PROPERTY NEWS: For the 4QFY2022, Plenitude reports a net profit of RM10.5 million.

Key takeaway: Plenitude stated that its property development division contributed higher revenue of RM70.3 million (y-o-y +6.68%) for 4Q2022 compared to RM65.9 million in 4QFY2021.

In comparison to RM65.9 million in 4QFY2021, Plenitude reported that its property development division generated higher revenue of RM70.3 million (y-o-y +6.68%) for the fourth quarter of 2022.

The hospitality division, meanwhile, reported revenue of RM19.4 million for the fourth quarter of 2022, an increase of RM14.2 million from revenue of RM5.3 million in the fourth quarter of 2021. Long weekends and public holidays in May and June helped raise occupancy rates and average daily rates for the group's hotels in Penang and Ipoh, which contributed to the 267% growth, according to the business.

Additionally, Plenitude stated that its upcoming housing projects in Johor and Kedah will have a "gross development value (GDV) of RM508.8 million" for the fiscal year ending in June 2023.

Plenitude is building the new township of Impian Hills, Ulu Tiram, and starting new phases in Taman Desa Tebrau in Johor. Plenitude will introduce 100 units of double-story cluster and semi-detached homes and 162 units of 2 and 2.5 storey terrace houses (Cello 3B) in the mixed development township of Taman Desa Tebrau (Harp 2C). Cello 3B and Harp 2C have respective GDVs of RM148 million and RM133 million. The launch of Cello 3B is anticipated for October 2022.

On 258 acres of land, a new mixed-use township called Impian Hills is being developed. Impian Hills' Phase 1 (Magnolia), which will include 143 units of 2-story terrace homes, will debut in January 2023. Phase 2, which will include 154 units, will debut in May 2023. The two phases' combined GDV is RM191.8 million, whereas Impian Hills township's GDV is roughly RM1.1 billion.

52 single-story bungalows (Ramlee) are being built by Plenitude in Kedah as the first phase of the brand-new mixed-use township of Bukit Bintang in Sungai Petani. Located on 417 acres of land, the new township. In March 2023, Ramlee @ Bukit Bintang will open. The Bukit Bintang Township's and Ramlee @ Bukit Bintang's respective GDVs are pegged at RM1.5 billion and RM36 million.

Plenitude now has the European Domitys brand under its hospitality division. With more than 24 years of experience assisting seniors to live independently in a cosy and secure environment, Domitys is a top provider of senior living facilities. The first senior living community under the Domitys brand to open in Asia is Domitys Bangsar Kuala Lumpur. In October 2022, Domitys Bangsar will welcome both locals and visitors.

Plenitude has also committed RM136 million to the expansion of the Travelodge Honmachi Osaka in Japan, which is slated to open on September 28, 2022.

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