Glomac cuts sales target

KUALA LUMPUR: Glomac Bhd is cutting its property sales target by half for fiscal 2010 as the global economic downturn hit buyers’ confidence, said a top executive on Tuesday.

The property developer aimed to sell houses, shoplots and offices worth about RM400mil in the year to April 2010, down from its previous target of RM800mil, said managing director Datuk Fateh Iskandar Mohamed Mansor.

“At this moment in time, looking at the weak take-up rate of our properties, I have to be conservative,” he told Reuters in an interview.

The company was in “advanced talks” to sell en bloc a 25-storey corporate tower at Glomac Damansara, a mixed commercial and residential development, said Fateh.

The building had a market value of about RM170mil, he said.

“We hope to complete the sale by the end of the year. If that happens, these are bonuses,” said Fateh.

By Reuters