Glomac Bhd will review its property launches due to current uncertainties in the market and the decrease in demand for medium-range residential properties. Managing director Datuk F. D. Iskandar said the company’s margins have been squeezed.

However, he added the company would continue with the launch of its high-end niche developments, as take-up rates for such projects had not been badly affected.

According to Iskandar, results for the year have been favourable despite the challenging conditions.

He noted that its township developments, Bandar Saujana Utama and Saujana Rawang, had recorded brisk sales, while its commercial developments in Sri Hartamas, Glomac Galleria, and early phases of the gated Bandar Sri Bangi registered 100 per cent take-up rates within months of being launched.

For the financial year ended April 30 (FY 2008), the group recorded sales of RM916 million, which includes the en bloc sale of Glomac Tower. Its unbilled sales stood at RM667 million.

Iskandar also revealed that the company would most likely launch its RM650 million Glomac Damansara in the next quarter. The first phase of the mixed development would comprise shop-offices and an office block.

Currently, the company’s land bank spans a total of 1,000 acres with a gross development value of about RM3.5 billion. On its new land bank is the latest phase of Plaza Kelana Jaya – the former Restaurant Kelana Seafood Centre site – which would be launched in 2009.

The company announced an unaudited revenue of RM71.6 million and pre-tax profit of RM4.9 million for the last quarter ended April 30. For FY 2008, it recorded a 10.4% growth in revenue to RM323.9 million, spurred by sales of Suria Stonor and Plaza Glomac projects. Its pre-tax profit stood at RM50.2 million and net profit at RM35.1 million, up nine per cent from FY 2007.

According to Iskandar, the group had also been invited by the Al Batha Group of the United Arab Emirates to diversify into the Middle East on a joint venture basis.