Glomac sells proposed 25-storey office block to Lemabaga Tabung Haji for RM170.7m

KUALA LUMPUR: GLOMAC BHD is disposing of a 25-storey office block at Glomac Damannsara to Lembaga Tabung Haji for RM170.73 million.

Glomac said on Tuesday, Nov 17 it had signed a sale and purchase agreement with the pilgrims fund to dispose of the building, known as Tower D with 444 car park bays.

It said the property is to be developed over part of a freehold land measuring about 2.762 hectares. The development order was obtained on Sept 24, 2009.

Glomac said the Property would be completed and handed over to Lembaga Tabung Haji within 36 months from the date of the building plan approval.

"The proposed sale will immediately enhance Glomac’s future earnings visibility and substantially reduce Glomac’s working capital requirements for the
development of this project.

"The en-bloc sale to financially-strong institutions such as Lembaga Tabung Haji is part of Glomac’s strategy to reduce sales risk for new projects as well as to further enhance the overall marketability of Glomac Damansara," it said.

By The EDGE Malaysia (by Joseph Chin)