COMPANY PROFILE
Plenitude was listed on the Main Board on the 18th November 2003. TheGroup has a diverse portfolio of business ventures related to the Group’s core competencies in property through its fi ve-wholly owned subsidiaries. This includes property development, property investments as well as beach hotel ownership and management. The Group’s success over the past few years is attributable to the development of its strategically located properties in the Peninsular Malaysia, namely Taman Desa Tebrau in Johor Bahru, Taman Putra Prima in Sepang, The Residences at Changkat Kiara and Changkat View Condominium in Sri Hartamas, as well as the Bandar Perdana in Sungai Petani. Plenitude still has over 2,000 acres undeveloped land with
a GDV of over RM4bn. In 2001, the Group acquired the 3-star, 200 rooms Tanjung Bungah Beach Hotel for RM19.1m from Danaharta. Plenitude has also acquired another 10.6 acres piece of freehold land at Bandar Batu Feringgi, Penang.
Key Highlights
Taman Desa Tebrau project, JB. This RM1.9bn development, sitting on a 965.7-acre site and located only 14km away from JB town, has enjoyed a strong 86% take-up rate for its current launches so far. Currently with a GDV balance of about RM1.2bn or 61.3% of the total GDV, we expect the demand for properties in Desa Tebrau continue to be encouraging over the other developers within the Tebrau Corridor, following: (i) the recent opening of Jusco Tebrau City and the upcoming Tesco by year 2008; (ii) the upcoming monorail connecting JB and Desa Tebrau by year 2009.
Taman Desa Tebrau project, JB. This RM1.9bn development, sitting on a 965.7-acre site and located only 14km away from JB town, has enjoyed a strong 86% take-up rate for its current launches so far. Currently with a GDV balance of about RM1.2bn or 61.3% of the total GDV, we expect the demand for properties in Desa Tebrau continue to be encouraging over the other developers within the Tebrau Corridor, following: (i) the recent opening of Jusco Tebrau City and the upcoming Tesco by year 2008; (ii) the upcoming monorail connecting JB and Desa Tebrau by year 2009.
Taman Putra Prima, Puchong. This 451-acre project is another prime development within the Puchong-Sepang vicinity and has so far achieved encouraging take-up rate of about 71%. Currently with a balance GDV of RM570m or 51.4% of the total RM1.1bn, the development is expected to be completed by year 2012. The development is well-mixed with more than 68%
planned for medium cost residential property and 23% for low cost apartments to meet the demand for affordable housing.
The Residences And Changkat View, Sri Hartamas. Plenitude is currently enjoying a rather encouraging take-up rate of more than 75% and 65% for The Residences and Changkat View respectively. Having recently launched Block C in Changkat View, the Group will be launching Block D condominiums together with The Batai and Liku bungalows soon with GDV of RM199m.
Bandar Perdana, Sg. Petani. Currently with a GDV balance of RM1.1bn (of the total RM1.3bn) awaiting to be developed, Bandar Perdana is experiencing a rather slower take-ups as compared to Plenitude’s other developments.
Henceforth as part of its aggressive re-planning to bolster the sales of its properties in Bandar Perdana, Plenitude to launch its Lot 88s fi rst, which carry even higher GDVs continue to refocus on selling its unsold units fi rst.
Bandar Batu Feringghi, Penang. Located along the important tourist belt in Penang, Plenitude has recently acquired this 10.6 acres piece of land and for developments of high-end cdominiums, semi-Ds and super-link units, plus a commercial area on a hilly tract overlooking the sea with an estimated GDV of over RM150m which will be launched sometime in year 2008
planned for medium cost residential property and 23% for low cost apartments to meet the demand for affordable housing.
The Residences And Changkat View, Sri Hartamas. Plenitude is currently enjoying a rather encouraging take-up rate of more than 75% and 65% for The Residences and Changkat View respectively. Having recently launched Block C in Changkat View, the Group will be launching Block D condominiums together with The Batai and Liku bungalows soon with GDV of RM199m.
Bandar Perdana, Sg. Petani. Currently with a GDV balance of RM1.1bn (of the total RM1.3bn) awaiting to be developed, Bandar Perdana is experiencing a rather slower take-ups as compared to Plenitude’s other developments.
Henceforth as part of its aggressive re-planning to bolster the sales of its properties in Bandar Perdana, Plenitude to launch its Lot 88s fi rst, which carry even higher GDVs continue to refocus on selling its unsold units fi rst.
Bandar Batu Feringghi, Penang. Located along the important tourist belt in Penang, Plenitude has recently acquired this 10.6 acres piece of land and for developments of high-end cdominiums, semi-Ds and super-link units, plus a commercial area on a hilly tract overlooking the sea with an estimated GDV of over RM150m which will be launched sometime in year 2008
Dividend
A First and Final Dividend of 11.50 sen less 27% income tax per share for the year ended 30 June 2007.
Buy at around RM2.80
If my understanding is correct, the commercial area on the hill site of Bt Ferringhi is gated/disapproved by JKR as the road to the site is too small according to my conversation to one of the friend. This could have put the project at risk or they might have to consider to convert the commercial project to residential.
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