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Wednesday, March 4, 2009

Glomac plans to sell selected assets

PROPERTY developer Glomac Bhd is planning to sell several commercial property assets in Selangor, sources said.

It is learnt that the company is talking to foreign funds and potential buyers from the Middle East, Pakistan, Europe, Australia and Malaysia.

Sources said Glomac is looking to sell a 12-storey office tower in Glomac Business Centre for RM25 million to RM30 million, and a commercial block in Kelana Business Centre for RM30 million. Both buildings are currently tenanted.

A company source said Glomac will plough back the sales proceeds for new developments to expand its business.
"Despite the gloom and doom, there are people keen to buy properties to build their investment portfolio. At a time like this, en bloc deals are more suitable. So as a developer, we will continue to look for buyers and build," the source told Business Times.

In January, Glomac had inked a deal with Perbadanan Nasional Bhd to sell its 13-storey fully-tenanted Wisma Glomac 3 in Kelana Centre Point for RM50 million.

Glomac is also looking for buyers for its yet-to-be-built properties along Jalan Damansara, in Mutiara Damansara and Kelana Jaya.

At Jalan Damansara, it plans to sell 10 units of five-storey and two units of eight-storey commercial blocks, and a 15-storey corporate tower for RM140 million.

They form part of its RM800 million Glomac Damansara project. The properties will be constructed upon signing sales and purchase (S&P) agreements with the respective buyers.

It is learnt that Glomac had signed several S&Ps with local individual investors for a few of the five-storey blocks.

Glomac is negotiating with foreign firms to sell the remaining blocks and tower.

In Mutiara Damansara, Glomac is planning to sell a 150,000 sq ft corporate tower and office suites with 120,000 sq ft of space, and retail lots covering 40,000 sq ft worth a combined RM250 million.

It also wants to sell a 20-storey office tower, a 10-storey office suite and a three-level mall worth RM250 million in Kelana Jaya, on land previously used by Kelana Seafood Centre.

By Business Times (by Sharen Kaur)

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