Plenitude Bhd is confident that the property and hospitality sector will benefit from continued domestic economic recovery.
In the latest release of its financial report for the fourth quarter ended 30 June 2022, the Group announced a registered revenue of RM90.5 million and net profit of RM10.5 million compared to revenue of RM71.2 million and net profit of RM7.5 million in the corresponding quarter of the previous financial year.
Plenitude’s property development division, in particular, contributed higher revenue of RM70.3 million for the current quarter compared to RM65.9 million in the corresponding quarter of the previous year.
Its hospitality division registered a revenue of RM19.4 million for the current quarter, an increase of RM14.2 million compared to revenue of RM5.3 million in the corresponding quarter of the previous financial year. The 267% growth was reflected by long weekends and public holidays in May and June which boosted higher occupancy rates and average daily rates for the Group’s hotels located in Penang and Ipoh.
Plenitude is also pleased to note that its new housing project launches in Johor and Kedah for the financial year ending June 2023, carries a Gross Development Value (GDV) of RM508.8 million.
In the rapidly growing southern state of Johor, Plenitude is launching new phases in Taman Desa Tebrau and developing the new township of Impian Hills, Ulu Tiram. In the mixed development township of Taman Desa Tebrau, Plenitude will be launching 162 units of 2 and 2.5 storey terrace houses (Cello 3B) and 100 units of double storey cluster and semi-detached homes (Harp 2C). The Gross Development Value (GDV) of Cello 3B and Harp 2C are RM148 million and RM133 million respectively. Cello 3B is expected to be launched in October 2022.
Impian Hills, on the other hand, is a new mixed development township being built on 258 acres of land. Phase 1 (Magnolia) of Impian Hills consisting of 143 units of 2 storey terrace houses will be launched in January 2023 and Phase 2 with 154 units will be launched in May 2023. The combined GDV of the two phases are RM191.8 million while the GDV of Impian Hills township is about RM1.1 billion.
Up north in Kedah, Plenitude is developing 52 units of single storey bungalows (Ramlee) as the first phase of the new mixed development township of Bukit Bintang in Sungai Petani. The new township sits on a 417-acre land. Ramlee @ Bukit Bintang will be launched in March 2023. The GDV of Ramlee @ Bukit Bintang and the Bukit Bintang Township are estimated at RM36 million and RM1.5 billion respectively.
Under its hospitality division, Plenitude welcomed the Domitys brand from Europe. Domitys is a leading provider of senior living facilities with more than 24 years’ of experience helping seniors to live independently in a comfortable and safe environment. Domitys Bangsar Kuala Lumpur is the first senior living residence to be opened in Asia under the Domitys brand.
“Independent living for seniors is a new frontier in the hospitality industry. In more advanced economies, such facilities are popular among the older generation. We take pride in partnering with Domitys to provide similar services here in Kuala Lumpur. Independent seniors will appreciate living in Domitys Bangsar as we have designed the residences and services catered to their needs, which include planned activities, housekeeping services, meals, exercises as well as wellness programmes,” said Plenitude Non-Independent Non-Executive Chairman, Elsie Chua.
Plenitude invested RM15 million in renovations to carry out a complete redesign of the apartments and its clubhouse. The clubhouse offers a comfortable dining-cum-activity hall, a residents’ lounge, a beauty parlour, a multimedia room and a physiotherapy room. The apartments have been upgraded to offer high-speed WiFi, and are equipped with flat screen TVs and kitchens in all units as well as senior-friendly bathroom facilities.
Targeted at seniors looking to live in a safe and secure community, it welcomes local seniors who are empty nesters, singles, or looking at downsizing their homes, senior Malaysians living abroad and looking to retire back home, foreigners retiring in KL, silver generation holiday-makers as well as those seeking temporary respite stays or post-hospitalisation recuperation stays. Domitys Bangsar will open its doors to residents and guests in October 2022.
As part of its expansion plans, Plenitude invested a total of RM136 million in Travelodge Honmachi Osaka, Japan, scheduled to open for business on 28 September 2022. Nestled in the heart of downtown Osaka, a doorstep away from public transportation, Travelodge Honmachi Osaka is a 14-storey accommodation offering 138 rooms. Be it short or long-term stays, its clean rooms with high-speed WiFi and 24/7 front office support promise guests a comfortable stay. Guests will find nearby attractions such as Osaka Castle, Dotonbori Street food hub, Kuromon Ichiba Market, Osaka Aquarium Kaiyukan, to name a few, within reach from the nearby subway stations.
“We are very proud to spread our wings into Japan with Travelodge Honmachi Osaka. As travel restrictions have been eased and people have started holidaying abroad again, we are confident that Travelodge Honmachi Osaka will be well received by international travelers,” added Chua.
As a key industry player, Plenitude strives to implement initiatives that serve the community and cater to future housing trends. Plenitude’s hotel properties encompass international hospitality brands of AccorHotels, The Ascott Limited, Oakwood Worldwide and Travelodge Hotels Asia.
