Glomac to launch RM750 mil Kulaijaya township by March 2015

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KUALA LUMPUR (Oct 17): Property developer Glomac Bhd will be launching its Kulaijaya development in Johor, with a gross development value (GDV) of RM750 million, by March 2015.

During a press briefing after the group’s annual general meeting today, Group Managing Director and CEO Datuk Seri FD Iskandar said the first two phases of the project will consist of landed affordable properties.

“We are trying to put up a new concept for that area. We are looking at things that have already been done in Greater KL, but not yet in Johor, for the same price range,” he said.

He said the approval process for the project is already in its final stages, adding that the planning permission will be granted by the end of 2014.

Meanwhile, Glomac expects to sustain its earnings for its current financial year ending April 31, 2015, as it has deferred some of its launches for the first half of the year due to the tightening measures imposed on the property segment.

“But now, after the recent Budget 2015 announcement, we are more certain. We know what can and cannot be done. We are going to aggressively launch our properties from November onwards,” he said.

The group has RM1 billion worth of launches for FY15 with 50% of its launches comprising landed properties, and has a land bank worth approximately RM8 billion in total GDV to support its growth over the next seven to eight years.

Glomac fell 1 sen to RM1.04 as at 3pm, for a market capitalisation of RM763.2 million.