Glomac Bhd is anticipated to record more new sales in the fiscal year 2023 (FY2023), thanks to the launch of new projects and the sale of active ones like Plaza @ Kelana Jaya and 121 Residences.
To date in FY202, new sales total RM160 million.
In the first half of the fiscal year 2023, Glomac recorded new sales of RM106 million, mostly as a result of the launching of properties at Bandar Saujana Utama, 121 Residences, Lakeside Residences, and Plaza @ Kelana Jaya.
In a note released today, MIDF Research said that the prospective monetisation of inventory might also drive new sales growth in FY2023.
Glomac is targeting new launches with a total gross development value (GDV) of RM510 million in the second half of FY2023.
Phase one of GreenTec in Puchong, with a GDV of RM340 million, is one of the major launches, which is expected to take place in the fourth quarter (Q4) of the financial year 2023 pending approval from the authority.
GreenTec is an integrated residential complex with an RM1.57 billion gross development value.
According to MIDF, Glomac intends to introduce 980 units of SOHOs and serviced flats, with an average size of 450 to 750 square feet and an average price of RM350,000.
Other launches during the second half of FY2023 include affordable high-rise apartments at Lakeside Residence with a GDV of RM70 million and double-storey terrace houses at Saujana KLIA with a GDV of RM100 million.
"Post-update with the company, we remain upbeat on new sales prospects for Glomac in the near term driven by its planned launches in the second half of FY2023. We maintain our "buy" call on Glomac with a target price (TP) of RM0.48.
"We remain positive on Glomac due to its positive new sales outlook underpinned by its strategy of selling properties within an affordable price range," said the research firm.