Glomac Bhd chief says its on-going projects with a combined gross development value (GDV) of about RM1.1 billion will keep the company busy for the next three years.
Managing director and chief executive officer Datuk Seri FD Iskandar Mansor said Glomac’s unbilled sales is at a healthy level.
As of July 31, 2020, Glomac has unbilled sales of RM660 million, to be realised over the next two years, he told NST Property.
Glomac has three on-going residential phases in Bandar Saujana Utama, and one each in Saujana Rawang and Puchong. The combined GDV for these on-going phases is around RM300 million.
The company is also developing Plaza Kelana Jaya which has a GDV of RM360 million, and 121 Residences in Petaling Jaya with a GDV of RM350 million.
“We have achieved 79 per cent sales for Plaza Kelana. For 121, we have recorded up to 75 per cent sales for the first tower, and 60 per cent for the second tower. We are confident the remaining unsold units will be taken up in the next few months,” said FD Iskandar.
In Johor, Glomac has a project each in Saujana Kulai and Sri Saujana, with a combined GDV of RM80 million.
“All the projects we have in hand are moving on…some developed and some on-going,” he said.
In the first quarter ended July 31, 2020, Glomac’s sales doubled to RM50 million. There was a high demand for its properties in Saujana Perdana in Sungai Buloh and 121 Residences.
For 2021, FD Iskandar said that Glomac has replanned some of its property launches.
“If we see landed properties is the way to go, we will build more in this segment and expedite the launches,” he said.
Glomac has scaled-down new project launches by 40 per cent to RM403 million for the financial year 2021 (FY21) due to current market conditions.
It was supposed to launch the first tower of its RM1.6 billion Greentec project in Puchong. The tower comprises small office/home office units and serviced apartments with a GDV of RM154 million.
FD Iskandar said the take-up rate for current and new projects will be dependent on the people’s confidence.
The Covid-19 pandemic has slowed down sales for businesses across the board.
In the property sector, developers are unable to launch large-scale development projects due to the prolonged movement control order (MCO).
The reinstatement of the Control MCO in Kuala Lumpur, Selangor, and Putrajaya due to the recent high Covid-19 cases will further disrupt the market’s recovery.
FD Iskandar hoped that the government reintroduces schemes for first-time home-buyers such as FundMyHome+Depositku to help stimulate the market.
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