GLOMAC Bhd says it is gearing up to launch RM530 million worth of new projects over the next four to five months. For the current financial year ending April 30, the developer expects to launch projects worth RM790 million, collectively.
“We have launched RM397 million worth of properties and sold RM164 million so far in the first half of our financial year. This is good as the whole of last year we sold RM214 million worth of properties.
“More launches are coming in the affordable sector,”said Glomac group managing director and chief executive officer Datuk Seri FD Iskandar.
FD Iskandar said the new launches will take place in Saujana KLIA, Saujana Rawang, Saujana Perdana in Sungai Buloh, and Saujana Jaya in Kulai, Johor.
“We are also launching shop offices in our Lakeside Residences in Puchong, and in Plaza @ Kelana Jaya,” he said.
Plaza @ Kelana Jaya has a total gross development value of RM360 million.
The freehold project is located at the former Kelana Jaya Seafood Centre, which was closed in 2008.
Kelana Jaya Seafood Centre, once a prominent landmark in Petaling Jaya, closed after 18 years in business. The land on which it is located was sold by the PKNS (Selangor State Development Corp) to Glomac Segar Sdn Bhd on April 1 2008.
In the same year, Glomac Segar was acquired by Glomac.
The proposed plan back then was to extend the existing Plaza Kelana Jaya development that would comprise shop-offices, office suits, serviced apartments and a shopping mall. The project was scheduled to be launched in 2009, but put on hold due to unforeseen circumstances.
The new plan for Plaza @ Kelana Jaya features two residential towers (Tower A and B) with a total of 696 apartment units, and 16 units of three-storey shop-offices.
Tower A was launched in August and is about 70 per cent sold while Tower B was launched about two months ago and sales have reached 40 per cent.
“For us, sold means the sale and purchase agreements have been signed. We sold the units in Tower A at RM700 per sq ft (psf), while those in Tower B were sold at RM750 psf.
“The unique selling point for the project is that it is a freehold development and one of the last you will find in this area. It is in a prime location, fronting the LDP (Damansara-Puchong Expressway) with easy access to other major roads. We also have a lake at the back,” said FD Iskandar.
Plaza @ Kelana Jaya is within close proximity to Kelab Golf Negara Subang, Giant Hypermarket, PKNS Sport Complex, Paradigm Mall and the Kelana Jaya light rail transit station.
Glomac is responsible for several successful developments in Kelana Jaya such as Kelana Business Centre, Kelana Centre Point, Dataran Glomac, Plaza Glomac and Glomac Business Centre. They are located either in SS7 or SS8 areas and were completed from 1996.
FD Iskandar said a project with the right product, right pricing and in the right location would never go wrong no matter what the market situation is.