“Market conditions may be challenging, but Glomac’s pipeline of development projects remain strong.”
TAN SRI FD MANSOR, Glomac Bhd group executive chairman
KUALA LUMPUR: Property developer Glomac Bhd has a diverse development portfolio commanding a total estimated gross development value (GDV) of RM9 billion.
Group executive chairman Tan Sri FD Mansor said this placed the group in an ideal position to capitalise on the possible recovery in the property market and accelerate new launches to boost future sales.
“Market conditions may be challenging, but Glomac’s pipeline of development projects remain strong.
“The group has been selectively pacing its launches, focusing mostly on affordable landed residential and township products to a fair level of success,” he said in a statement yesterday.
FD Mansor said the group would maintain a development strategy focusing on mass market demand.
“New launches in this segment todate have been well received and this momentum is expected to sustain into the foreseeable future,” he said.
Of the group’s targeted new launches, FD Mansor said 90 per cent were landed developments comprising terraced, semi-detached and affordable houses.
Glomac delivered profit-before-tax of RM8.4 million in the third quarter ended January and registered a revenue of RM105.1 million.
FD Mansor said revenue and earnings were primarily driven by three key ongoing developments, namely Lakeside Residences in Puchong, Saujana KLIA in Dengkil and Saujana Perdana in Sungai Buloh.
Net profit in the quarter inched lower to RM4.3 million from RM5.4 million in the same period last year.
For the nine-month period, Glomac achieved group revenue of RM312.6 million with pre-tax profit of RM22.8 million.