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Friday, November 2, 2007

Glomac set to sell tower for RM 577m

By New Straits Times

An Artist's impression of the Glomac Tower

PROPERTY developer Glomac Bhd may sell its yet-to-be-built Glomac Tower to Prestige Scale Sdn Bhd for RM577 million.

"The purchaser has paid a sum equivalent to two per cent of the purchase consideration as earnest deposit," Glomac said in a statement to Bursa Malaysia yesterday.
It did not say who owns Prestige Scale. Glomac Tower is a 40-storey grade A office tower located next to the Petronas Twin Towers.

Construction is due to take off next year. The project is a venture between Glomac and Al Batha Group, one of the largest private business groups in the United Arab Emirates.

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