Developer seeking right location in neighbouring countries

GEORGE TOWN: Plenitude Bhd is ready to spread its wings in Asia.

The listed developer, which reported a record net profit and revenue of RM78.6mil and RM347.8mil respectively for the financial year ended June 2008, is looking for the “right price and right location” in neighbouring countries, says executive chairman Chua Elsie.

“In the next one or two years, we will be embarking on projects in other Asian countries but we are still looking to expand our land bank in Malaysia; that is our priority.

“Plenitude has about 1,619ha in Malaysia, of which half is undeveloped,” she said, adding that the company had some 810ha of undeveloped land in Johor Baru, Klang, Sungai Petani and Penang.

“We are scouting around a few places on Penang island to increase our land bank,” she said in a recent interview.

Khoo Yek San (right) explaining the features of Bayu Ferringhi villas to Penang Tourism Development, Culture, Arts and Heritage Committee chairman Danny Law (second from left).

On Plenitude’s recently launched Bayu Ferringhi development, Chua said the freehold project, comprising 44 luxurious semi-detached villas and 112 condominiums, would be built on 4.45ha at Jalan Batu Ferringhi.

Prices start from RM1.76mil for the villas and RM761,000 for the condominiums.

The project, to be undertaken by wholly-owned unit Plenitude Heights Sdn Bhd, will incorporate a tropical resort lifestyle theme.

Chua said the new development was “especially significant” as it was Plenitude’s maiden property development here.

“Although we have been very active in other states, it took some time for us to embark on a project in Penang because land is scarce here.

“We had to wait a long time for the ‘right’ piece of land and as soon as we got it, we launched Bayu Ferringhi,” she said, adding that despite the economic challenges, response had been encouraging.

“Whether times are good or bad, people still need a place to live. We are offering low-density, value-added property located at prime location, so we are confident.

“About 30% of the villas and condominiums are already reserved by purchasers and there have been many enquiries from locals and foreigners,” she said, adding that the gross development value (GDV) for Bayu Ferringhi was RM200mil.

The developer is targeting prospective buyers from Hong Kong, Britain and Europe to invest in its property under the Malaysia My Second Home Programme.

Plenitude chief operating officer Khoo Yek San described the condominium units as the state’s first and only “bungalows in the sky”.

“This project is special. The units are detached from each other, so it is like you are living in a bungalow in the sky,” she said.

She added that Plenitude, which also owns the Tanjung Bungah Beach Hotel here, would be developing its 0.76ha parcel next to the hotel next year.

“We expect a GDV of RM200mil from that project and are considering serviced apartments although nothing has been firmed up yet,” she said.

 
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Source:  the Star

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