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Old August 20th, 2007, 07:44 AM   #1
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KUALA LUMPUR | Glomac Tower | 168m | 36 fl | Com

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
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Old August 20th, 2007, 07:45 AM   #2
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Glomac Tower joins the elite
TheStar Biz April 12, 2007

KUALA LUMPUR: It's a matter of being at the right place at the right time for Glomac Bhd's first commercial development in Kuala Lumpur.

Glomac Tower, a Grade A office building, will soon join other high-rise buildings in the city and be among the rare few to have an address near the much sought-after Kuala Lumpur City Centre (KLCC).

Many high-rise buildings have flourished in the area over the past few years but none is dedicated as office building.

Group managing director Datuk FD Iskandar FD Mansor told StarBiz: “Since the Asian financial crisis 10 years ago, there are not many Grade A office towers within the vicinity of KLCC.

“One can argue that there are many office buildings in Kuala Lumpur along Jalan Sultan Ismail and Jalan Tun Razak, but nothing beats a location that is known to all.

"Having an office tower in KLCC is a location that is second to none; in fact (it's the) best in Kuala Lumpur.”

The 40-storey Glomac Tower, with a gross development value (GDV) of RM450mil, has 500,000 sq ft of net lettable commercial and retail space.

The tower would be sold off, preferably en bloc. Iskandar is optimistic given the interest shown by the various parties that wanted to own a building in the area, which was hard to come by.

“We have met some (parties) over the past two months. Foreigners and locals have registered their interest,” he said.

The tower fits the company's core brand values of innovation, reliability and caring, and is designed for better efficiency and productivity of its tenants.

Glomac is known to deliver innovative designs in its commercial development that are of value to buyers. For example, Plaza Kelana Jaya, which is sited by a lake and has dual frontage, gives retailers maximum exposure.

Iskandar said all of Glomac's commercial projects had been completed ahead of schedule and had always appreciated in value because their designs were both functional and attractive.

Placing emphasis on location, Glomac bought a seven-acre site in Jalan Damansara last December. The planned project, surrounded by Taman Tun Dr Ismail, Damansara Kim (Section 20) and Desa Kiara condominiums, will comprise mainly commercial, retail and office space when fully developed.

Iskandar said the project would be divided into three phases, scheduled for launch in the first quarter 2008.

“We will first develop six-, eight- and 10-storey shop-offices and office suites, followed by serviced apartments (with estimated units of 250 to 300). The last phase will be an office block,” he added.

The properties under this project will be sold at a slight premium due to its location in a very mature area, with an estimated GDV of RM550mil.

Iskandar said Glomac would continue to strive for innovation with its latest products, bringing something fresh and exciting to each location.

Meanwhile, Glomac will be having a promotion next month to reward buyers with prizes when they buy any of its properties. It will be working with partners to provide a choice of gifts for redemption.
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Old August 20th, 2007, 07:45 AM   #3
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Old August 20th, 2007, 07:47 AM   #4
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Glomac Tower reflects shift
Monday July 2, 2007
By S.C. CHEAH




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


Quote:
Glomac Bhd is steering away from township projects to focus on high-end properties in the city centre
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.
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Old August 20th, 2007, 07:48 AM   #5
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Rendering

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Originally Posted by pedang View Post


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Old August 20th, 2007, 07:52 AM   #6
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Old August 20th, 2007, 07:54 AM   #7
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The Site

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Old August 20th, 2007, 08:14 AM   #8
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by nazrey

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Old August 20th, 2007, 08:36 AM   #9
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Old August 20th, 2007, 08:14 PM   #10
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as nice as this looks, the computer impressions really make this look a lot shorter, it doesn't look anything near 168m, probably 100m at most. Are there better clearer renders because the street lamps are as tall as the building.
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Old August 21st, 2007, 05:00 AM   #11
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-edited-

Last edited by nazrey; December 20th, 2007 at 05:33 AM.
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Old August 22nd, 2007, 12:15 PM   #12
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Old August 22nd, 2007, 12:16 PM   #13
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Old August 23rd, 2007, 02:48 PM   #14
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A very nice tower!
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Old August 26th, 2007, 04:58 PM   #15
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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.
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Old August 29th, 2007, 08:17 AM   #16
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Quote:
update..
by Binder.donedat

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Old September 12th, 2007, 08:36 AM   #17
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Glomac will be busy for next 4 years
By Azlan Abu Bakar
August 30 2007

GLOMAC Bhd's nine ongoing projects and four to be launched early next year will keep the company busy for the next four years.

Group managing director Datuk Fateh Iskandar Tan Sri Mohamed Mansor said the projects are expected to generate a total gross development value (GDV) worth RM3 billion.

He said the 13 projects, comprising a mix of three townships, residential and commercial projects are all located in strategic areas in the Klang Valley.

Its ongoing projects include Suria Stonor, Plaza Kelana Jaya, Plaza Glomac, Lakeside Residences, Bandar Saujana Utama, Sri Saujana and Taman Kota Laksamana. Total GDV for these projects is about RM1.7 billion.

Speaking after the company's annual shareholders meeting in Petaling Jaya yesterday, Iskandar said work on the RM550 million Glomac Tower is scheduled to start early next year.

Other projects to be launched in 2008 include its mixed commercial project in Jalan Damansara worth RM500 million, Glomac Galleria, an RM85 million commercial development in Desa Sri Hartamas and a gated mixed development project in Bangi, with a GDV of about RM120 million.

"The group anticipates a bright earnings outlook ahead. We also have more than RM700 million worth of products for sale this year," Iskandar said.

He said Glomac has been scouring for more land in the Klang Valley and is looking for projects abroad, such as India and Vietnam.

For its year ended April 30 2007, Glomac made a net profit of RM32.2 million, 18.3 per cent lower than the RM38.1 million previously, but on the back of a higher revenue of RM293.3 million.
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Old September 12th, 2007, 08:36 AM   #18
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Earth Work Update!
by Ethaniel83


Last edited by nazrey; September 17th, 2007 at 09:41 AM.
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Old September 16th, 2007, 06:00 PM   #19
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by Ethaniel83


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Old September 20th, 2007, 10:06 AM   #20
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