News: Glomac on track to achieve stellar sales
Glomac Bhd expects sales to exceed RM500 million for the fiscal year ended 30 April, bolstered by healthy demand in its three major townships in Johor - Sri Saujana, Rawang and Sungai Buloh.
In an interview with StarBiz, Datuk FD Iskandar, Group Managing Director/CEO of Glomac, said the sales in the townships will bring positive growth for FY2012, and will surpass last year's RM400 million.
"These three townships contributed total sales of about RM270 million as of April. And as of 31 January, we already recorded sales of about RM343 million and we are confident of crossing the RM600 million mark for 2012."
To illustrate the significant growth for this year, Glomac's RM63.5 million net profit for the nine-month period ended 31 January 2012 already exceeded FY2011's RM63 million.
He also highlighted that Reflection Residences in Mutiara Damansara has witnessed strong sales, with 97 percent of the units taken up despite being launched in April.
Going forward, Glomac had also been enlarging its landbank for the past 18 months, acquiring about four parcels of land in various locations for a combined price of RM230 million.
"Among the three prominent ones are the 200 acres in Sungai Buloh with expected gross development value (GDV) of RM800 million, 200 acres in Dengkil with slated GDV of RM800 million and another 200 acres in Puchong with forecast GDV of RM2 billion," noted Iskandar.
Glomac will also launch the Sungai Buloh project by year-end. It is also plans to develop its 200-acre land in Sepang, which is 4.5km from KL International Airport and 3.5km away from Cyberjaya.
Iskand also added that Glomac is "interested to acquire more land in the Greater Kuala Lumpur area with the right prices."
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