Glomac prepares new launches as economy starts recovery


GLOMAC Bhd MD and CEO Datuk Seri Fateh Iskandar Mohamed Mansor said the group had achieved its new sales of RM231 million despite the impact of the Covid-19 pandemic in its last financial year. 

“This is a laudable performance given the group strategically held back new launches during the year,” Fateh Iskandar told a press conference after Glomac’s 37th AGM yesterday. 

According to him, Glomac’s unbilled sales remained healthy at RM578 million as of financial year 2021 (FY21). 

He noted that the group’s balance sheet remains robust with a cash position of RM218.3 million and its net gearing improved to 0.25 times against share-holders’ funds of RM1.2 billion. 

Moving forward, he said the group will be launching RM282 million worth of new property products this year. 

“This is timely considering that most of the group’s launched residential products are almost sold, and economic restrictions are easing. 

“Planned new launches comprise mainly landed residential phases within the mid-market and affordable segments that have continued to garner a solid response from buyers,” he stated. 

He foresees the lifting of economic restrictions and the resumption of construction activities will reflect positively on the group’s near-term performance. 

Fateh Iskandar said Glomac remains intact and cautious about the impact of the Covid-19 pandemic. 

“Given the group’s healthy balance sheet, Glomac is well placed to accelerate development activities, tapping into our strong development pipeline that has a potential estimated gross development value (GDV) of RM8 billion.

“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 FY22,” he added. 

The new launches include Saujana Utama 5 in Sungai Buloh, a residential township with an estimated GDV of RM299 million. 

Glomac is in the middle of developing a solid digital marketing platform to complement the conventional marketing approach. 

“The company is working closely with some telecommunication companies to provide better broadband and better WiFi connectivity in the medium to longer-term,” he said.