Plenitude looking at second project in 2010

Property developer Plenitude Bhd, which launched its maiden Penang development "Bayu Ferringhi" on the island yesterday, is looking at a second property project next year.

The company's executive chairman Chua Elsie said Plenitude plans to build serviced-apartments on a 0.75ha that it owns in Tanjung Bungah.

The proposed serviced-apartments project will be sited next to the Tanjung Bungah Beach Hotel which is also owned by Plenitude.

"The beachfront development will carry an estimated gross development value of RM200 million," she told reporters at the launch of the RM200 million Bayu Ferringhi project by State Tourism Committee chairman Danny Law Heng Kiang.

The freehold development, which sits on 4.4ha along the Batu Ferringhi tourism belt, comprises 44 luxurious semi-detached villas and 112 condominiums.

Prices begin from RM1.76 million for the villas and RM761,000 for the condominium units respectively.

"We have recorded 11 reservations for the villas and 37 reservations for the condominiums," Chuah said, "and are encouraged by the large numbers of local and overseas enquiries."

She said Plenitude currently boasts more than 800ha of undeveloped landbank in Penang, Klang Valley and Johor from a total landbank of 1,600ha.

"We are keen to expand our landbank both in Malaysia and overseas," Chuah added, "and we hope to begin development projects overseas in one or two years."

Plenitude's projects in Malaysian include Desa Tebrau in Johor Baru, Taman Putra Prima in Puchong and Changkat Kiara in Kuala Lumpur. - By Marina Emmanuel (Business Times)

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