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Monday, August 4, 2008

Glomac PJ complexes to be launched early 2009

PROPERTY developer Glomac Bhd is in the process of acquiring 1.28ha of freehold land in Petaling Jaya, Selangor, the site of the former Kelana Seafood Centre, to build a commercial complex.

Group executive vice-chairman Datuk Richard Fong Loong Tuck said the commercial complex will generate sales of RM250 million for Glomac, which is continuously seeking strategic land bank in Selangor and the Klang Valley for niche developments.

The commercial complex, which will overlook a lake and has yet to be named, will feature a three-level mall, a 20-storey office tower and an office suite.

"It is on the drawing board. We expect to launch it by January 2009," Fong told Business Times.

Glomac will also launch two office towers and a serviced apartment block worth RM200 million by early 2009 in the burgeoning Mutiara Damansara township in Petaling Jaya.

It recently acquired two adjoining freehold parcels totalling 115,755sq ft for RM38.69 million or RM334psf from Boustead Properties Bhd.

"We are excited over these new launches and are gearing up for more next year," Fong said.

While Glomac is optimistic on positive sales from the two projects, Fong said the developments will be affected by more expensive materials.

"We will be prudent with the developments and manage cost effectively," Fong said.

"We expect the projects to contribute significantly to Glomac's revenue and net profit from 2009," he said.

By New Straits Times - Business Times - (by Sharen Kaur)

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