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Thursday, October 1, 2009

Glomac goes for commercial, high-end residential projects

Property developer Glomac Bhd will focus on developing commercial and high-end residential developments such as the Suria Stonor in Kuala Lumpur City Centre as they offer better margins, its top official said.

"That is our forte ... our strength in actively putting out niche projects. For commercial properties, we see that the appetite is back," group managing director Datuk Fateh Iskandar Mansor said after the company's shareholders meeting in Kelana Jaya, Selangor, yesterday.

Glomac, which has 13 projects in hand worth RM3 billion, has lined up new launches for the current year, worth almost RM500 million.

"With the government stimulus packages, we see some improvements in the economy. I think the worst has past and things are stabilising," Fateh Iskandar said.
Glomac has in the pipeline projects worth more than RM2.5 billion to launch from 2010.

Fateh Iskandar said Glomac got off to a good start in the current year as it sold Wisma Glomac 3 and Block B of Glomac Business Centre for RM72.6 million.

The company is also seeing significant contributions from Glomac Tower, a Grade A commercial building in Kuala Lumpur which was sold to a Bumiputera firm for RM577 million in December 2007.

"We have received payments of RM290 million from the sale of the property. Glomac Tower would contribute to our earnings until 2012, but we have Glomac Damansara and Glomac Cyberjaya to anchor us," Fateh Iskandar said.

Meanwhile, Glomac group executive vice-chairman Datuk Richard Fong said the government is not doing enough to promote the sale of Malaysian properties to foreign buyers.

He said if the government can improve the Malaysia My Second Home programme, it would help stimulate the economy and drive property sales.

By Business Times (by Sharen Kaur)

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