Plenitude to launch RM1bil worth of properties

One of Plenitude's current projects is The Marin, a two-tower apartment project to be completed in 2018.

KUALA LUMPUR: Property developer Plenitude Bhd, which recently merged with The Nomad Group Bhd via a compulsory takeover offer via shares, has plans to launch RM1bil worth of properties in the next two years.

The group said the properties would be a mixture of high-rise, landed and commercial.

Remaining cautious in the current weak sentiment, the group has been steadily growing with diversification into the hotel segment.

With the recent completion of RM160mil acquisition of The Gurney Resort Hotel & Residences from the  Employees Provident Fund in March and The Nomad in July, the group now has five hotels and one serviced residences in Kuala Lumpur and Penang.

Speaking to reporters after the group’s AGM on Wednesday, executive chairman Chua Elsie said the group would remain cautious in launching its projects, going forward.

For the financial year ended June 30, 2015, the group had cash and cash equivalents amounting to RM323.17mil, while borrowings stood at RM46.28mil.