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Saturday, August 20, 2011

Glomac eyes KLIFD deals with UAE partner

Kuala Lumpur: Glomac Bhd says it may bid for contracts to develop the Kuala Lumpur International Financial District (KLIFD) with its partner, the Al Batha Group.

Glomac and Al Batha, one of the largest private business concerns in the United Arab Emirates, currently have a 51:49 joint venture to develop Glomac Tower in Kuala Lumpur.

Group managing director cum chief executive officer Datuk FD Iskandar FD Mansor said Glomac is also keen to work on Bandar Malaysia, a KLIFD twin development in Sungai Besi, and the 1,335-hectare rubber research institute land in Sungai Buloh.

"We have not submitted any proposals for these projects but would be interested if we are invited," Iskandar said in an interview with Business Times recently.

Meanwhile, Glomac will launch its own projects worth about RM3.8 billion over the next few years, mostly in the Klang Valley.

The company will launch RM1.2 billion worth of projects in its current financial year ending April 30 2012. It has launched half the projects so far.

Iskandar said he is upbeat on the industry outlook, which he anticipates will strengthen with government spending and population increase.

He said the RM52 billion to be spent on the mass rapid system will stimulate the economy.

"The degree of confidence in Malaysia has dropped a little compared with last year but people have money and are spending. The banks are also flush with money.

"Launches in the last two months have been stronger, especially for landed properties. So we are confident of our projects, which mostly are landed residential units in the Klang Valley," he said.

Next month, the company will launch the second phase of its RM450 million Glomac Cyberjaya project.

By early next year it will launch the first phase of its RM400 million project in Bandar Utama, called Glomac Utama, and serviced apartments in Mutiara Damansara, worth RM250 million.

At its ongoing townships in Sungai Buloh and Rawang, Glomac has RM380 million and RM500 million worth of properties to launch respectively, over the next several years.

By Business Times

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