Glomac Bhd is gearing up to enhance its property sales by launching nearly RM460 million worth of residential and commercial properties in the financial year of 2025 (FY2025). This includes new phases of double-storey homes in its existing township developments such as Serai@SBCR in Sungai Buloh, Saujana KLIA, and Saujana Jaya in Kulai, Johor.
At a press conference held yesterday at Menara Glomac, Group Managing Director and Chief Executive Officer Datuk Seri Fateh Iskandar Mohamed Mansor announced that Glomac's shareholders had approved a final single-tier dividend of 1.25 sen per ordinary share for the financial year ending 30 April 2024. He noted, "Glomac has been profitable every year since its listing in 2000, even during the Covid-19 pandemic when profits declined. We consistently paid dividends."
With a strong financial position, large capital reserves, and a landbank with a gross development value (GDV) of RM7 billion, Glomac is optimistic about its growth prospects. The company has also launched a Sukuk Wakalah Programme, with a limit of up to RM3 billion. The proceeds will be used for land acquisitions, refinancing, working capital, and Shariah-compliant business expansions. The first issuance, up to RM250 million, is currently in the works.
Glomac is also exploring new ventures, including the waste-to-energy sector, according to Iskandar. "While our primary focus remains property development, we are open to synergistic opportunities, especially in areas like waste-to-energy, which requires significant capital investment and the cooperation of local councils."
On the topic of foreign workers, Iskandar addressed the government's plans to mandate minimum wage and EPF contributions for foreign employees. He suggested a phased implementation by 2026, allowing employers time to adapt, as the construction industry heavily relies on foreign labour for various skilled jobs.
In addition, Iskandar praised the government's allocation of RM900 million for the Programme Residensi Rakyat (PRR) and Rumah Mesra Rakyat housing schemes in Budget 2025, aimed at first-time homebuyers. However, he expressed a need for increased funding and suggested that private developers, including Glomac, are willing to offer land to the government to build more affordable homes. "There's still a shortage of affordable housing, particularly in high-demand areas."
Following the Q&A session, the company's focus returned to property development, with continued expansion planned for the next few years.
