News: On-going projects to keep Glomac busy for next three years

Nov 18, 2020

Glomac Bhd’s Managing Director and Chief Executive Officer Datuk Seri FD Iskandar Mansor said the company’s ongoing projects – which have a combined gross development value (GDV) of around RM1.1 billion – is enough to keep them busy in the next three years, reported The New Straits Times (NST).

He also revealed that the company’s unbilled sales remain at healthy levels at RM660 million as at 31 July 2020.

The company has three on-going residential phases within Bandar Saujana Utama, one in Saujana Rawang and another one in Puchong. These on-going phases have a combined GDV of about RM300 million.

Glomac is also developing 121 Residences in Petaling Jaya and Plaza Kelana Jaya, which has a GDV of RM350 million and RM360 million, respectively.

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“We have achieved 79% sales for Plaza Kelana. For 121, we have recorded up to 75% sales for the first tower, and 60% for the second tower. We are confident the remaining unsold units will be taken up in the next few months,” said FD Iskandar as quoted by NST.

Glomac’s two projects in Johor, particularly at Saujana Kulai and Sri Saujana, have a combined GDV of RM80 million.

“All the projects we have in hand are moving on…some developed and some on-going,” he noted.

Glomac saw its sales double to RM50 million during the first quarter ended 31 July 2020 as its properties in Saujana Perdana in Sungai Buloh as well as 121 Residences received high demand.

FD Iskandar shared that the company had re-planned some of its property launches for next year.

“If we see landed properties is the way to go, we will build more in this segment and expedite the launches,” he said.

He added that the company had also slashed its new project launches for financial year 2021 by 40% to RM403 million, due to current market conditions.

The COVID-19 pandemic has resulted to weaker sales for businesses across the board.

With the prolonged movement control order (MCO), developers were unable to launch large-scale projects.

And the reintroduction of the conditional MCO in Selangor, Kuala Lumpur and Putrajaya due to the recent spike in COVID-19 cases may further disrupt the property market’s recovery.

To help stimulate the market, FD Iskandar hopes the government would reintroduce schemes for first-time homebuyers like the FundMyHome+Depositku.

 

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awie shariman
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