Glomac to launch RM780m of new property projects

Started with a dream: The Glomac Damansara development is located a stone’s throw from t he dream location where Fa teh Iskandar once wanted to buy for his home.

KUALA LUMPUR: Glomac Bhd is on track to launch RM780mil worth of new property projects in its current financial year ending April 30, 2019 which more than 200% from the RM248mil launched last year.

It said on Wednesday the new projects would be in the mid-market and affordable segments while the landed residential projects would be in townships.

In a statement issued after its AGM, it said the projects and those townships including Saujanan Perdana in Sungai Buloh, Selangor and Saujana Jaya in Kulai, Johor would sustain stead sales.

As for its Glo Damansara Mall in Petaling Jaya, it had secured an international retailers and those would increase the occupancy rate to 75%.

“The international retailers, a major player in North Asia, will be introducing a new lifestyle concept fresh to the region. It hopes to commence its business operation in eary 2019,” it said.

On the outlook for the property market, Glomac expects it to remain challenging due to slow wage growth and tight lending policies.

However, Glomac said it was hopeful its mid-market and afforable housing inits would appeal to milenial buyers which account for the largest number of first time buyers.

“The strong portfolio of potential developments with a gross development value of RM9bil puts the group in a strong position to continue offering products to the mass market,” it said.