By Sharen Kaur
sharen@nstp.com.my
Published in NST on October 17, 2012
KUALA LUMPUR: Glomac Bhd, a medium-size developer, is seeking mergers and acquisitions (M&A) as part of its growth strategy.
Group managing director and chief executive officer Datuk FD Iskandar Mansor said Glomac is on new growth phase and will look at M&A as one of its avenues for expansion.
This may involve acquiring smaller real estate firms and local boutique developers, he added.
"For now, we are looking at acquiring land in Greater Kuala Lumpur and elsewhere like Johor.
"Iskandar is a hot market now. Even Penang is relatively hot. We will go where there is demand. Right now, Klang Valley has the strongest demand," Iskandar said.
Glomac, which has a market capitalisation of around RM600 million, has some 400 hectares with expected RM7 billion in gross development value (GDV) over the next seven to eight years.
The company is planning to launch new projects with GDV of RM1.13 billion in its current financial year ending April 30 2013.
Iskandar expects Glomac to achieve record sales for the rest of its current fiscal year, led by Glomac Damansara, Lakeside Residences, Bandar Saujana Utama and Saujana Rawang.
For the first quarter ended July 31 2012, Glomac recorded new sales of RM212 million, 100 per cent more than the same quarter last year. Its unbilled sales was another record high of RM763 million.
"It will keep on improving thanks to all our existing projects. We will also see improvements in earnings, moving on to 2013," Iskandar said after its shareholders' meeting yesterday.
Glomac posted a strong first quarter net profit of RM21 million, a 17.3 per cent gain compared with the same period last year. Revenue for the quarter under review rose 26.1 per cent to RM161.1 million.
Iskandar is also upbeat on the property market.
"There was turbulence in the first two months of this year because of Bank Negara Malaysia's ruling but things have improved. As long as domestic demand is strong, the market will be stable," he said.
"We see stronger demand for residential landed properties now. When we launched Phase One of our RM2 billion Glomac Puchong, all the units were snapped up within two hours," he added.
Phase One comprised 105 units of double-storey terrace houses with GDV of RM75 million, or around RM700,000 each.
sharen@nstp.com.my
Published in NST on October 17, 2012
This may involve acquiring smaller real estate firms and Malaysian boutique developers
 |
Group managing director and chief executive officer Datuk FD Iskandar Mansor said Glomac is on new growth phase and will look at M&A as one of its avenues for expansion.
This may involve acquiring smaller real estate firms and local boutique developers, he added.
"For now, we are looking at acquiring land in Greater Kuala Lumpur and elsewhere like Johor.
Glomac, which has a market capitalisation of around RM600 million, has some 400 hectares with expected RM7 billion in gross development value (GDV) over the next seven to eight years.
The company is planning to launch new projects with GDV of RM1.13 billion in its current financial year ending April 30 2013.
Iskandar expects Glomac to achieve record sales for the rest of its current fiscal year, led by Glomac Damansara, Lakeside Residences, Bandar Saujana Utama and Saujana Rawang.
For the first quarter ended July 31 2012, Glomac recorded new sales of RM212 million, 100 per cent more than the same quarter last year. Its unbilled sales was another record high of RM763 million.
"It will keep on improving thanks to all our existing projects. We will also see improvements in earnings, moving on to 2013," Iskandar said after its shareholders' meeting yesterday.
Glomac posted a strong first quarter net profit of RM21 million, a 17.3 per cent gain compared with the same period last year. Revenue for the quarter under review rose 26.1 per cent to RM161.1 million.
Iskandar is also upbeat on the property market.
"There was turbulence in the first two months of this year because of Bank Negara Malaysia's ruling but things have improved. As long as domestic demand is strong, the market will be stable," he said.
"We see stronger demand for residential landed properties now. When we launched Phase One of our RM2 billion Glomac Puchong, all the units were snapped up within two hours," he added.
Phase One comprised 105 units of double-storey terrace houses with GDV of RM75 million, or around RM700,000 each.
No comments:
Post a Comment