Glomac calls for stamp duty exemption for home upgraders
The developer is keeping its RM371 million FY2027 launch plan, with scope to accelerate projects if market conditions improve.
Homeowners selling their only property to purchase a larger home should qualify for stamp duty exemptions, Glomac Bhd has proposed. Datuk Seri FD Iskandar, the group's managing director and chief executive officer, raised the proposal after its annual general meeting.
To illustrate the proposal, Iskandar described a newly married couple who first bought an apartment, then sought a landed home as their family grew. He said the exemption should be available to owners selling their sole home to upgrade.
On development costs, Iskandar said the industry's profit margins had fallen from around 30% to the mid-teens. Developers faced higher construction expenses but had limited scope to raise prices because of buyers' affordability constraints.
He put construction cost increases at 5% to 9% for landed properties and 15% for high-rise developments. Earthworks and infrastructure expenses rose about 30%, mainly because of higher diesel prices. Developers were adjusting designs and seeking denser projects to offset these pressures, he said.
Iskandar said demand for landed housing remained resilient, while buyer interest in commercial properties had recovered. Glomac's planned launches remain at RM371 million for FY2027, which ends on April 30, 2027, though better market conditions could prompt it to accelerate launches.
Projects launched so far total RM163 million, and a further RM208 million is planned for the third quarter. Iskandar said bookings during FY2027's first five months improved year-on-year, without disclosing a sales target.
Previously launched unsold properties amounted to about RM130 million, putting available inventory together with planned launches at approximately RM500 million. Shareholders approved a FY2026 final dividend of 1.38 sen per share, payable on Dec 16.
