PETALING JAYA: Glomac Bhd is optimistic about achieving its sales target of RM400mil in the financial year ending April 30, 2026 (FY26) on the back of steady demand for its landed residential projects and RM500mil worth of new launches.

Group managing director and chief executive officer Datuk Seri FD Iskandar FD Mansor said the group plans to launch about RM324mil worth of new properties in FY26.

Combined with RM150mil launched earlier in the year, total launches are expected to reach RM500mil.

“We usually achieve a take-up rate of 75% to 80% after six or seven months of a launch. Hence, we are confident of hitting our RM400mil sales target for FY26,” he told press conference following the group’s AGM yesterday.

This is despite the fact that Glomac had only secured about RM20mil of new sales in the first quarter of FY26.

To this, FD Iskandar said it was mainly due to the timing of the launches, as most of the group’s new projects have yet to be introduced to the market.

“Out of the RM324mil worth of new properties, we have only launched Allamanda@Saujana KLIA and the Serai series, namely Serai@Sungai Buloh Country Resort and Serai 2@ ungai Buloh Country Resort.

“Allamanda has a gross development value of about RM55mil, while Serai and Serai 2 are valued at RM72mil and RM73mil respectively,” he said.

In 2020, the group had announced it was considering venturing into the data centre (DC) business to diversify its investment portfolio. The firm had earmarked land in Cyberjaya for this.

FD Iskandar said the company has deferred such plans, given the huge investment that is involved in DC projects. However, he did not rule out the possibility of venturing into the segment in the future.

“Until we have a confirmed tenant, I think it is only prudent for us to wait.

“Johor has become the hub of data centres for South-East Asia. However, there are still challenges in terms of electricity and water supply.

“We know this because in our own developments in Johor, we are facing challenges in terms of getting water supply there. The land that we have earmarked earlier for DCs had been used for other commercial developments,” he said.

FD Iskandar said the group’s projects in the Klang Valley continued to outperform those in Johor.

He attributed this to the stronger purchasing power in the Klang Valley. Of the RM500mil worth of launches this year, only about RM55mil came from Johor, with the remainder from the Klang Valley.

“Landed properties remain as our bread and butter. Serai was fully sold, and Serai 2, launched in May, had achieved a take-up rate of over 70%. Once the take-up rate of Serai 2 reaches 80%, we will launch Serai 3 @ Sungai Buloh Country Resort.”

He said Johor was “hot” in terms of industrial and logistics developments.

“However, for residential projects, the take-up is typically slower. Even during good times, it usually takes about one or 1½ years to reach 80% sales, compared with just six months in the Klang Valley,” FD Iskandar said.

Source: The Star