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Monday, April 27, 2009

Glomac mulls expanding Sg Buloh township project

PROPERTY developer Glomac Bhd may expand its ongoing 440ha Bandar Saujana Utama township project in Sg Buloh, Selangor, as demand soars.

The RM1.3 billion township, which is 80 per cent developed, is focused on providing affordable homes priced from RM230,000 to RM400,000.

During an economic downturn, houses in that price range usually move faster.

Glomac has 88ha of undeveloped land within the township but it will use it to build terraced houses, semi-detached homes, shopoffices and apartments, worth RM90 million, from early 2010.

Thus, it would need to buy land to build more houses within the township if it decides to expand it.

Corporate communications director Fara Eliza Tan Sri FD Mansor said Glomac has offers from banks, landowners and receivers, to buy 40ha to 200ha of land, surrounding the township.

"We are considering the offers. This is a matured township and there is soaring demand for properties. The township has attracted civil servants, who are not severely affected by the recent economic downturn," Fara said.

She said the 400ha Universiti Teknologi Mara (UiTM) in Puncak Alam would be a catalyst for further growth at the township.

Bandar Saujana Utama, which now has a population of 60,000, began in 1998 via a joint venture with private landowners.

When Glomac first started on the project, it had 80ha. The company formed a joint venture with the farmers association to accumulate 200ha, while 160ha was bought from private landowners.

Year to date, Glomac has built and sold RM970 million worth of properties.

Fara told Business Times during a recent tour at Bandar Saujana Utama that the township contributes RM8 million to 10 million a year to the company's gross profit.

She said under construction are 208 units of semi-detached homes, priced from RM398,000, and 84 units of single and double-storey shopoffices, worth more than RM252,000 each. Glomac is also building 85 units of double-storey terraced houses, priced from RM252,800 to RM428,730.

Fara said 65 per cent of the terraced houses were sold within three months from the launch last November. She expects a similar take-up rate for the semi-detached homes which will be launched in May or June.

By Business Times (by Sharen Kaur)

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