Plenitude sees RM333m from new projects

Property developer Plenitude Bhd expects its new project launches to yield an estimated gross development value of RM333 million for the financial year ending June 30, 2011.

Its executive chairman Elsie Chua said the company's projects include Taman Desa Tebrau in Johor, Taman Putra Prima in Selangor, Bandar Perdana and Lot 88 Perdana Heights in Sungai Petani, Kedah.

"We will continue to be cautious of the economy and launch our projects when the timing is right," she said after the company's annual general meeting (AGM) in Kuala Lumpur today.

Chua said Plenitude plans to launch condominium projects located at Tanjung Bungah and in Batu Ferringhi, Penang, soon and its first township in Balik Pulau.

She said the company will focus on building attractive and affordable houses priced above RM300,000 due to encouraging signs of a booming property market.

"We are very upbeat on future projects in Penang but also cautious about the rising price of land and building materials which would inadvertently raise the pricing of properties," she added.

Plenitude also aims to launch its first bungalow development, Tebrau Mutiara at Taman Desa Tebrau, Johor Baru soon, she added.

Plenitude continues to maintain a healthy balance sheet whereby its net cash position rose to RM325 million for the financial year ended June 30, 2010 from RM246 million previously.

It also recorded RM113.55 million in higher pre-tax profit for the financial year ended June 30, 2010 compared with RM109.259 million last year, while revenue increased to RM349.713 million from RM282.756 million previously.

According to Chua, the company is looking at expanding its landbank in the Klang Valley as well as the region.

At the AGM, the shareholders also approved a first and final single tier tax exempt dividend of 15 per cent or 15 sen per share for the financial year ended June 30, amounting to RM20.25 million to be paid out by November 12.

It also proposed and shareholders approved, a bonus issue of 135 million new ordinary shares of RM1 each to be credited as fully paid up on the basis of one bonus share for every one existing share, held during the extraordinary general meeting which was held after the AGM.

By Bernama