Glomac will be busy for next 4 years
Posted on | August 30, 2007
By BUSINESS TIMES
GLOMAC Bhd’s nine ongoing projects and four to be launched early next year will keep the company busy for the next four years.
Group managing director Datuk Fateh Iskandar Tan Sri Mohamed Mansor said the projects are expected to generate a total gross development value (GDV) worth RM3 billion.
He said the 13 projects, comprising a mix of three townships, residential and commercial projects are all located in strategic areas in the Klang Valley.
Its ongoing projects include Suria Stonor, Plaza Kelana Jaya, Plaza Glomac, Lakeside Residences, Bandar Saujana Utama, Sri Saujana and Taman Kota Laksamana. Total GDV for these projects is about RM1.7 billion.
Speaking after the company’s annual shareholders meeting in Petaling Jaya yesterday, Iskandar said work on the RM550 million Glomac Tower is scheduled to start early next year.
Other projects to be launched in 2008 include its mixed commercial project in Jalan Damansara worth RM500 million, Glomac Galleria, an RM85 million commercial development in Desa Sri Hartamas and a gated mixed development project in Bangi, with a GDV of about RM120 million.
“The group anticipates a bright earnings outlook ahead. We also have more than RM700 million worth of products for sale this year,” Iskandar said.
He said Glomac has been scouring for more land in the Klang Valley and is looking for projects abroad, such as India and Vietnam.
For its year ended April 30 2007, Glomac made a net profit of RM32.2 million, 18.3 per cent lower than the RM38.1 million previously, but on the back of a higher revenue of RM293.3 million.
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