KUALA LUMPUR: Plenitude Bhd is acquiring 20 parcels of freehold land in Balik Pulau, Penang, measuring about 56.63 acres for RM40.12 million (RM17.50 psf) to be developed as a mixed development.

Plenitude, via its wholly owned subsidiary, Plenitude Estates Sdn Bhd entered into two separate sales and purchase agreements with United Formula Sdn Bhd and Affluent Base Sdn Bhd on Monday, Sept 27.

The proposed strategic acquisition allows the company to establish a greater presence in Penang island and to replicate the success of its first development project on the island, the company said.

The proposed development will comprise double-storey and super-link houses and a neighborhood commercial centre consisting of 2- to 3-storey shops. The project has an estimated gross development value of RM230 million.

Construction is expected to start in the first half of 2012 and it will be developed over a span of five years.

SOURCE: The Edge Property