Monday, August 23, 2010

Plenitude posts record-high profit

KUALA LUMPUR: Plenitude Bhd recorded its highest ever revenue and profit levels for its financial year ended June 30, 2010 (FYE 2010), posting a net profit of RM84.19 million for the year, up 5.5% from RM79.78 million in FYE 2009.The group’s revenue rose to RM349.71 million in FYE 2010, up 23.7% compared to the year before. Plenitude’s earnings per share (EPS) increased to 62.36 sen for FYE 2010 from 59.10 sen per share in the previous year. “The property market rebound has worked in our Group’s favour. Demand for our projects increased for the reporting year and prices of our properties surged between 10% and 20% on average. This brought about a better than expected gross development value of RM324.36 million,” said executive chairman Elsie Chua in a press statement on Monday, Aug 23.This year proved to be a busy one for Plenitude, with multiple launches for its developments in Puchong, Johor Bahru, Sg Petani and Penang. Its Phase 8A in Taman Putra Prima, Puchong did particularly well, selling 197 units of double-storey terrace house and delivering a total gross development value (GDV) of approximately RM70.13 million.The selling price for the group’s maiden luxury project in Penang, Bayu Ferringhi has surged to about RM500 psf from RM420psf a year ago. The project comprises condominium blocks and semi detached houses was launched earlier last year. To date, more than 70% of the project has been taken up and is scheduled to be completed by mid-2011.Good take-up rates were also noted for projects in Bandar Perdana and Lot 88 (Perdana Heights), Sg Petani.More launches are in the pipeline, including its first bungalow and cluster homes in Taman Desa Tebrau, Johor Bahru and 3-storey link houses in Taman Putra Prima in Puchong Selangor.“We are also progressing with the planning of our newly acquired 40 acres of land in Batu Ferringhi, Penang and hope to launch within two years,” said Chua.“We maintain a prudent outlook on the property market for this year and will continue to launch affordable housing as interest rates rise,” she added.In the year's fourth quarter, Plenitude recorded revenue of RM107.59 million, representing an increase of 61.3% from previous year’s corresponding quarter while profit after tax surged to RM27.6 million

source: TheEdgeProperty 23 August 2010

Friday, August 20, 2010

Bolton looks overseas for expansion

PUCHONG: Bolton Bhd is looking at overseas venture for further business expansion, its managing director Chan Wing Kwong said.Speaking to the press after unveiling The Wharf here on Friday, Aug 20, he added that it is looking at countries "within five to six hours away" from Malaysia, such as China and Vietnam."The country won't be too far from the home country and we are looking at the population, disposable income, political stability and legal infrastructure for the countries we are going into," he said.He noted that Bolton started looking at overseas venture before the recent credit crisis, but the effort has somehow delayed when the economy slowed down.Chan, nevertheless, hopes to make announcement on the developer's overseas venture within two years.
On the local front, Bolton plans to acquire landbank, mainly in Klang Valley and Penang, that can generate gross development value (GDV) of RM500 million to RM600 million this year.This landbank, Chan said, would cost the developer RM100 million to RM150 million.It currently has landbank of 650 acres in areas like Kuala Lumpur, Puchong, Penang, Melaka and Negeri Sembilan.
The Wharf, a commercial project with a GDV of RM450 million, is part of the 345-acre Taman Tasik Permai in Puchong, surrounding a 200-acre natural lake.It will comprise boutique showroom stratified offices dubbed BizWalk, three blocks of apartment as well as a retail mall. The three components will be connected to each other with bridges.Bizwalk, offering offices sized 1,875 sq ft and 2,925 sq ft, will be launched this weekend. Tagged from RM2.2 million, this RM50 million component has more than 600 car park bays. It is scheduled for completion by 2013.The apartment block, meanwhile, will be launched February next year. The RM300 million component will have 1,002 units in three 29-storey blocks as well as 64 terraced suites atop of the offices. It is scheduled for completion by 2014.Bolton plans to keep the retail mall with net lettable area of 302,739 sq ft. Chan said it might sell the whole mall to a single buyer in a later date. The mall, which will be completed in 2013, will be using the lake water for its Wing Cooling System for cooling effects.After this project, the developer still have another 20 acres of undeveloped land in the township. Currently, some 1,500 units of property in the township have been sold.A new apartment project, spans over 4.5 acres of land in the township, will also be launched next year-end, Chan said, without revealing the details.

source: The Edge Malaysia 20 August 2010

Thursday, August 12, 2010

Wednesday, August 11, 2010

Another future development by LBS bina group?

LBS BINA GROUP 100%-owned PELANGI HOMES Sdn Bhd had on May 15, 2007 entered into a Development Agreement with MAGMA DESTAR (M) Sdn Bhd to jointly carry out sand mining on a piece of leasehold and agricultural land measuring 100 acres in Dengkil, Sepang, Selangor and subsequently to develop the land in a residential project. MAGMA DESTAR - the Landowner - will be paid RM5m in 5 installments over 2 years and properties to be developed valued at RM25m. The Company will be entitled to all incomes from the sand mining. The sand mining is expected to yield RM40.2m over 4 years and the Sales Value of the development estimated at RM43m over 3 years.

Friday, August 6, 2010

Bolton To Unveil "The Wharf" Later This Month

SHAH ALAM, Aug 6 (Bernama) -- Property developer, Bolton Bhd, will unveil a new commercial development in Puchong, known as "The Wharf", later this month, said its Executive Director Chan Wing Kwong.The development, with a gross development value of RM650 million, is a mixed offering of boutique shop offices, service apartments and a retail shopping mall.The Wharf would highlight green features that would capture the imagination of an ever-demanding market, he told reporters after the company's annual general meeting on Friday.Other projects in the pipeline include a 33-storey development, known as "Sixceylon" at Bukit Ceylon, Kuala Lumpur, comprising 215 units of luxury condominiums with a gross development value of about RM180.0 million.Meanwhile, "51 Gurney" is a unique offering comprises 71 units of super luxury condominium with a gross development value of about RM150.0 million.Asked on expansion plans, he said the company would continue building its strength in the Malaysian property market while consider venturing overseas in the next one to two years."We will look within the region," he added.For the financial year ended March 31, 2010, the company registered a pre-tax profit of RM50.7 million, up 33 per cent, compared with 38.113 million chalked up in the same period last year.However, revenue declined to RM257.473 million from RM292.044 million previously.

source: Bernama August 06, 2010

Wednesday, August 4, 2010

Plenitude Permai’s newly owned leasehold land?

Is this Plenitude Permai’s newly owned leasehold land from acquisition of Intisari Sanjung Sdn Bhd? You can see the news here.