KUALA LUMPUR: Property developer, Glomac Bhd, plans to build a new township with gross development value (GDV) of RM750 million on its recently-acquired land in Kulaijaya, Johor, next March.
Group managing director/chief executive officer, Datuk Seri FD Iskandar FD Mansor, said the township is 2km from the Johor Premium Outlet.
"For the first two phases, we are putting up affordable landed properties with new concept.
"We are looking at things that have already been done in Greater KL but maybe not in Johor for that price range," he told a media briefing after the company's annual general meeting here today.
FD Iskandar said the project was currently at the final stage of approval and the company hoped to get it by year-end.
Currently, Glomac has landbank with potential GDV of RM8 billion, where over 85 per cent would be derived from landed residential and affordable township developments, he said.
Going forward, he said, the company was eyeing new launches with GDV of RM1 billion next year.
He said the company expected flat earnings for the current financial year ending April 30, 2015 due to its strategic decision to defer key launches.
"Glomac did not have any new launches during the first six months and only sold existing stock as we want to see how the market react (due to the slow take-up rate in the industry)," he said.
FD Iskandar said the main reason was that the buyers found it difficult to get housing loans.
"The 2015 Budget, however, will enchance first-time home buyers' capacity to buy a house below RM500,000," he said.
He hoped the financial institutions would step in to help first-time buyers acquire properties below RM500,000.-- Bernama