Plenitude to launch Kajang TOD in 2Q2027 as FY2026 property sales rise 18%

Plenitude Bhd plans to launch a transit-oriented development in Kajang, Selangor, in the second quarter of 2027, comprising 992 serviced apartments and 28 retail units. The group reported property sales of RM438.9 million for FY2026, up 18% from a year earlier.

PETALING JAYA (Oct 8): Plenitude Bhd plans to launch a transit-oriented development (TOD) in Kajang, Selangor, comprising 992 serviced apartments and 28 retail units in the second quarter of 2027, according to its annual report for the financial year ended June 30, 2026 (FY2026).

The property developer and hospitality group said in a Bursa Malaysia filing on Wednesday (Oct 7) that the planned development would strengthen its presence in the Klang Valley and broaden its residential portfolio.

Plenitude recorded property sales of RM438.9 million in FY2026, up about 18% from RM372.3 million a year earlier. It attributed the improvement to product positioning, pricing strategies and sustained demand across selected completed and ongoing developments. Property development revenue rose to RM372.66 million from RM367.24 million, while the division's profit before tax edged up to RM113.97 million from RM113.76 million. The division accounted for 59% of group revenue.

Taman Desa Tebrau in Johor Bahru accounted for 52% of property development revenue, supported by sales of completed commercial and residential units, alongside ongoing Serunai semi-detached homes. Impian Hills in Ulu Tiram contributed another 35%, while developments in Sungai Petani, Kedah, accounted for 11% and The Marin at Ferringhi in Penang contributed 2%.

At Taman Desa Tebrau, the first tower of Mandolin Residences, comprising 356 serviced apartments, was launched in early 2026 and achieved a 30% take-up rate as at July 2026. The group's planned launches at the township include Phase 18 affordable housing, comprising 486 apartments, in December 2026, followed by Parcel 4(B), comprising 124 double-storey cluster homes, in June 2027.

At Impian Hills, Plenitude plans to launch Phase 7, comprising 157 double-storey terrace homes, in December 2026. Further affordable housing phases are also planned, comprising 48 single-storey terrace homes under Phase 9 Rumah Mampu Milik Johor (RMMJ) and 86 townhouses under Phase 8 RMMJ. In Sungai Petani, the group plans to launch Bintang Bayu Phase 2A1, comprising 68 double-storey terrace homes, in December 2026.

Plenitude reported a landbank of approximately 963 acres and said it would continue evaluating suitable land acquisition opportunities, particularly in the Klang Valley and Johor, while maintaining disciplined capital allocation. The group said it remained cautiously optimistic about Malaysia's property market, citing sustained demand for well-located and appropriately priced homes, infrastructure development and economic activity. However, it cautioned that higher construction, labour and compliance costs could pressure development costs and household affordability.

For FY2026, group revenue increased to RM632.69 million from RM629.39 million, while profit before tax rose 5.3% to RM157.24 million from RM149.37 million. Net profit attributable to shareholders was broadly unchanged at RM116.39 million, compared with RM116.37 million a year earlier. The FY2025 comparatives were restated. The group attributed the improvement in profitability mainly to margin recovery in its hospitality division, supported by improved operational efficiency and cost management.