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Monday, October 25, 2010

Glomac unit buys 18 Suria Stonor apartments for RM38.41m

KUALA LUMPUR: GLOMAC BHD is acquiring 18 units of apartments at the Suria Stonor Condominium project, which was developed by its unit Glomac Regal Sdn Bhd in July 2008, for RM38.41 million.

In a filing to Bursa Malaysia on Monday, Oct 25, Glomac said its wholly-owned subsidiary Berapit Pertiwi Sdn Bhd had entered into sale and purchase agreements with Dekad Darat Sdn Bhd and Progressive Berg Sdn Bhd for the proposed acquisition.

It said the acquisition of the apartment units represented an excellent investment opportunity with strong potential for quick turnaround.

"As the transaction is a bulk purchase, the acquisition is priced at a approximate discount of 35% to the last transacted price of RM1,000 per sq ft for comparable properties at Suria Stonor.

"As the developer of the project, Glomac is familiar with the product and believes strongly in the saleability of the condominiums in the secondary market at prevailing market prices," it said.

By The EDGE Malaysia

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