Glomac Bhd eyeing to launch five projects worth RM282m in 2022

PETALING JAYA (July 28): Glomac Bhd plans to unveil five projects in its existing townships nationwide with an estimated gross development value (GDV) of RM282 million next year, said its group managing director and chief executive officer Datuk Seri Fateh Iskandar Mohamed Mansor (pictured).

The five projects including a high-rise leasehold residential development of Lakeside Residences in Puchong as well as leasehold landed properties in its existing townships - Saujana KLIA in Sepang, Bandar Saujana Utama and Saujana Perdana in Sungai Buloh and Saujana Jaya in Johor.

According to Fateh Iskandar, Glomac will be launching 231 units of double-storey terraced houses in Saujana KLIA, 33 units of double-storey terraced houses (phase 2 of Aurora) in Bandar Saujana Utama, 178 units of affordable townhouses under Rumah Selangorku programme, and 69 units of double-storey terraced houses in Saujana Jaya.

Taking current challenging market conditions as consideration, Fateh Iskandar anticipated the property market to recover next year as he believed that Malaysia will reach herd immunity in the next six to 12 months.

“Even though we have quite a strong online presence, I believe the buyers still want to view the units physically. So there is no point in launching it if the show gallery cannot open. Therefore, we will have to wait [until the lockdown ends],” he told the media during a virtual media briefing today.

However, he noted that if the market conditions improved, or Klang Valley moves into phase 2 of National Recovery Plan (NRP), Glomac will consider launching the project in the fourth quarter this year.

He noted that Glomac has adapted a new strategy to navigate the market during the pandemic by focusing their lens on landed properties in existing townships.

“We believe that the demand for landed properties is still there even in these trying times as we can see that there is still a consistent trend that there are still buyers for these types of properties,” he said.

The property developer has recorded a net profit of RM4.77 million for the fourth quarter ended April 30, 2021 (4QFY21). Glomac Bhd has posted a net loss of RM8.59 million in 4Q2020.

Revenue for the quarter increased 98% to 115.43 million, from RM58.41 million a year earlier.

The strong performance was largely driven by the pick-up in construction activities post-MCO leading to higher progress billings from Glomac’s ongoing projects such as Saujana Perdana at Bandar Saujana Utama, Plaza@Kelana Jaya, Saujana Rawang and 121 Residences, said Fateh Iskandar.

He added that overall profitability was also boosted by a reduction in interest expense, various ongoing cost rationalisation measures and a lower fair value loss on investment properties.

During the year, Glomac achieved new sales of RM231 million despite being hampered by the Covid-19 pandemic.

“New sales were driven by strong take-up rates from new phases launched in the financial year 2021. The double-storey terrace houses launched at Saujana Perdana were very well appreciated by the market – with both Tresna Trianda and Mawar Sari more than 90% sold, whilst Dahlia Sari is more than 60% sold currently,” he said.

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