Glomac targets to achieve 20-25% higher sales in FY24

PUCHONG: Property developer Glomac Bhd plans to achieve 20 to 25 per cent increase in sales for its financial year 2024 (FY2024).

Group managing director Datuk Seri FD Iskandar said that based on its RM630 million worth of new property launches for FY2024, he is confident that sales would hit the target.

“Last year, our sales was RM305 million. I think interest in property and real estate is returning earlier this year, even though we’re still faced with challenges such as labour and increasing material prices,” he told reporters at the unveiling of the continuation of its Lakeside Residences in Puchong, a township development with a total gross development value (GDV) of RM4 billion spanning 76.08 hectares (188 acres).

FD Iskandar said that with the increase in material prices such as cement, he hoped the government would look into the matter as it is monopolised by a company.

“If we want to provide good quality, affordable homes for millions of people, the government has to help us control certain prices and provide faster approvals because development costs and compliance costs have gone up tremendously,” said FD Iskandar.

He noted that compliance cost which only took up about five per cent in the 1990s had gone up to as high as 25 per cent and, as much as possible, developers would try to absorb the cost but they would, at some point, pass it on to the buyers, when they could not absorb any more.

Meanwhile, at the launch event, FD Iskandar said the continuation of the project, with a GDV of RM2.6 billion, encompasses three service residence plots, one commercial plot slated for a private school or hospital, namely the Loop City (6.07 hectares or 15.3 acres) with GDV of RM1.6 billion, Lakeside Terrace (1.21 hectares or three acres) with GDV of RM41 million, and Lakeside Semi-D (9.67 hectares or 23.9 acres) with GDV of RM416 million.

It would also encompass Lakeside Boulevard shops of 2.42 hectares or six acres with a GDV of RM90 million and the Rumah Selangorku (RSKU) e-Khas affordable homes that will take up 1.61 hectares or four acres with a GDV of RM69.5 million.

The Loop City, an integrated mixed development project that will be officially launched this weekend, introduces Loop Residences, the first phase of 980 units of 450 square feet (sq ft) and 750 sq ft, with the price range starting from RM230,000 to RM660,000 per unit.

Targeting young professionals, first-time home buyers and even retirees, Loop City also incorporates sustainable features with a bronze category green building certification to minimise carbon footprint. – BK