra Prima, Puchong.

Up north, semi-detached and link houses are being planned for the new township of Bukit Bintang beside Plenitude's existing Bandar Perdana in Sungai Petani with a GDV of RM90mil.

There will also be a condominium launch in Penang with a GDV of RM190mil.

Plenitude, however, expects to record lower revenue for its financial year ending June 30, 2013 in light of deferred project launches.

Executive chairman Elsie Chua said the group was “not too near the RM300mil sales target for financial year 2013 but was doing its best to play catch-up.” “We think we would finish the financial year with decent figures, but it would not be at the same level as last year, largely due to the launch deferments, as there were delayed approvals and changes in plans,” she said at a press conference after signing a partnership agreement with Starwood Hotels and Resorts for its hotel called Four Points by Sheraton.

Last year, Plenitude achieved a revenue of RM205.96mil and a net profit of RM72.35mil. As for its parcel of land near Komtar, Penang, Chua said it was under planning but would not be an office block or hotel. She said the group continued to look for land in the Klang Valley, Iskandar and Penang. The group currently had 687.97ha of undeveloped land bank.

The property group recently converted its Tanjung Bungah Hotel to the 220-room Four Points by Sheraton, in partnership with Starwood Hotels and Resorts, to be reopened in August.

The hotel was Plenitude's sole hotel development and had been closed since July 2012 for RM35mil worth of renovation and upgrading works. - The Star