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Friday, March 27, 2009

Glomac cuts target for new launches

A house in Bandar Saujana Utama

PETALING JAYA: Glomac Bhd has cut its new launches target this year by about 40% to RM400mil from an initial target of RM600mil to RM700mil due to the economic slowdown.

Nevertheless, the group still had 15 projects with a total gross development value (GDV) of some RM3bil to be launched in the next five to six years, said group managing director Datuk Fateh Iskandar Mohamed Mansor.

Glomac hopes to chalk up at least RM120mil in sales by the end of next month from its ongoing Glomac 360 property fair.

“We hope to achieve about 30% to 40% sales out of the RM400mil properties on sale during this period,” he told a press briefing at Glomac’s show gallery in Kelana Jaya on Wednesday.

The group currently has unbilled sales of about RM400mil.

For the third quarter ended Jan 31, the group posted a flattish net profit of RM9.5mil and a 5.5% decrease in revenue to RM81.1mil.

For the first nine months of its financial year ending April 30, the group generated sales of RM148mil.

Glomac’s property showcase, which runs from March 20 to April 30, offers both commercial and residential properties worth some RM400mil from 10 projects.

Among the properties on sale are the group’s Saujana Utama development in Sungai Buloh, Suria Stonor in Kuala Lumpur and Galleria in Sri Hartamas, Kuala Lumpur.

Its latest commercial project, Glomac Cyberjaya, with a GDV of RM180mil and located in the Cyberjaya Flagship Zone, is also open for bookings during the showcase period.

Glomac is offering incentives including loans of up to 100%, 0% interest during construction period, free legal fees on the sale and purchase agreement and free loan documentation during the promotional period.

By The Star

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