According to group managing director and chief executive officer, Datuk FD Iskandar, Glomac is currently in talks with two potential buyers.
"The investors, a combination of both foreign and locals, are looking at the project in totality," he said yesterday on the sidelines of Invest Malaysia.
Meanwhile, Glomac, a medium-size developer with market capitalisation of around RM550 million, expects to increase the value of existing projects in hand from RM1.4 billion to RM7.4 billion, as it introduces new developments.
Glomac is buying more land in Greater Kuala Lumpur, despite global economic uncertainties and volatilities in the market.
The company is expected to close a deal soon to buy 84ha in Puchong for RM77 million. It is also buying 84ha in Sungai Buloh for RM45 million, to expand its ongoing Bandar Saujana Utama township there.
"Barring any unforeseen circumstances, we hope to launch the project in Puchong by year-end, or early next year. The project will have a GDV of RM2 billion. We expect another RM2 billion from the extension of Bandar Saujana township," Iskandar said.
Iskandar is bullish on the property market, adding that demand for landed properties is still going strong.
"Property is the only commodity, where 97 per cent of the time, it grows in value. People will stop buying only if they don't have confidence in the economy.
"Although the world economic is struggling, property demand, especially for landed properties, is still holding very strong," he said.
On earnings, Iskandar said Glomac will post record net profit this year. For the first nine months of its financial year, net profit rose 32.2 per cent to RM63.5 million compared to the previous corresponding nine-month period.
This surpassed the company's full-year net profit of RM63 million, for fiscal 2011.
By Business Times
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