Glomac Urges Stamp Duty Exemption for Home Upgraders

Quick Answer: Glomac Bhd (GLOMAC) managing director and chief executive officer Datuk Seri FD Iskandar wants the government to extend stamp duty exemptions to homeowners who sell their existing property to buy a larger home. He said developer margins have narrowed to the mid-teens from around 30%. The call matters to shareholders because it could support buyer demand for Glomac’s RM500 million of inventory and planned launches.

Glomac Bhd (GLOMAC) wants the government to extend its Glomac stamp duty exemption idea to homeowners who sell an existing house to buy a bigger one. Datuk Seri FD Iskandar made the call on Oct 22, after the group’s annual general meeting. His message: developers are squeezed, and upgraders are being left out.

Why Is Glomac Pushing for a Wider Stamp Duty Exemption?

Glomac chief urges govt to extend stamp duty exemption to home upgraders — Glomac urges government to extend stamp duty exemption to home upgraders

Iskandar used a newly married couple as his example. They buy an apartment first, then seek landed property as the family grows.

“But that’s your only property. You are selling your apartment to buy a landed property,” he said. “It should be open to everybody as long as they’ve got one house.”

Glomac Urges Stamp Duty Exemption for Home Upgraders — Photo: TheEdge

How Much Are Construction Costs Squeezing Glomac’s Margins?

Industry profit margins have narrowed to the mid-teens from around 30%, Iskandar said. Developers have little room to pass costs to buyers.

Landed property construction costs: up 5% to 9%
High-rise construction costs: up 15%
Earthworks and infrastructure costs: up about 30%, largely due to higher diesel prices

“Most developers now are actually taking a hit on their margins,” he said. “But buyers also, when you go above a certain threshold, they can’t afford to buy.”

Developers are reviewing project designs and seeking higher development densities to offset costs. Investors may want to watch how Glomac handles this, since it also tracks sector cost pressure through its AI Stock Analysis for Malaysians research approach.

What Is in Glomac’s RM371 Million Launch Pipeline for FY2027?

Glomac is maintaining its RM371 million launch pipeline for the financial year ending April 30, 2027 (FY2027). It could accelerate launches if market conditions improve.

Launched so far: RM163 million
Planned for the third quarter: RM208 million
Previously launched but unsold: about RM130 million
Total available inventory and planned launches: approximately RM500 million

Property bookings in the first five months of FY2027 improved year-on-year. Glomac did not disclose a sales target.

Is Demand Recovering for Glomac’s Landed and Commercial Projects?

Demand for landed homes remained resilient despite rising costs. Commercial properties saw a recovery in buyer interest.

“Three years ago, nobody wanted to buy. Now, everybody wants to buy,” Iskandar said. All non-Bumiputera units in a commercial development launched last month have been taken up.

What Did Glomac Report for FY2026?

Revenue: RM226.2 million
Net profit: RM20.2 million, a net margin of about 8.9% (our calculation)
Unbilled sales at year-end: RM546 million
Final dividend: 1.38 sen per share, payable on Dec 16

The government has proposed a full stamp duty exemption for first homes priced up to RM500,000, a separate move that sits alongside Glomac’s request. Dividend-focused shareholders can compare payout timing in the Dividend Investing Guide.

Key Takeaways

Glomac wants stamp duty exemptions extended to homeowners who sell an existing property to buy a larger home.
Developer margins have narrowed to the mid-teens from around 30%, with earthworks and infrastructure costs up about 30%.
Glomac holds a RM371 million FY2027 launch pipeline and about RM500 million of total inventory and planned launches.
FY2026 net profit was RM20.2 million on revenue of RM226.2 million, with RM546 million in unbilled sales.
GLOMAC is one of the Bursa property stocks worth monitoring as launches and bookings develop.

📊 On AI Stock Terminal: GLOMAC quarterly results · GLOMAC announcements

Disclaimer: This article is for information only and is not investment advice. Do your own research before making any decision on Bursa Malaysia stocks.

Frequently Asked Questions

Does Glomac want stamp duty exemption for home upgraders?

Yes. Datuk Seri FD Iskandar urged the government to extend stamp duty exemptions to homeowners who sell their existing property to buy a larger home. He said it should be open to anyone who has one house.

What was Glomac’s FY2026 net profit?

Glomac recorded a net profit of RM20.2 million on revenue of RM226.2 million for FY2026. The group ended the year with RM546 million in unbilled sales.

How big is Glomac’s launch pipeline for FY2027?

Glomac is maintaining a RM371 million launch pipeline for FY2027. It has launched RM163 million so far and plans another RM208 million for the third quarter.

What dividend did Glomac approve for FY2026?

Shareholders approved a final dividend of 1.38 sen per share for FY2026. The dividend is payable on Dec 16.

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