GLOMAC Bhd has reported strong demand for landed properties, particularly in Johor and Selangor, compared to the stagnant market for high-rise units.

Glomac COO Zulkifly Garib said this trend is reflected in the success of Serai 1, the first phase of Glomac’s flagship development at Bandar Saujana Utama, which achieved a 90% booking rate.

Following this strong reception, Glomac has launched Phase 2, offering larger 22’ x 70’ terrace units, designed to meet the growing demand. The second phase is expected to build on the momentum established by Serai 1, catering to families seeking spacious, modern homes.

Despite strong demand for landed properties, Zulkifly acknowledged that rising construction and labour costs remain a significant challenge for the property sector.

“Labour costs are increasing due to higher wages and the implementation of initiatives like EPF contributions. This impacts construction costs, which in turn affects property pricing,” he said during a media briefing today.

Nevertheless, Glomac remains optimistic about the market’s recovery, even as it navigates these challenges.

The group is focusing on optimising its remaining land bank across key locations. In Bandar Saujana Utama, where 90% of the 1,200-acre township is already completed, Glomac is re-planning the remaining 30 acres of undeveloped land to align with market trends and evolving buyer needs.

Beyond Saujana Utama, the company holds significant land bank reserves, including 160 acres in Pulai, Johor, and 50 acres in Rawang, both of which are earmarked for future projects. Glomac is also exploring opportunities in Puchong, where commercial shop offices have seen strong market interest.

Zulkifly added that adapting to market realities remains a priority for Glomac as it refines its development strategies.

“We’ve been re-planning to ensure what we offer is in sync with the market. Launching outdated products doesn’t work anymore,” he said, explaining the absence of Glomac in the news.

By focusing on relevant, market-driven developments, Glomac aims to maximise the potential of its land bank while continuing to deliver quality housing that meets modern buyer expectations.

Source: The Malaysian Reserve