KUALA LUMPUR: Property developer Glomac Bhd plans to launch a more diverse range of products in financial year 2019, with a total estimated gross development value (GDV) of RM1.06 billion.
Glomac said focus remains in the mid-market and affordable segments, where the group expects its landed residential products in townships such as Saujana Perdana and Saujana Jaya in Kulai, Johor to sustain steady sales.
In a statement, it said added into the mix is the introduction of two serviced apartment projects in bustling Petaling Jaya to be launched in financial year 2019.
Over the next months, Glomac said it will be launching its integrated freehold residential development, Plaza@Kelana Jaya.
The project, with a total GDV of RM363 million, is opened for registration and comprises of 696 serviced apartment units accompanied by 16 three-storey shop offices.
Plans are also in place to launch Centro V in the second half of FY19. Located within the proximity to Bandar Utama, the planned development comprises of SoHo units and serviced apartments with a total GDV of RM266 million.
Meanwhile, Glomac has returned to the black in the fourth quarter (Q4) ended April 30, 2018, posting a net profit of RM23.1 million from a net loss of RM965,000 recorded in the same quarter a year ago.
Glomac said core contribution was underpinned by progress billings from sales at its highly successful township developments Saujana KLIA and Saujana Perdana.
Its revenue in Q4 slipped 42.8 per cent to RM92.16 million from RM161.18 million.
For the full financial year 2018, Glomac’s net profit decreased 71.4 per cent to RM30.92 million from RM108.18 million, while revenue slipped 30.7 per cent to RM404.72 million from RM584.08 million.
Glomac said market environment remains challenging moving into 2019.
“Glomac will continue to adopt a responsive approach in pacing its financial year 2019 new launches.
“Nonetheless, the group’s balance sheet remains healthy with a manageable net gearing position, and it has built a strong portfolio of potential developments with available GDV of RM9 billion, primarily in the mass market segment.
“This place the Group in a strong position to accelerate launches to further drive sales and earnings should market conditions improve,” it said.