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| Glomac chalks up sales of RM200mil [ 11/10/2002 ] |
GLOMAC Bhd has recorded sales of RM200mil since the launch of its high-end Aman Suria Damansara residential project in July.
“In July alone, the first month of launch, sales from our latest project touched RM150mil,” group executive director F. D. Iskandar Mohamed Mansor told the press after the group’s AGM in Petaling Jaya yesterday.
Of the landed residential and commercial units launched, Glomac saw an 80% take-up rate and sales totalling RM250mil.
“We plan to launch 350 units of condominiums in the first quarter of next year but we would study the market demand for this type of property first,” he said, adding that the price of these units had “yet to be determined”.
The Aman Suria Damansara development, sited on 53 acres of freehold land in Petaling Jaya, has a total sales value of RM400mil.
Iskandar said that despite the soft property market in Johor, Glomac’s strategic pricing for its Sri Saujana properties in Kota Tinggi had garnered RM5mil in monthly sales.
“In the past one and a half months, we have launched 249 units and sold 200 units in the project,” he said.
On the outlook for the property market, group executive vice-chairman Datuk Richard Fong said that high-end properties in prime locations would continue to enjoy good sales, thanks to pent-up demand for this segment.
He said although the group’s land-bank would last for another six to seven years, Glomac would continue to look out for good land or be involved in a joint-venture development.
“We prefer smaller parcels of land, if possible below 200 acres, as the project turnaround time is shorter while cash flow generation is faster,’’ Fong said.
“In addition, we want to minimise costs and risks. Holding land is capital intensive and we do not want to be too dependent on one particular piece of property.”
For the first quarter ended July 31, Glomac saw a 47% surge in revenue to RM41mil and a 33% rise in pre-tax profit to RM8.2mil.
For the current year to April 30, Glomac expects Aman Suria Damansara to contribute the bulk of revenue, followed by the Sri Saujana development and Saujana Utama project in Sungai Buloh.
Source : The Star 11/10/2002 |
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