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Friday, October 1, 2010

Glomac mulls expanding Damansara project

Property developer Glomac Bhd is re-looking at the development of Glomac Damansara in Petaling Jaya, Selangor, to include another residential block worth some RM130 million, its chief says.

The RM820 million project comprises two 26-storey serviced apartment blocks, a 25-storey office tower, a 16-storey office building, five- and eight-storey shop offices, two 11-storey office suites and a hybrid three-level retail mall.

Glomac group managing director Datuk FD Iskandar said there may be some changes to the plan as it takes into account demand for new homes.

The two apartment blocks with 348 units worth RM250 million or more than RM600 per sq ft, will be launched in December. More than 2,000 people have registered for them, Iskandar said.
"If we can sell the units within a month, then we will make adjustments. What we will do is instead of having two 11-storey office suites, we will have one with 25 floors.

"The space for the second office suites will be converted into residences with another 150 units," he told Business Times yesterday, after the company's shareholders meeting in Kelana Jaya.

The changes will raise the gross development value of the project to RM1 billion.

Glomac has sold the 25-storey office tower to Lembaga Tabung Haji for RM171 million and the shop offices for RM58 million.

The group has 14 ongoing projects, and Glomac Damansara is its biggest development. Next year, it will have 16 projects in hand.

Iskandar also told reporters at a press conference earlier that Glomac has up to RM3 billion worth of projects to launch over the next four to five years.

It aims to launch some RM600 million worth of new products a year, he said.

Glomac, which has 400ha of land, is eyeing to buy more in greater Klang Valley. It is also eyeing some government land, Iskandar said.

By Business Times

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