![\"\"](\"https:\/\/selangorjournal.my\/wp-content\/uploads\/2024\/10\/P-Glomac-6-960x640.jpg.webp\")
<\/div><\/div><\/div>Glomac Bhd chief executive officer Datuk Seri FD Iskandar speaking during the press conference for Glomac Bhd\u2019s 40th Annual General Meeting at Menara Glomac, Kuala Lumpur, on October 23, 2024. \u2014 Picture by FIKRI YUSOF\/MEDIA SELANGOR<\/span><\/p>\n\n\n\nKUALA LUMPUR, <\/strong>Oct 24 \u2014 Glomac Bhd is aiming to boost property sales with a robust lineup of new offerings, planning to launch nearly RM460 million worth of residential and commercial properties in the financial year 2025 (FY2025).<\/p>\n\n\n\n Among others, the award-winning property developer, with projects across Greater Kuala Lumpur, Selangor, and Johor, plans to launch new phases of double-storey houses in its established township developments, including Serai@SBCR in Sungai Buloh, Saujana KLIA, and Saujana Jaya in Kulai, Johor.<\/p>\n\n\n\n According to its group managing director and chief executive officer, Datuk Seri Fateh Iskandar Mohamed Mansor, Glomac shareholders have also approved the final single-tier dividend of 1.25 sen per ordinary share for the financial year ended April 30, 2024.<\/p>\n\n\n\n \u201cGlomac has been listed since 2000, and we have generated profit every year. Even during the 2021 Covid-19 period, when profit decreased, we still remained profitable and paid dividends. Since our listing, we have consistently maintained a track record of paying dividends,\u201d he said at the Glomac annual general assembly press conference at Menara Glomac, here yesterday.<\/p>\n\n\n\n With a strong balance sheet, substantial capital reserves and a strategically located landbank with an estimated gross development value (GDV) of RM7 billion, Iskandar said Glomac is poised for continued growth in the coming years.<\/p>\n\n\n\n The company also today announced a Sukuk Wakalah Programme with a cap of up to RM3 billion.<\/p>\n\n\n\n The proceeds will be used for land acquisitions, working capital, refinancing existing Shariah-compliant borrowings, and exploring business areas that align with the group\u2019s core operations.<\/p>\n\n\n\n The company is currently working to meet the necessary conditions for the first issuance, which will be up to RM250 million under this programme.<\/p>\n\n\n\n Business diversification<\/strong> \u201cSo, if there\u2019s anything synergistic related to real estate, we are always interested. While we are primarily a property and real estate company, we also engage in property management, construction, and carpark management, among other activities. Waste-to-energy is something that we are still looking at, but it involves a huge amount of capital.<\/p>\n\n\n\n \u201cWe also need to gain the support of the respective local councils because, at the end of the day, waste is collected by them. If they don\u2019t send it to you, you won\u2019t receive it. However, as the Malaysian economy grows, our landfills can\u2019t accommodate waste for much longer.<\/p>\n\n\n\n \u201cHow many more landfills are we going to open? One of the ways to eliminate this is waste-to-energy. Yes, we are looking at it, but we are still in the talking stages,\u201d he said.<\/p>\n\n\n\n Minimum wage, EPF contributions for foreign workers<\/strong> However, he believes employers, particularly those hiring foreign workers, should be given sufficient time to adjust, and suggested a phased implementation by 2026.<\/p>\n\n\n\n \u201cIt will certainly impact our construction sites, as we will definitely have some foreign workers. While I understand the long-term demand, in the short term, many employers will face challenges.\u201d<\/p>\n\n\n\n Iskandar explained that in the construction industry, different stages of a project require workers with different skills, such as bricklayers, plasterers, and painters. While they are often employed by the developers and are willing to work for the minimum monthly wage, they also take into account the overall working environment and conditions.<\/p>\n\n\n\n \u201cWe are hoping that there is going to be a warning period,\u201d he said, while expressing hope that the government would reconsider its decision to begin implementing the policy starting from next year.<\/p>\n\n\n\n \u201cWe are not ready for this. I was hoping for a little bit more time. If they told us it starts in January 2026, then we\u2019ll know what to do.\u201d<\/p>\n\n\n\n In the long term, he suggested alternative solutions to encourage developers and contractors to hire locals and reduce reliance on foreign labour. However, incentives are crucial for this transition, he said.<\/p>\n\n\n\n Affordable housing<\/strong> \u201cFrom the perspective of private developers, we are prepared to offer our land to the government to construct affordable homes.\u201d<\/p>\n\n\n\n However, he said each time developers fulfil the government obligation to build affordable homes on land they own, they incur financial losses, necessitating cross-subsidies from open-market projects to cover the shortfall.<\/p>\n\n\n\n Despite this challenge, he said private developers are willing to collaborate with the government to support the policy.<\/p>\n\n\n\n Iskandar added that there still is a shortage in affordable housing, with demands only met in areas where there is a significant need.<\/p>\n\n\n\n Last Friday, when tabling Budget 2025, Prime Minister Datuk Seri Anwar Ibrahim announced that almost RM900 million has been allocated for the implementation of 48 PRR and 14 Rumah Mesra Rakyat housing schemes.<\/p>\n\n\n\n
On a separate matter, Iskandar said Glomac is currently in discussions with various parties to explore opportunities in the waste-to-energy sector. However, he said due to the substantial capital investment required, the company remains focused on its primary business of property development.<\/p>\n\n\n\n
Commenting on plans to make minimum wage and Employees Provident Fund (EPF) contributions mandatory for foreign workers, Iskandar said the initiative is aimed at reducing the government\u2019s financial burden in the long term.<\/p>\n\n\n\n
Iskandar also commended the Federal government\u2019s allocation of RM900 million for the Programme Residensi Rakyat (PRR) and Rumah Mesra Rakyat housing schemes under Budget 2025 for first-time home buyers but said it would be beneficial to increase the fund.<\/p>\n\n\n\n