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Wednesday, September 30, 2009

Glomac plans projects worth RM550m

Property developer Glomac Bhd is looking to launch at least three new developments for the financial year ending April 30 2010, with a combined gross development value (GDV) of over RM550 million.

Group managing director Datuk FD Iskandar is optimistic that the local property market will improve by the second half of next year to boost sales.

It plans to launch the second phase of its RM180 million Glomac Cyberjaya project by the middle of next month.

The second phase comprises 24 units of shop offices with a GDV of RM50 million.
Glomac bought 8.1 acres of land in Cyberjaya in 2008 and was the first to offer three-and-half-storey shop offices there.

Also in the pipeline is a commercial project on 1.3 acre freehold land in Mutiara Damansara, Selangor, which has an estimated GDV of RM250 million.

The development, surrounded by the commercial hubs of Ikea, Tesco and The Curve, will encompass retail spaces, office suites and a corporate office.

Glomas will also launch the second phase of the Plaza Kelana Jaya, a land that formerly housed the famous Kelana Seafood Centre.

Iskandar said Glomac aims to launch the fourth phase of the Plaza Kelana Centre with a GDV of some RM250 million.

"The development will be on a 3.2 acre freehold land that includes an office block, a neighbourhood shopping mall and office suites," he told Business Times yesterday.

Also in the plans are the launch of another phase at its Saujana Utama township in Sg Buloh, Selangor, in November.

"In this financial year, we are looking to launch at least three new phases," said Iskandar, adding that two phases have already been launched this year with the first sold out and the second up to 90 per cent sold out.

Iskandar also revealed that Glomac is close to acquiring at least two new landbanks before the year-end.

He said the company is talking to several parties to acquire land namely in the Klang Valley for commercial development.

He said the new land will be small in size, but have a high GDV and fast turnaround of about four to five years.

By Business Times (by Rupinder Singh)

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