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Tuesday, October 13, 2009

Glomac: We'll sell office towers en-bloc if offers meet our price

GLOMAC Bhd says it is willing to sell en-bloc its seven office towers under development to improve its earnings and develop future projects.

The property developer has this year alone sold two office buildings - Wisma Glomac 3 and Block B of Glomac Business Centre - for RM72.6 million

"If we do have offers (for any of the office towers) that meet our price then we will sell," group managing director Datuk FD Iskandar told Business Times recently.

He said Glomac is talking with several parties who are interested in buying the office blocks.
"There is now, suddenly, a demand for office towers outside of Kuala Lumpur's central business district," he added.

He said Glomac is also close to finalising the sale of a 25-storey building at its Glomac Damansara project.

"Hopefully within a month we should be able to make an announcement of a very substantial sale in probably Glomac Damansara first. Its almost a done deal," he said.

A recent Business Times report stated that Glomac intends to sell a 30-storey corporate tower in Glomac Damansara to a government agency for RM200 million.

The upmarket RM800 million Glomac Damansara development in Petaling Jaya also has another 15-storey office tower, including two 25-storey serviced apartment blocks, five- and eight-storey shop offices, nine- and 11-storey office suites and a hybrid retail mall.

Glomac is now marketing the RM75 million 15-storey office tower on an en-bloc basis.

By Business Times (by Rupinder Singh)

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