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Wednesday, September 17, 2008

Goldis plans to build 'GTowers' overseas

SMART DEAL: 3com Malaysia country manager Marcus Lai (left) and Ng at the media conference.

GOLDIS Bhd plans to build more integrated buildings in Southeast Asia and China as it seeks to boost income.

These will be similar to its GTower building in Kuala Lumpur, a 30-storey building that has offices, a hotel and a club.

Goldis is already looking at a few locations in Singapore, Bangkok, Jakarta and Shanghai.

It is identifying strategic partners in each country to build four GTowers over the next 10 years, said Colin Ng, head of corporate investments.

"We are being opportunistic as the cycle for the property market is heading downwards. GTower integrates a hotel, office and club which will work well in urban areas," he said.

Ng was speaking to Business Times in Kuala Lumpur yesterday after Goldis' wholly-owned unit, GTower Sdn Bhd (GTSB) inked a deal with 3Com Corp for the deployment of 3Com intelligent building systems to power GTower's information communications technology (ICT) connectivity.

GTower is a 30-storey building at Jalan Tun Razak, Kuala Lumpur, encompassing a 180-room five-star boutique hotel, 112 CEO duplex office suites ranging in size from 2,500 sq ft to 7,200 sq ft and a club.

It is due to operate from April next year and will be retained for rental income.

GTower has attracted oil and gas majors, financial and IT firms, embassies and multinational companies as tenants.

GTSB is negotiating for a few contracts and hopes to sign a few long-term lease agreements soon.

GTower is Goldis' first Grade A++ project, which will be accorded MSC status by the end of this year, Ng said.

Grade A++ features two additional components than a Grade A property. It confers the property with green building status and means it is ICT ready with MSC specifications.

The building is the first carbon positive building in Malaysia, as it cuts carbon emissions.

GTSB is investing RM470 million in GTower and it hopes to recoup the investment in 10 years.

By New Straits Times (by Sharen Kaur)

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