Plenitude has property projects worth RM4bil

  • Business
  • Saturday, 25 Sep 2004


PROPERTY developer Plenitude Bhd, with its strong land bank of about 2,000 acres, will build more affordable homes while carving a reputation as a serious property developer for the high-end market. 

Executive chairman Elsie Chua said the group currently had property projects with estimated gross development value of RM4bil that would take about 15 years to complete. 

The group's projects include Taman Desa Tebrau in Johor Baru, Taman Putra Prima in Puchong, Bandar Perdana in Sungai Petani and Changkat Tiara in the Hartamas area near Kuala Lumpur. 

Chua was speaking to reporters after the signing of a memorandum of understanding (MoU) with Great Eastern Life Assurance (M) Bhd in conjunction with Plentitude's launch of Changkat View condominium in Kuala Lumpur yesterday. 

Under the MoU, buyers of Changkat View units will get a free Changkat View SupremeLink Policy, an investment-linked life insurance plan that gives double benefits of protection and investment returns. 

From left: Alex Foong Soo Hah exchanging documents with Elsie Chua, witnessed by Great Eastern Life executive vice-president Teh Loo Hai and Executive Director of Plenitude, Zukarnine Shah Zainal Abidin.  

Chua said, upon maturity, the policy would have a value of up to RM100,000 (depending on the terms and conditions set by Great Eastern). 

The 8.08-acre Changkat View project, comprising four blocks of 26-storey buildings, has a gross development value of RM200mil. It is due for completion in 2007. 

Chua said the first block comprising 199 units was scheduled to open for sale next month, with the units costing RM180,000 upwards.  

Changkat View condominium will be the second development undertaken by Plenitude subsidiary Changkat Kiara Sdn Bhd after its successful launch of The Residence, a gated and guarded community comprising semi-detached houses and bungalows, at Changkat Kiara. 

Great Eastern director and chief executive officer Alex Foong expects insurance premium of about RM2mil if all the 800 condominium units in Changkat View were sold.  

He said through the innovative bundling of investment-linked life insurance, Great Eastern had generated a premium income of RM5mil in cooperation with other property developers so far this year.  

Foong said Great Eastern's Supreme GrowthLink Investment Linked Plan in Changkat View would be invested in its Lion Progressive Fund, one of six funds offered to its investment-linked policy owners. 

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