MENARA PRESTIGE (formerly Glomac Tower) | Kuala Lumpur ( KLCC - Jalan P. Ramlee) | 36F | Completed

[paw25694]

wow!! beautiful!!

[pedang]

[XNeo]

finally a new office building near klcc.
the design is nice...but its should be taller than the residence building..
50++ would be nice.
syg sekali....

[pedang]

Lot c , ta3 & new tabung haji tower juga office building

[MasonicStage™]

excellent project!

[choon]

So when is the last day for Rum Jungle?

[dengilo]

Its interesting this preposed site is so narrow!!!I am sure those rum jungle guys are just counting the days before they have to shut down.

[pedang]

Glomac lines up property launches worth RM1.2b

June 27 2007

GLOMAC Bhd plans to launch several property projects with a total gross development value (GDV) of RM1.205 billion in 2007/2008, its group executive chairman Tan Sri Datuk F.D. Mansor said.

“We are going to be kept very busy. The group has several projects lined up that will drive our earning growth over the next few financial years,” he said in a statement today.

For a start, it would launch the Glomac Tower project early next year, with a GDV of RM550 million.

This will be followed by the launch of the first phase of a mixed commercial development project comprising shop offices, office suites and serviced apartments with an estimated development value of RM500 million.

Other new projects to be launched include the Glomac Galleria, a RM85 million commercial development in Desa Sri Hartamas and a gated mixed development in Bangi with a GDV of about RM120 million.

“Over the past two years, the group has added another RM2 billion worth of new residential and commercial projects into our expanding portfolio,” Mansor said.

The group’s unbilled sales to-date stand at a record of RM358 million.

The group has more than RM700 million worth of products for sale this year, comprising commercial and high end residential properties.

Glomac reported an unaudited pre-tax profit of RM19.5 million for the fourth quarter ended April 30, 2007, on the back of RM109 million in revenue. — Bernama

[nazrey]

Witnessed by Deputy Prime Minister Datuk Seri Najib Tun Razak, the development of Glomac Tower will see the union of foreign and local investors in a bid to expand development possibilities not only in Malaysia but abroad.

Group Managing Director for Glomac Bhd, Datuk FD Iskandar FD Mansor said the company were in discussions with Al Batha Real Estate Co.

Glomac and Al Batha Real Estate Co have established Glomac Al Batha Sdn Bhd to spearhead the development of the Grade A office tower which will be located at the corner of Jalan Pinang and Jalan P.Ramlee. The 40-storey tower which includes two levels of food and beverage facilities and four basement car park levels is scheduled for construction in the first quarter of 2008.

The construction of the tower, which has an estimated gross development value of RM 450 million, will take approximately 30 months to complete and will be boost in confidence for investors from the Gulf region.

Al Batha Real Estate vice-chairman Sheikh Salem Mohammad Sultan Al-Qasimi said, he hoped the relationship with Glomac would lead to more property developments here. Glomac has a 51% stake in the joint venture

[ZaHiRnYa???]

so..it mean Rum Jungle will be history by next year...

[triple-j]

one jungle that dept of environmental (DOE) don't mind if it is to be destroyed in the name of development...ha ha

[baqthier]

Originally Posted by ZaHiRnYa???

so..it mean Rum Jungle will be history by next year...

or maybe move to another location? The name is too catchy

[dengilo]

I got a funny feeling they moving just across the road to that old apts!!!

[pedang]

Glomac Tower reflects shift

Glomac Bhd is steering away from township projects to focus on high-end properties in the city centre

By S.C. CHEAH

GLOMAC Bhd has two major commercial developments worth a combined gross development value (GDV) of RM1.1bil that will see it move towards high-end, niche residential and commercial properties in the Klang Valley.

The projects are the 40-storey, Glomac Tower in the Kuala Lumpur City Centre (KLCC) area and Glomac Damansara, a mixed commercial and residential development in Damansara Kim, Petaling Jaya. Both have a GDV of RM550mil each.

Vice-chairman Datuk Richard Fong said Glomac Tower, initially to be kept for rental income, would be the group's first office building and the second high-end development in the city centre.

The first was Suria Stonor. The luxurious condominium near KLCC, launched 18 months ago, is 90% sold. The price has shot up from RM680 per sq ft (psf) to RM1,100 psf, a gain of about 60%.

“We will keep Glomac Tower for investment purposes. However, we are open to offers and may consider selling the whole building if the price is right,” he told StarBiz.

The 1.3-acre freehold land at Jalan P. Ramlee and Jalan Pinang was bought for about RM1,000 psf six months ago from the Tan family of the Continental Hotel group.

“It was a new record (price) at that time. We are lucky to buy this piece of land as the value has now appreciated to RM1,300 psf. That's a 30% gain within six months,” Fong said.

The 168m iconic tower with a good view of the Petronas Twin Towers is being developed by Glomac Al Batha Sdn Bhd, a joint-venture company between Glomac Bhd (51%) and Al Batha Real Estate Company (49%), a member of the Al Batha group, one of the largest private business groups in the United Arab Emirates.

Asked why Glomac was building an office building and not a condominium, Fong said there were already many condominiums in Kuala Lumpur but there was an “acute shortage” of grade A office buildings.

Fong said the building plans had not been approved yet. “We hope to complete it in three years,” he said, adding that the construction cost was around RM200mil.

“Assuming we sell it at RM1,000 psf, it could fetch us RM550mil (in sales),” he said, adding that there was currently an anomaly between the price of office buildings and condominiums. Instead of the former being more expensive, it is the reverse.

For example, he said, the proposed ONE KL condominium in the KLCC area was recently reported to be selling for RM1,600 psf, 60% more than the RM1,000 psf estimated for Glomac Tower.

Fong said Glomac Tower, with a net floor area of more than 500,000 sq ft, would have four levels of elevated car park and four levels of basement car park. Net area per floor is above 17,000 sq ft. There will be two retail floors, 30 office floors and three sky restaurant floors, including a unique open-air rooftop restaurant.

Glomac Tower will be built in compliance with the requirements of the Multimedia Super Corridor (MSC) so that an application could later be made for MSC status.

Its building automation system will include an energy efficient air-conditioning system that saves electricity by making its own ice.

Meanwhile, a seven-acre piece of land - near Desa Kiara condominiums - was bought by Glomac for its Glomac Damansara project two weeks ago for RM150 psf.

It will have two blocks of six and eight-storey shop offices, a 15-storey block shop office with a three-storey podium, a 31-storey tower block with three-storey podium and a 29-storey service apartment with podium. There will be about 3,000 car park bays.

Glomac's aggressive drive to snap up prime land reflects its shift from township developments to projects that yield higher profit margins.

Fong said: ”Over the last two months we have received a lot of enquiries from foreigners like Singaporeans, Europeans and Koreans,” he said, adding that Malaysian condominium prices were 10% the price of condominiums in Singapore some of which had hit S$4,000 psf.

[dengilo]

Good News Guys they started work!!Rum jungle and the building next to it is being demolish at the moment!I still cant get over how small this patch of land
for a building that tall!

[KING BOB]

That is quite small for a 40 story building, but whats rum jungle???? i have no idea what it is.

[ZaHiRnYa???]

Originally Posted by KING BOB

That is quite small for a 40 story building, but whats rum jungle???? i have no idea what it is.

pub and disco

[fairul]

tak sempat say bye bye to rum...so there goes the disco where u can sweat a lot! hehehe

[patchay]

Originally Posted by ZaHiRnYa???

pub and disco

pub + disco = nightclub

In Aussie pub is pub. Bar is like fine dine restaurant sometimes with pub also.
Club is big pub that opens until 5.00am.

[nazrey]

The proposed Glomac Tower in Kuala Lumpur's Golden Triangle.
It will be Glomac's first commercial development within the city centre