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Thursday, November 19, 2009

Plenitude interested in building office towers

Property developer Plenitude Bhd said it wants to build office towers if it can buy strategic land, namely in Kuala Lumpur's commercial centre.

"Yes, we are considering that (to build office towers)," executive director Tan Seng Chye told pressmen after the company annual general meeting in Kuala Lumpur yesterday.

Plenitude, which typically builds affordable houses, has set up a business development team to do this.

Tan said Plenitude's present land areas are mainly for residential developments and are not in locations where office blocks can be built.

"But if we find a piece of land in the Kuala Lumpur commercial centre then we will build office towers," he added.
Plenitude aims to add more acreage to its 404.7ha land area with focus mainly in Johor, Penang and the Klang Valley.

Meanwhile, executive chairman Chua Elsie said Plenitude has outlined up to six new launches next year with a total gross development value (GDV) of RM280 million for the year to June 30, 2010.

The new projects include the first ever bungalow development in Taman Desa Tebrau, Johor, and on going projects at Taman Putra Prima, Selangor, as well as Lot 88 and Bandar Perdana in Sungai Petani, Kedah.

Taman Desa Tebrau township's first bungalow development includes 55 units of 21/2-storey bungalows in Phase 12B, with a GDV of RM55 million.

"We have another 212.8ha of undeveloped land in the township that has been earmarked mainly for terrace houses," she said.

In March next year, the company plans to launch 248 units of 2-storey, 22 x 65ft terraced houses in Phase 8B of Taman Putra Prima, says Chua. The development has a GDV of RM80.95 million.

Taman Putra Prima still has some 89ha of undevelo-ped land.

Next year, it plans to launch double-storey terrace houses and semi-detached units in Lot 88 in Kedah.

Meanwhile, group general manager for sales and marketing Khaw Hock Seang said Plenitude is re-planning its Bandar Perdana project in Kedah.

"We are planning to put in a newer product mix into the development," said Khaw, adding that double storey semidees as well gated and guarded units could be in the offering.

By Business Times (by Rupinder Singh)

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