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Monday, April 2, 2012

Glomac still on lookout for land banks in Greater KL

KUALA LUMPUR: Glomac Bhd, which recently acquired two parcels of land in Klang for RM44 million, is still on the lookout for good land banks in the Greater Kuala Lumpur area.

Glomac senior manager for group corporate communications Fara Eliza FD Mansor said the company is always scouting for good areas as its focus is very much on the Greater Kuala Lumpur area.

"We are always on the lookout and recently the company announced the acquisition of two parcels of leasehold land totalling 80ha, adjacent to Bandar Saujana Utama.

"The new land allows Glomac to capitalise on the success of its flagship township and raises the company's total estimated gross development value (GDV) of current and future projects to RM6 billion," she told Business Times, after the launch of Reflection Residences on Saturday.

The 39-storey Reflection Residences in Mutiara Damansara is a freehold serviced apartment project with a GDV of RM270 million.

"We have sold 70 per cent of the units there and the balance are still up for grabs," she added.

Currently, Glomac has a total of 11 ongoing projects, comprising a range of mixed developments in Greater KL and in Johor Baru.

"We are looking into expanding into Iskandar (Malaysia) but that is something that we haven't decided on yet," she said.

Fara added that the group continued to achieve healthy profit growth and its balance sheet is strong, with RM353.5 million in cash as at January 31 this year.

By Business Times

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