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KUALA LUMPUR, Nov 29 -- Property developer, Glomac Bhd is eyeing to launch new projects with a gross development value (GDV) of RM216 million in the second half (2H) of its financial year ending April 30, 2022 (FY22) while maintaining a cautious outlook on the back of overhang uncertainty due to the pandemic and lockdowns.
Group managing director and chief executive officer Datuk Seri Fateh Iskandar Mohamed Mansor said the new launches comprised mid-market affordable landed residential products in its existing township developments.
He clarified that the company had to hold its launches for high-rise projects in view of rising building material prices, including steel and cement, coupled with the shortage of labour in the market.
“Originally we wanted to launch more (projects). The reason we pull back our high-rise (project) launches is that we are still unsure of the material prices but for the low-rise (projects), we are quite sure the (building) material prices are stable.
“Even though prices have not reduced to the level before COVID-19, we are ready to launch projects such as these (landed and low-rise) compared with high-rise (projects),” he told a virtual media and analyst briefing after announcing Glomac’s second-quarter financial results on Monday.
Fateh Iskandar said the new launches included at Saujana Perdana development with GDV of RM44.5 million, Saujana Utama 5 (RM23.9 million), Saujana KLIA (RM122.0 million), as well as Saujana Jaya, Johor (RM25.5 million).
He noted that the company is well-positioned to accelerate its development activities to drive growth with a potential estimated GDV of RM8 billion.
For the first six months ended Oct 31, 2021, Glomac’s net profit rose to RM13.25 million from RM10.77 million registered in the same period a year ago, while revenue fell to RM104.23 million against RM151.49 million previously, dragged down by a weak performance in the first quarter resulting from lockdown restrictions.
New sales during the period amounted to RM48 million, mainly from sales of affordable landed houses in Saujana Perdana, Sungai Buloh.
Fateh Iskandar said Glomac recorded healthy unbilled sales of RM526 million as at Oct 31, 2021, which would provide the company earnings visibility at least for the next two years.
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