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Glomac Plans RM282mil New Launches This Year

Published: Thursday, 23 September 2021
Primrose in Saujana KLIA was launched earlier this month.

PETALING JAYA: Glomac Bhd is planning to launch new properties with an estimated gross development value (GDV) of RM282mil this year as the group’s existing residential products are almost fully sold and economic restrictions are easing.

Comprising mainly landed residential phases within the mid-market and affordable segments, Glomac is confident of garnering a solid response from buyers. The new launches include Saujana Utama 5 in Sungai Buloh.

Already in the market are Primrose in Saujana KLIA, which was launched earlier this month. Comprising 123 units, the two-storey terrace homes received a healthy response from buyers. The RM1.43bil Saujana KLIA is located close to Cyberjaya, Putrajaya and KLIA International Airport.

Glomac handed over 103 units of its two-storey terrace Acadian homes in Saujana Rawang in its first quarter. Despite the many restrictions of the pandemic, these hand-over sessions were closely followed by Tresna Teruntum homes in Saujana Perdana, Sungai Buloh. The group is also expected to make more timely deliveries for its Tresna Teratai homes next month.

Glomac looks forward to driving its sales momentum, focusing on converting sales from its ongoing high-rise residential developments such as Plaza@ Kelana Jaya and 121 Residences.

An artist impression of Plaza@ Kelana Jaya.

The group embraced the new digital norm, adding value to its products with broadband connectivity and work-from-home layouts. Glomac has also introduced digital marketing to complement conventional approaches to boost marketing efforts.

The lifting of economic restrictions and the resumption of construction activities will reflect positively on near-term performance, supported by Glomac’s RM580 mil unbilled sales.

However, the group remains cautious of the lingering impact of the Covid-19 pandemic on the property market and sentiment. But its longer-term prospects remain intact. Given the group’s healthy balance sheet, Glomac is well-placed to accelerate development activities, tapping into its strong development pipeline with a potential estimated GDV of RM8bil.

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