Glomac to speed up new launches with more than RM900mil GDV
KUALA LUMPUR: Glomac Bhd wants to accelerate new property launches in the second half of its financial year 2020, with an estimated gross development value (GDV) of RM903.0 million.
The upcoming launches would remain in the mid-market and affordable segments while the landed residential projects in townships such as Saujana Perdana and Saujana KLIA continue to sustain steady sales, Glomac said in a statement after its 35th annual general meeting (AGM) today.
In the near term, Glomac said the property sector was expected to remain challenging as slow wage growth and tight lending policies continued to impact sales.
“That said, the group remains optimistic that the strong portfolio of potential developments with a GDV of RM8 billion puts it in a good position to continue offering products to the mass-market as conditions improve in the future,” it added.
Glomac said its financial position remained strong as net gearing levels remain manageable. This allows it to capitalise on any opportunities that may arise.
The company said the launch of its 121 Residences was off to a perfect start as Tower A had achieved a takeup rate of 90 per cent after its soft launch in August.
Meanwhile, efforts to revitalise Glo Damansara Mall had been successful as new anchor tenants signed long term leases that increased occupancy to 74 per cent, it said.
Notable new tenants included Samanea Malaysia by LESSOHOME, a premium Lifestyle Centre, incorporating Lazada’s Online Product Experience Centre that commenced operations on June 2 and was officially launched June 29, and Jaya Grocer supermarket.
At the AGM , Glomac highlighted that it had obtained shareholders’ support for all 11 resolutions tabled and that it had maintained the dividend track record of 0.8 sen per share.
Glomac recently announced a net profit of RM3.46 million for the quarter ended July 31, 2019, up from RM1.01 million a year earlier, on lower revenue of RM51.87 million.
As at July 31, its balance sheet remained robust with a cash position of RM159.9 million.