An artist impression of Primrose, one of Glomac’s housing projects in Saujana KLIA, Selangor. The developer posted better results due to the higher take up rates for its projects.

PETALING JAYA: Glomac Bhd’s strategic combination of offering the right products and using non-conventional marketing strategies has paid off. 

The property developer adapted to the current environment by initiating aggressive digital marketing campaigns to complement its conventional sales strategies, which effectively boosted sales and conversions, according to a press release.

“The group also collaborated with the Maybank Islamic HouzKEY home financing solutions to provide more benefits to buyers, offering 100% financing, non-payment during the construction period and competitive rates with low monthly payments. 

“Operationally, the group successfully completed construction and handed over the keys to the buyers of Tresna Teruntum, Saujana Perdana in April 2021. This is a testament to the operational strengths of Glomac and a commendable achievement given the disruption in construction activities brought about by the Covid-19 induced movement control order (MCO),” it said. 

During the year, Glomac achieved new sales of RM231mil despite being hampered by the Covid-19 pandemic. Notably, new sales were driven by strong take-up rates from new phases launched in FY2021. 

The double-storey terrace houses launched at Saujana Perdana were appreciated by the market, with 90% of Tresna Trianda and Mawar Sari and 60% of Dahlia Sari taken up. 

The group revenue experienced an increase of 98% to RM115.4mil and profit before tax surged to RM20.9mil. The strong performance was largely driven by the pick-up in construction activities post-MCO, leading to higher progress billings from Glomac’s ongoing projects. 

On the company front, Glomac’s earnings visibility is expected to be robust, backed by unbilled sales of RM578mil. 

Looking forward, Glomac will continue to pace its new launches strategically, leveraging on a strong development portfolio with a potential estimated gross development value of RM8bil that will sustain the group for the coming years. 

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