PROPERTY developer Glomac Bhd is on track to grow its net profit by 30 per cent in this fiscal year ending April 30 2012.

“We expect to perform much better this year with profit after tax growing by 30 per cent,” chief operating officer Tan Boon Chuan said at the launch of the company’s latest project, Glomac Centro here, on Saturday.

Tan is confident of a better showing this year based on strong take-up rates for its properties as well as a high unbilled sales of RM588 million.

The company’s RM63.5 million net profit attributable to shareholders for the first nine months ended January 31 2012 has surpassed the company’s full-year net profit attributable to owners of the company of RM63 million, ended April 30 2011.

For the current financial year, Glomac is set to launch about RM1.5 billion worth of properties with a sales target of RM500 million.

Next week, the developer is slated to launch the RM270 million Reflection Residences located in Mutiara Damansara.

Tan said Glomac has close to RM6 billion worth of property projects that would keep the company busy for the next eight years.

The newly-launched phase 1 of Glomac Centro comprises two-storey shop offices and 29-storey serviced apartments with a gross development value (GDV) of RM370 million.

Glomac Centro sits on 3.1ha land in Bandar Utama, Damansara, and is scheduled for completion in 2015.

The GDV for shop offices is RM120 million, while the GDV for the serviced apartments is RM250 million.

The 54 units of shop offices that were pre-launched at the end of last year received positive response with more than 50 per cent take-up rate.

The serviced apartments consist of 344 units and going for an average of RM550 per sq ft, or from RM596,700 onwards.

At the close of trading on Friday, Glomac shares were unchanged at 0.87 sen, with 650,000 shares traded.

Source and picture by: Business Times

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