Glomac Bhd expects better sales for year 2016

Glomac Bhd expects better sales for  year 2016

KUALA LUMPUR, October 20 — Property developer, Glomac Bhd, expects sales to improve in the financial year ending April 30, 2016 driven by new launches worth RM802 million.

Group Managing Director/Chief Executive Officer Datuk Fateh Iskandar Tan Sri Mohamed Mansor said the company’s unbilled sales as-to-date stood at RM796 million.

“We will continue to focus on executing planned launches to drive sales in the current financial year despite the softer property market.

“Market demand is still there especially for houses priced from RM500,000 and below,” he told a press conference after the company’s annual general meeting here today.

Fateh Iskandar said the company would launch new phases in existing projects, such as at Bandar Saujana Utama, Centro V and Suria Residence in Greater KL, Sri Saujana and Saujana Jaya in Johor.

Another new project expected to be launched later this year is Saujana KLIA, a township nearby the Kuala Lumpur International Airport comprising double-storey terrace houses with a total estimated GDV of RM275 million.

Fateh Iskandar expected moderate profit growth for Glomac in the current financial year.

“We have a sizeable landbank, approximately 404.69 hectares, with a future GDV value of RM8 billion.

“Glomac has a strong product pipeline with high concentration in affordable townships and landed residential segment,” he said.

Meanwhile, Group Executive Chairman Tan Sri Mohamed Mansor Fateh Din said the company aimed to maintain its single-tier dividend of 4.25 sen declared in financial year ended 2015.