daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old September 20th, 2007, 10:08 AM   #21
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

Quote:
Originally Posted by nazrey View Post
nazrey no está en línea   Reply With Quote

Sponsored Links
Old October 11th, 2007, 04:56 AM   #22
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

Quote:
nazrey no está en línea   Reply With Quote
Old November 3rd, 2007, 05:30 AM   #23
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

RM577m offer for Glomac Tower
Saturday November 3, 2007
By SHANNEN WONG


PETALING JAYA: Glomac Bhd’s joint venture (JV) company Glomac Al Batha Sdn Bhd received an attractive offer price of RM577mil for its 40-storey Glomac Tower next to Petronas Twin Towers, said AmResearch.

“An earnest deposit of 2% of the purchase consideration has been paid by Prestige Scale Sdn Bhd,” it said, adding that the company’s details were not disclosed.

The building, on which construction will start next year, sits on a 57,025 sq ft piece of land Glomac bought in November last year for RM1,000 per sq ft (psf), it said.

According to the report, the plot ratio obtained by Glomac was 12 times, hence using an efficiency ratio of 75%, the average selling price for Glomac Tower worked out to be circa RM1,120 psf, noting that this was a new benchmark for office space.

Analysts believe that the sale would have a positive impact on Glomac, seeing that it would free some working capital for Glomac, given the potentially high development cost, and the attractive selling price of around RM1,000 psf when there is no guarantee that the buoyant office cycle would hold up when the building is completed by 2011.

Assuming the rental cycle for prime office space in Golden Triangle holds at RM7 psf and a service charge of RM1.50 psf, the capital rate is circa 7%, said AmResearch.

Glomac Al Batha Sdn Bhd is a 51%: 49% JV between Glomac and Al Batha Group from United Arab Emirates. It was set up to jointly develop Glomac Tower, AmResearch said.

However, the research house is retaining its “hold” recommendation on Glomac with an unchanged target price of RM1.46, based on 15% discount to its net asset value estimates.

Meanwhile, another research house said the sale of Glomac Tower at RM577mil, which would be completed by year-end, is 15% higher than the research house’s projected gross development value (GDV) of RM500mil, although it was 4% lower than the management’s target GDV of RM600mil.

It added that the variance was largely due to the research house’s conservative assumptions on the project’s plot ratio of 10, compared with Glomac’s targeted 13.

The research house is maintaining its market perform rating on the stock.

Based on Bloomberg consensus, TA Securities Holdings Bhd and ECM Libra Avenue Bhd have a “buy” call on the counter, with a target price of RM2.10 and RM2.00 respectively.

The stock closed 3 sen higher at RM1.44 yesterday.
nazrey no está en línea   Reply With Quote
Old December 1st, 2007, 10:09 AM   #24
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

Glomac to sign S&P for tower project early-2008
By Jeeva Arulampalam
Published: 2007/11/27
BusinessTimes


PROPERTY developer Glomac Bhd hopes to sign the sales and purchase agreement for its yet-to-be-built Glomac Tower by early next year.

"While an offer of RM577 million was made, we are only ready to receive any offers once all the approvals are in place," said Glomac group managing director Datuk Fateh Iskandar Mohamed Mansor after the official opening of supermarket Central Mart in Glomac's Sungai Buloh township, Saujana Utama.

He said the buyer was Prestige Scale Sdn Bhd, which was affiliated to the national financial institution but declined to elaborate. "We will provide more details in a month or so," he added.

On building more Central Mart supermarkets, Fateh Iskandar said Glomac aims to have the supermarket in its Johor and Rawang townships.

"In Johor, we will try to do it within the next two years because the population of 10,000 is sufficient to support the existence of Central Mart," he said.

As for Rawang, it would be another four years before a Central Mart is developed there. The estimated cost of development for each Central Mart is RM9 million.

Fateh Iskandar added that he had tied up with Trendcell Sdn Bhd to develop Central Mart.

On overseas operations, he said Glomac will complete its due dilligence on a possible development in India and make an announcement by year-end. "We are looking at a gross development value of RM800 million for a township," he said.

He added that the company would consider selling its Australian and Thai investments if Glomac received offers with a capital appreciation of 20 per cent and above.

"We bought the building in Melbourne for A$30 million (RM89.1 million) and spent A$1 million (RM2.97 million) refurbishing it. Its present yield is eight per cent compared to six per cent before the refurbishment," he said.

"In Thailand, our 600,000 sq ft warehouse is fully tenanted with a rental yield of 13 per cent."

Glomac's overseas operations are expected to contribute 15 to 20 per cent to its revenue in three to four years.

He said that Glomac has future ongoing developments of RM3.3 billion, including a 2.83-hectare commercial development known as Glomac Damansara in Kuala Lumpur.
nazrey no está en línea   Reply With Quote
Old December 20th, 2007, 05:31 AM   #25
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

Location
by James Foong

nazrey no está en línea   Reply With Quote
Old December 20th, 2007, 05:36 AM   #26
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

Quote:
Originally Posted by nazrey View Post
by thomas pix

nazrey no está en línea   Reply With Quote
Old January 14th, 2008, 09:42 AM   #27
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

UPDATE:
Quote:
Originally Posted by rizalhakim View Post
13/1/08



nazrey no está en línea   Reply With Quote
Old March 13th, 2008, 05:29 PM   #28
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

The Site: Beside Marc Service Residence

nazrey no está en línea   Reply With Quote
Old April 5th, 2008, 01:32 PM   #29
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

PRESS RELEASE ON THE SALE OF GLOMAC TOWER TO PRESTIGE SCALE SDN BHD FOR A CONSIDERATION OF RM576,853,150.00
ISSUED BY GLOMAC
Friday 28/03/2008

Glomac Berhad (“Glomac”) A Reputable And Innovative Property Player Today Announced That Its Subsidiary, Glomac Al Batha Sdn Bhd (“GAB”) Had Entered Into A Sale And Purchase Agreement (SPA) With Prestige Scale Sdn Bhd (“the Purchaser”) For An En Bloc Sale Of A Grade A Office Tower In Kuala Lumpur. The Sale Was Transacted At Record Price Of RM1,120 Per Square Feet At RM576,853,150.00 At The End Of Year 2007.

Glomac Tower will be constructed on two (2) pieces of prime freehold land which is situated at the corner of Jalan Pinang / Jalan P Ramlee, a stone’s throw away from KLCC Twin Towers. The office tower development will consist of approximately a lettable area of 515,003.00 square feet. The construction work of this prestigious project is targeted to commence in April 2008 and will be completed within 42 months.

Glomac in a statement said, “The Sale will immediately enhance Glomac’ s future earnings visibility as well as provide funds for its working capital for future business expansion of the Glomac Group. Glomac also takes cognizance the high potential of the Sale considering the prime location of the project as well as the shortage and high demand of Grade A office buildings within the KLCC vicinity.”

Glomac acquired the land in Kuala Lumpur in December 2006 for RM58 million at a record price of RM1,000 per square feet. The land is currently charged to Kuwait Finance House (Malaysia) Berhad (“KFH”).

“Looking at the pipeline of projects and the healthy sales momentum we are experiencing, the Group’s financial performance should continue to improve. Although we will have more than twelve projects ongoing by the end of this
financial year, we are continuing our focus to seek out new opportunities for both residential and commercial developments to sustain growth into the longer term.”
Glomac Berhad today announced the group’s latest unaudited revenue of RM85.82 million and profit before tax of RM13.8 million for the quarter ended 31 January 2008. This brings the Group’s revenue and profit before tax for the first
nine months of its financial year ending 30 April 2008 to RM252.3 million and RM45.2 million respectively, translating to growth of 36.9% and 44.9% compared to the previous corresponding nine months ended 31 January 2007.

Glomac Al Batha Sdn Bhd Glomac Al Batha Sdn Bhd (“GAB”) is a joint venture between Glomac Berhad and Al Batha Group, a UAE based company. Glomac Berhad financial year ends every April
nazrey no está en línea   Reply With Quote
Old May 12th, 2008, 08:28 AM   #30
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724



nazrey no está en línea   Reply With Quote
Old June 2nd, 2008, 04:47 PM   #31
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

nazrey no está en línea   Reply With Quote
Old June 2nd, 2008, 04:50 PM   #32
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

by rizalhakim







nazrey no está en línea   Reply With Quote
Old June 14th, 2008, 08:18 AM   #33
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

by Ethaniel83

nazrey no está en línea   Reply With Quote
Old July 14th, 2008, 08:39 AM   #34
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

NOW U/C!
by rizalhakim





nazrey no está en línea   Reply With Quote
Old July 29th, 2008, 12:33 PM   #35
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

Glomac keen to build more Grade A office towers in KL
By Sharen Kaur Published: 2008/07/28




The developer is now scouting for land in Bangsar, Sri Hartamas, Damansara and the Kuala Lumpur city centre

DEVELOPER Glomac Bhd may build more Grade A office towers in Kuala Lumpur after its first such project was snapped up even before it started any work.

The company is now looking for land in prime areas like Bangsar, Sri Hartamas, Damansara and the city centre, group executive vice chairman Datuk Richard Fong said.

Glomac has sold the Glomac Tower in Kuala Lumpur, a 40-storey building next to the Petronas Twin Towers, to Prestige Scale Sdn Bhd, a company run by a local businessman for RM1,160 psf or RM577 million. The deal was done at the end of 2007.

"Glomac Tower is the first en bloc sale for us off the plans. We got an offer from Kuwait Finance House and Prestige we could not refuse as it was a good deal. We hit record price, which had set a new benchmark for Grade A office buildings for the city centre," Fong told Business Times in an interview recently.

The land was acquired last year by Glomac Al Batha Sdn Bhd for about RM1,000 psf from the Tan family of the Continental Hotel group.

Glomac Al Batha is a 51:49 joint-venture firm held by Glomac and Al Batha Group respectively, one of the largest private business concerns in the United Arab Emirates.

On the construction of Glomac Tower, foundation work will start in August and done in 12 months, followed by the main building, which will be completed by August 2011.

Fong said the project will be affected by higher raw material prices, but it has enough margins to cushion the increase in construction cost.

"We didn't anticipate the cost to go up by so much. The increase exceeded our expectations, but still we are able to make a handsome profit," he added.

Glomac Tower was initially worth RM450 million. It was revalued when the net floor area increased from below 500,000 sq ft to 550,000 sq ft, Fong said.

Glomac Tower will have 30 office floors, two retail and three sky restaurant floors including an open-air rooftop restaurant, four levels of elevated car park and four levels of basement car park.

It 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.
nazrey no está en línea   Reply With Quote
Old July 29th, 2008, 12:35 PM   #36
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

U/C

by rizalhakim




Last edited by nazrey; July 25th, 2009 at 08:38 AM.
nazrey no está en línea   Reply With Quote
Old August 22nd, 2008, 09:26 AM   #37
pedang
One Malaysia
 
pedang's Avatar
 
Join Date: Dec 2005
Location: Lembah Klang
Posts: 3,028
Likes (Received): 83

update

Quote:
Originally Posted by rizalhakim View Post




__________________
MALAYSIA
pedang no está en línea   Reply With Quote
Old August 23rd, 2008, 05:05 AM   #38
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

nazrey no está en línea   Reply With Quote
Old September 7th, 2008, 05:06 PM   #39
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

nazrey no está en línea   Reply With Quote
Old September 7th, 2008, 08:31 PM   #40
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 90,838
Likes (Received): 10724

nazrey no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 01:04 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu