30-01-2009: by Regina William GEORGE TOWN: Plenitude Bhd is planning to embark on another residential development project worth RM200 million in Penang, fresh from launching its first residential project on the island today. Plenitude executive chairman Chua Elsie said the group's wholly-owned Plenitude Heights Sdn Bhd would be embarking on a project to build service apartments on a 1.8-acre site next to the Tanjung Bungah Beach hotel. The project, which has a gross development value of RM200 million, was still on the drawing and would be launched in the near future, she said at the launch today of Bayu Ferringhi, the group's maiden property development project in Penang. Situated on 11 acres of freehold land along Jalan Batu Ferringhi, Bayu Ferringhi comprises of 44 semi-detached villas and a condominium block with 112 units with a total GDV of RM200 million. Chua said despite the global economic slowdown, the project had garnered 30% reservation from both local and foreign buyers even before its launch. Most of those who have registered are buyers from Hong Kong and Europe. "We do not anticipate any problems selling this project as we have the right product. Whether the timing is good or not, people are still keen to invest in the property market," she said. Meanwhile, Plenitude is also hoping to spread its wings abroad and is eyeing landbanks in Asean countries for property development projects. "We have identified certain sites where we are keen to develop and if the price is right, we will go for it," she said. "We have targetted to start our overseas venture in the next two to three years. We are also looking at increasing our landbank in Malaysia." She said the group has 2,000 acres of undeveloped land in Johor Bahru, the Klang Valley, Penang and Sungai Petani and another 2,000 acres which have been developed or are being developed. "We are also keen to develop more projects in Penang, and we are eyeing some strategic locations to buy and enhance our landbank," she added. For its financial year ended June 30, 2008, Plenitude reported record profit after tax and revenue of RM78.6 million and RM347.8 million, an increase of 39.1% and 46% respectively over FY07.
