Glomac's 121 Residences Tower A achieves above 90% take-up 

PETALING JAYA (Oct 24): Glomac Bhd, quiet in the past two years, recently created excitement in the Petaling Jaya property market when its Tower A launch of 121 Residences just last month sold like hotcakes.

So far, 93% of the 445 units in Tower A have been taken up. Tower B of 389 units is slated for launch before the year's end.

Clearly, it is the combination of pricing, location and connectivity that has worked magic for the developer. Tower A units, sized from 450 sq ft to 750 sq ft, cost an affordable RM318,000 onwards.

The leasehold serviced apartment project also sits on a residential hub boasting close proximity to established popular locales like Bandar Utama with existing and matured amenities, highways and a Mass Rapid Transit station.

The icing on the cake for the buyers is the lifestyle component of the project that offers a podium garden besides sporting facilities, Glomac group managing director and CEO Datuk Seri Fateh Iskandar Mohamed Mansor, better known as FD Iskandar, told EdgeProp.my.

"People are still looking to buy property but affordability is key. The Government's Home Ownership Campaign has definitely helped," said FD Iskandar, who is also the immediate past president of the Real Estate and Housing Developers' Association Malaysia (Rehda).

Glomac, which held its annual general meeting yesterday, did not have any new launch in 2017. The following year, launches with a total GDV of RM530 million were put on the market. For the year ahead, Glomac is looking to almost double this, to RM903 million. Of these, about 90% are in the Klang Valley and the rest in Johor.

On Glomac's last two quiet years, FD Iskandar attributed it to a challenging market. "To respond to the changing demand, we had to change the concept of building plans already approved. Seeking approval for the changes unfortunately took a long time. The delay added to cost. 

"This is one area the Government must seriously look into, to help reduce the cost of doing business," stressed FD Iskandar.

"Standardising bumiputera unit quotas in all states and keeping the release mechanism automatic without additional cost is also needed," he added, while lauding the federal government's  bid to improve the economy.