By Sharen Kaur
sharen@nstp.com.my
Published in NST on November 16, 2012
KUALA LUMPUR: Glomac Bhd, a property developer and investment group, aims to build more Grade A office towers in the Klang Valley as part of its expansion, its chief says.
Group managing director and chief executive officer Datuk FD Iskandar Mansor said there is a trend now where multinational companies are moving out of the central business district.
"We anticipate more demand for Grade A office towers. As a developer, if there is demand, we will definitely put up more towers," Iskandar said recently.
Glomac caused a stir in the market in the late 2007 when it sold an A-Grade office tower opposite the Petronas Twin Towers, which was recorded as the highest priced commercial transaction per sq ft in town.
The 40-storey Glomac Tower was sold en bloc to Kuwait Finance House and a private company for a record price of RM1,120 per sq ft or RM577 million. This was the first major en bloc deal for Glomac.
The tower was built by Glomac Al Batha Sdn Bhd on a 0.5ha property, which it acquired for about RM1,000 per sq ft from the Tan family of the Continental Hotel group.
Glomac Al Batha is a 51:49 joint-venture firm between Glomac and Al Batha Group, respectively, one of the largest private business concerns in the United Arab Emirates.
Glomac is currently developing Glomac Damansara, which comprises four high-rise towers - two each for residential and commercial.
While the group has retained one of the office towers for its own use, the second tower with 25 floors was sold to Lembaga Tabung Haji for RM170.73 million in 2009.
Glomac had said that the en-bloc sale to financially strong institutions such as Tabung Haji was part of its strategy to reduce sales risks for new projects.
Sales for residential towers have reached 85 per cent to 90 per cent.
Since its set-up, Glomac has completed properties worth over RM4 billion in total sales value.
From managing just over three projects a year, Glomac now has over 10 ongoing projects including well- received townships Saujana Utama in Sungai Buloh, Saujana Rawang in Rawang and various residential and commercial developments focused in Greater Kuala Lumpur.
Iskandar said Glomac is mulling to build office towers at some of the on-going projects in Greater Kuala Lumpur.
Moving forward, Glomac is entering into a new phase of growth as it is in the midst of launching more than RM1 billion worth of properties per year.
sharen@nstp.com.my
Published in NST on November 16, 2012
Group managing director and chief executive officer Datuk FD Iskandar Mansor said there is a trend now where multinational companies are moving out of the central business district.
"We anticipate more demand for Grade A office towers. As a developer, if there is demand, we will definitely put up more towers," Iskandar said recently.
Glomac caused a stir in the market in the late 2007 when it sold an A-Grade office tower opposite the Petronas Twin Towers, which was recorded as the highest priced commercial transaction per sq ft in town.
The tower was built by Glomac Al Batha Sdn Bhd on a 0.5ha property, which it acquired for about RM1,000 per sq ft from the Tan family of the Continental Hotel group.
Glomac Al Batha is a 51:49 joint-venture firm between Glomac and Al Batha Group, respectively, one of the largest private business concerns in the United Arab Emirates.
Glomac is currently developing Glomac Damansara, which comprises four high-rise towers - two each for residential and commercial.
While the group has retained one of the office towers for its own use, the second tower with 25 floors was sold to Lembaga Tabung Haji for RM170.73 million in 2009.
Glomac had said that the en-bloc sale to financially strong institutions such as Tabung Haji was part of its strategy to reduce sales risks for new projects.
Sales for residential towers have reached 85 per cent to 90 per cent.
Since its set-up, Glomac has completed properties worth over RM4 billion in total sales value.
From managing just over three projects a year, Glomac now has over 10 ongoing projects including well- received townships Saujana Utama in Sungai Buloh, Saujana Rawang in Rawang and various residential and commercial developments focused in Greater Kuala Lumpur.
Iskandar said Glomac is mulling to build office towers at some of the on-going projects in Greater Kuala Lumpur.
Moving forward, Glomac is entering into a new phase of growth as it is in the midst of launching more than RM1 billion worth of properties per year.
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