Plenitude to Launch Housing Projects With GDV of RM326m
Plenitude Bhd plans to launch several housing projects with a total gross development value of RM326.70mil in Kedah, Selangor and Johor.
The projects are its 98 double-storey terraced houses in Sungei Petani, Kedah; two/three storey terraced houses in Puchong and 112 units of cluster homes in Johor Bahru.
The launches are amidst its executive chairman Chua Elsie's cautious optimism in the face of the challenges going into the new fiscal year ending June 30, 2019, according to a recent statement issued by the company.
Plenitude also expects contribution from the hospitality division to improve with substantive building enhancement on-going at The Nomad Bangsar Residences, Bangsar and refurbishment at Novotel KLCC.
Chua said: “Plenitude's property development segment remains the group's key contributor at 71% while the hotel's segment contributed 29%.”
She pointed out the group's financial position remains healthy with low gross debt to equity ratio of 0.02.
“The group's cash and cash equivalents at the close of the financial year remained strong at RM330mil, thus it is in a strong cash position to take advantage of further land and hospitality assets acquisitions in the current soft economic environment,” she said.
Plenitude's shareholders' fund stood at RM1.56bil and its net assets per share were RM4.09 as at June 30, 2018, representing an enhanced value of 3% from the previous year at RM3.99 per share.
The group has a land bank of 1,343 acres which would be expected to last at least another 12, which underscores it being a long-term property developer.