Glomac scouts for more land in KLCC area

GLOMAC Bhd may buy more land within the Kuala Lumpur City Centre (KLCC) area to develop high-end properties, executive vice-chairman Datuk Richard Fong said.

“We are scouting for strategic land areas but the price must be right,” Fong told Business Times in an interview in Kuala Lumpur recently.

He was speaking at the handover ceremony of Suria Stonor, Glomac’s RM380 million condominium project in Persiaran Stonor, Kuala Lumpur.

Suria Stonor is Glomac’s flagship development in Kuala Lumpur and the most expensive project in its 20-year history.

The units are 95 per cent sold and the project has met its profit forecast, Fong said without revealing details.

Half of the units were bought by Singapore’s ING Real Estate Fund in 2005.

Launched in September 2005, it has two blocks of 23-storey and 24-storey respectively, featuring luxury “bungalows-in-the-sky” with eight triplex penthouses, 28 duplex condominiums and 78 single-floor units.

The project is on a 0.84ha freehold plot that was bought in 2004 for RM430 per sq ft (psf). The land price in the area is reaching RM2,000 psf, he said.

Fong expects profit from Suria Stonor to flow in this financial year ending April 30 2009.

Suria Stonor offers four units per floor with sizes of between 3,000 sq ft and 9,000 sq ft, each serviced by a private lift. The market prices for each unit now range from RM4 million to RM11.7 million, which is double its launch price.

By New Straits Times (by Sharen Kaur)