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KUALA LUMPUR, Oct 27 -- Glomac Bhd remains cautious of the lingering impact of COVID-19 on the property market, however, the company’s longer-term prospects remain intact.
Group managing director and chief executive officer Datuk Seri Fateh Iskandar Mohamed Mansor said given the group’s healthy balance sheet, Glomac is well placed to accelerate development activities by tapping into its strong development pipeline that has a potential estimated gross development value (GDV) of RM8 billion, largely within the Klang Valley.
On the near-term performance, Fateh Iskandar said with the easing of economic restrictions, there would be an improvement especially for construction activities to commence and for the group’s sales gallery to reopen.
“We believe our RM580 million unbilled sales will provide funding visibility, at least for the next two years, and we are focused on converting our sales of ongoing projects and RM282 million worth of new launches in the financial year 2022 (FY22).
“The new launches comprise mainly of landed residential phases within the midmarket and affordable segments that have continued to garner a solid response,” he told reporters after the company’s 37th annual general meeting, which was held online, today.
The new launches include Saujana Utama 5 in Sungai Buloh, a residential township with an estimated GDV of RM299 million.
Meanwhile, Fateh Iskandar said to further spur sales, the group is embracing the new digital norm where it provides broadband connectivity and incorporates work-from-home designs in its new launches, including developing a solid digital marketing platform to complement the conventional marketing approach.
“Glomac is working closely with some telecommunication companies to provide better broadband and better Wi-Fi connectivity in the medium to longer-term,” he said.
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