Glomac lines up property launches worth RM1.2b


GLOMAC Bhd plans to launch several property projects with a total gross development value (GDV) of RM1.205 billion in 2007/2008, its group executive chairman Tan Sri Datuk F.D. Mansor said.

“We are going to be kept very busy. The group has several projects lined up that will drive our earning growth over the next few financial years,” he said in a statement today.

For a start, it would launch the Glomac Tower project early next year, with a GDV of RM550 million.

This will be followed by the launch of the first phase of a mixed commercial development project comprising shop offices, office suites and serviced apartments with an estimated development value of RM500 million.

Other new projects to be launched include the Glomac Galleria, a RM85 million commercial development in Desa Sri Hartamas and a gated mixed development in Bangi with a GDV of about RM120 million.

“Over the past two years, the group has added another RM2 billion worth of new residential and commercial projects into our expanding portfolio,” Mansor said.

The group’s unbilled sales to-date stand at a record of RM358 million.

The group has more than RM700 million worth of products for sale this year, comprising commercial and high end residential properties.

Glomac reported an unaudited pre-tax profit of RM19.5 million for the fourth quarter ended April 30, 2007, on the back of RM109 million in revenue.

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