PETALING JAYA: Glomac Bhd will be launching RM282 million worth of new products in its current financial year ending April 30, 2022, considering that most of the group’s launched residential products are almost all sold, and economic restrictions are easing.
Its planned new launches comprise mainly landed residential phases within the midmarket and affordable segments that have continued to garner solid response. The new launches include the debut of Saujana Utama 5 in Sungai Buloh, its much-anticipated new residential township with an estimated gross development value (GDV) of RM299 million.
In October, the group is also expected to make more timely deliveries for its Tresna Teratai homes.
“Glomac looks forward to driving its sales momentum, focusing on converting sales from ongoing high rise residential developments such as Plaza@ Kelana Jaya and 121 Residences, as well as new launches,” it said.
Glomac has embraced the new digital norm, adding value to its products with broadband connectivity and work-from-home layouts. The group 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 Glomac’s near-term performance, supported by its RM580 million unbilled sales.
“The group remains cautious of the lingering impact from the Covid-19 pandemic on the property market and sentiment. Longer-term prospects, however, remains intact. Given the group’s healthy balance sheet, Glomac is well placed to accelerate development activities, tapping into its strong development pipeline that has a potential estimated GDV of RM8 billion,“ it said.