Glomac to launch projects in mid-market and affordable segments
Glomac

by FARA AISYAH/ pic credit: www.glomac.com.my

GLOMAC Bhd targets to roll out RM903 million worth of projects in the mid-market and affordable segments next year.

The developer noted that buyers need houses in such segments and Glomac will be at the forefront to meet that demands.

“Glomac will be launching three phases at Saujana Perdana, Sungai Buloh, in the second half of 2020 (2H20). Two phases comprise 214 units of two-storey terrace house priced at around RM500,000 (Bumiputra units), while another phase of two-storey townhouse priced at RM250,000 will be offered for sale under the “Rumah Selangorku”.

“In Johor, our Saujana Jaya project in Kulai will offer 69 units of two-storey terrace houses in 2H20,” it said in an email reply.

In early next month, the firm will launch the Tower B of 121 Residences in Bandar Utama, Petaling Jaya (PJ).

The project sports a total estimated gross development value of RM321 million comprising two towers with 834 units of serviced apartments and SoHo units situated within close proximity to major rail lines and the bustling hub of One Utama.

The Tower A of 121 Residences which was soft-launched in August has achieved a take-up rate of 90%.

Meanwhile, Glomac said its efforts to revitalise Glo Damansara Mall, Kuala Lumpur, is successful as new anchor tenants signed long-term leases that increased occupancy to approximately 74%.

Its notable new tenants include Samanea Malaysia by LESSOHOME, a premium lifestyle centre, incorporating Lazada’s Online Product Experience Centre that commenced operations on June 2, 2019.

Jaya Grocer supermarket together with its Bonjour Garden Café commenced operations during the first quarter (1Q) of 2019.

Glo Damansara Mall has also added several international and home-grown brands to its stable including DeRUCCI, Fella Design, Poet, and Sweet Dream among others.

For the 1Q of financial year ended July 31, 2019, Glomac’s net profit more than tripled to RM3.46 million from RM1.01 million in the previous year mainly due to administrative cost savings achieved during the period.

However, its quarterly revenue decreased 9.96% year-on-year to RM51.87 million from RM57.61 million mainly due to decline in revenue from property development.

According to the company, the revenue from property development for the period was largely attributable to Saujana Perdana and Saujana KLIA, Sepang.

The decrease in revenue from property development by 13% is mainly due to the completion of certain phases of Saujana Perdana in the previous financial year resulted in lower construction activities during the period.

Furthermore, new launches in previous financial year, such as Plaza @ Kelana Jaya, PJ, and Saujana Jaya, Kulai, are still at the initial stage of development.