Artist impression of 121 Residences. Image from: Glomac
Glomac Berhad (‘Glomac’ or ‘the Group’) has recently announced unaudited results for the first quarter of its current financial year ending 30 April 2022 (“FY2022”).
Despite the challenging operating environment due to the COVID-19 pandemic, Glomac recorded RM28.8 million in revenue and profit before tax of RM3.8 million for the quarter under review. Notwithstanding, revenue for the quarter was driven by ongoing phases in Saujana Perdana, Plaza@ Kelana Jaya, Saujana Rawang, Lakeside Boulevard and 121 Residences.
Glomac will be launching RM282 million of new products this year. This is timely considering that most of the Group’s launched residential products are almost taken up, and economic restrictions are easing.
New launches in the pipeline comprise mainly landed residential phases within the mid- market and affordable segments that have continued to garner promising response from buyers. Also planned for launching is the debut of Saujana Utama 5 in Sungai Buloh, the much-anticipated new residential township with an estimated Gross Development Value (“GDV”) of RM299 million.
Artist impression of Primrose in Saujana KLIA, Sepang. Image from: Glomac
In early September 2021, the Group has officially launched Primrose in Saujana KLIA, Sepang. The 123-units, 2-storey terrace homes with a total GDV of RM65 million has received healthy response from buyers since its launch. Saujana KLIA is located within close proximity to Cyberjaya, Putrajaya and the KLIA International Airport, and has a total estimated GDV of RM1.43 billion. Previous launches of mainly terrace houses and shop offices totaling RM525 million, have been all sold.
Glomac looks forward to gearing its sales momentum, focusing on converting sales from ongoing high-rise residential developments such as Plaza @ Kelana Jaya and 121 Residences, as well as other new launches.
The Group remains cautious of the lingering impact of the COVID-19 pandemic on the property market and sentiment. Given the Group’s healthy balance sheet, Glomac is well placed to accelerate development activities, tapping into its strong development pipeline that has a potential estimated GDV of RM8 billion.
(6 October 2021)