Business

Glomac to push ahead with RM810mil property launches

KUALA LUMPUR: Glomac Bhd is expecting a better financial year ahead, to be driven by its planned property launches amounting to RM810mil.

This is compared to the RM290mil worth of properties launched in the previous year.

Speaking after the group’s annual general meeting, Glomac group managing director and CEO Datuk Seri FD Iskandar said Glomac will launch its properties beginning 
October-November this year, and during Chinese New Year.

The planned launches include the maiden launch of terrace houses at Saujana Utama 5 and Saujana Jaya in Kulai.

“You might be surprised, but we do have buyers visiting our sales gallery during the festive seasons, which is why the sales gallery is open during Chinese New Year and Hari Raya.

“We see family members residing abroad who come home to celebrate the festivities, visit our sales gallery to buy properties.

“We remain sensitive to what the market wants, and think we have the right products at the right location,” he said.

FD Iskandar, who is also the president of Real Estate and Housing Developers’ Association (Rehda), added that there has been a slight improvement in the number of property launches during the first half of 2017.

“We are hopeful that the momentum (of property launches in the market) will pick up,” he said.

To date, Glomac has unbilled sales amounting to RM570mil, which will last the group for the next two years.

Its gross development value (GDV) for its total landbank stands at an estimated RM9bil.