Glomac To Pace Out New Launches After Posting RM8.6mil Net Loss

Pavither July 16, 2020

Glomac to pace out new launches after posting RM8.6mil net loss

With the property market likely to remain challenging, Glomac Bhd plans to leverage on its strong development portfolio, which has an estimated gross development value (GDV) of RM8 billion and paces out new launches over the longer term. 

The developer is taking on more aggressive marketing strategies while pushing for a wider digital presence of the Glomac brand. In fact, the firm intends to use it as one of its key marketing avenues going forward, reported the New Straits Times (NST).

“We will also continue to look at further enhancing customer experience via various campaigns and offerings,” NST quoted Glomac as saying.

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The firm hopes the lower interest rate environment and the easing of the Movement Control Order (MCO), along with the reintroduction of the home ownership campaign (HOC) and waiver of real property gains tax (RPGT), will spur the primary as well as the secondary housing markets.

For the fourth quarter ended 30 April 2020, Glomac registered a net loss of RM8.6 million compared to RM11.21 million net profit over the same period last year due to fair value loss on investment properties.

Revenue for the quarter also fell from RM80.95 million to RM58.39 million.

For the entire year, Glomac’s net profit declined to RM12.57 million from 2019’s RM14.72 million.

Revenue, which was driven by steady construction progress from ongoing phases at Plaza@Kelana Jaya, Saujana Perdana (Sungai Buloh) and Saujana Rawang, also fell to RM245.8 million from RM273.35 million previously.

Glomac saw new sales, for the 12 months to April 2020, increase 19% to RM385 million, mainly driven by Saujana Perdana’s affordable landed residential phases and 121 Residences serviced apartments.

The strong sales performance boosted unbilled sales to RM650 million as at 30 April, which was up 37% from the previous year’s RM476 million.

The firm hopes to sustain its performance, backed by RM612 million worth of new launches and unbilled sales of RM650 million.

The new launches include landed residential projects at Saujana KLIA (Sepang) and Saujana Perdana as well as affordable high-rise projects such as GreenTec Puchong.


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