Plenitude acquiring land for development in Penang

KUALA LUMPUR: Plenitude Bhd is acquiring 27 parcels of freehold in Penang for RM45 million.

Its unit Plenitude Bayu Sdn Bhd entered into a sale and purchase agreement with Geotrade Sdn Bhd- Eden Ferringhi Resort for the acquisition on May 10, the developer said in a filing to Bursa Malaysia on the same day. With a total land size of 40.8 acres, the deal worked out to be RM25 psf. The acquisition will be funded through internal funds.

“The parcels of land are located off the south-eastern side of Jalan Batu Ferringhi, in the locality of Batu Ferringhi, Penang, next to the established Eden Ferringhi Resort Homes, which is a mid to high-end housing community comprising mainly of semi-detached and bungalow houses,” it said.

The acquisition allows the developer to tap on the success of its Bayu Ferringhi project in Batu Ferringhi, Penang. These land parcels are zoned for residential use and currently vacant sites.

Plenitude plans to develop medium high-end, semi-detached houses and condominiums whose units are designed with generous living spaces such as patios and balconies to take advantage of the lush greenery and sea view. The target markets are first and second homebuyers, resort homebuyers, the expatriate community and MM2H applicants.