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Monday, July 13, 2009

Glomac hopes to sell half of properties in present campaign

KELANA JAYA: Glomac Bhd hopes to sell at least half of the RM400mil worth of properties offered under its current property campaign that ends this month, amid signs of a pick-up in demand for medium-price houses, said group managing director/chief executive officer Datuk FD Iskandar Mohamed Mansor.

“Since April, we have been seeing some pickup in the property market particularly for houses priced RM300,000 and below,” he said. “At the same time, banks are still providing loans and offering low interest rates.”

Glomac was offering “everything” from 11 property developments, from medium-price houses to high-end condominiums and commercial properties in its 21st Anniversary Property Campaign, he said.

“We are turning 21 this year, so we want to celebrate our achievement by giving 21 great rewards to our customers,” Iskandar told StarBiz during an interview recently, referring to freebies such as free kitchen appliances.

“Some of the properties have just been launched such as Seri Bangi and Glomac Damansara,” he said.

He added that given the current market conditions, the company needed to be realistic on sales targets and property launches.

“We have six new property projects to launch this year apart from 13 or 14 ongoing projects. Another three new commercial projects are being planned and will be launched when the market improves,” he said.

The company’s gross development value for its ongoing projects was RM2.8bil, which could last the company for a further five to six years, Iskandar said.

He noted that Glomac’s gearing ratio was also low at 0.1, and the company would try to contain it below 0.5.

By The Star (by Edy Sarif)

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