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Old July 1st, 2008, 10:55 AM   #1
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GLOMAC DAMANSARA | GLO DAMANSARA MALL | Kuala Lumpur ( Taman Tun Dr Ismail ) | 26 fl x 2, 25 fl, 16 fl | U/C

GLOMAC DAMANSARA

Quote:
Originally Posted by pedang View Post
Glomac to buy 2.76-ha Sg Penchala land for RM42m

Email us your feedback at fd@bizedge.com


Glomac Bhd via its wholly owned subsidiary, Glomac Damansara Sdn Bhd, is acquiring a 2.76-ha freehold land in Sungai Penchala, Kuala Lumpur from Yong Tiam Fook for RM42.51 million, for a proposed mixed development project.

In a statement on Dec 18, Glomac said the proposed acquisition was part of its strategy to increase its landbank in attractive and prime locations within the Klang Valley. It said the buy represented a good opportunity to strengthen its earnings base.

The company said the land, which is located along Jalan Damansara, opposite the existing SS20 housing area, would be used for a mixed development comprising of shop houses, office suites and service apartments.

Glomac said the proposed acquisition to be funded by internal funds and bank borrowings was expected to enhance its future earning prospects when the proposed development of the land comes on stream.

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Originally Posted by patchay View Post
Glomac out of its comfort zone
TheStar March 19
By ANGIE NG

GLOMAC Bhd is excited about the potential for greater market visibility with its line-up of more interesting residential and commercial projects worth some RM1.2bil over the next three years.

The group is looking at growth of between 15% and 20% a year and is confident of sustaining a dividend payout of 9 sen per share over the next two financial years. For the first-half year ended Oct 31, 2006, Glomac recorded net earnings of RM8.4mil and revenue of RM124.9mil.

Unbilled sales of more than RM300mil and new product launches worth over RM700mil are expected to improve the company’s earnings visibility for the current financial year ending April 30.

The nearly completed Suria Stonor and Glomac Boulevard projects will also contribute to higher earnings outlook.

In the year ended April 30, 2006, net earnings totalled RM38.1mil on revenue of RM285mil. Property development contributes more than 90% of the group’s earnings, with the balance from property investment.

Glomac has more than RM108mil invested in commercial properties, mostly office space in the Klang Valley, which yields annual rental income of RM8mil a year.

According to group managing director Datuk F.D. Iskandar, the absence of new “impactful” projects in the last two financial years was the main reason for the group’s uninspiring performance.

Most of the launches in the last two years were mainly in existing township products. Realising this shortcoming, the management is initiating greater efforts to reverse the lull period for Glomac and ensure the group gets into the spotlight again.

“The line-up of more niche developments that have higher margins and faster project turnaround time will do well to raise Glomac’s profile and performance once again,” he told StarBiz.

The success of Glomac Boulevard, which recorded an 85% take-up rate since its launch last year, has prompted the management to seriously look at increasing its exposure in the commercial property sector.

The commercial projects earmarked for launch this year comprise a Grade A office building within the vicinity of the Kuala Lumpur City Centre; a mixed development project in Jalan Damansara, and Glomac Galleria in Cheras.

The most outstanding project will be the 40-storey Grade A office block fronting the Mandarin Oriental Hotel with more than 500,000 sq ft in net lettable space.

“We are excited on the project’s potential as the shortage of Grade A office space in Kuala Lumpur is still quite acute. At a conservative monthly rental of RM8 to RM9 per sq ft, the building can offer net yield of at least 9%,” Iskandar said.

The 1.6-acre land in Jalan Pinang was purchased in early December last year for RM58mil or RM1,000 per sq ft. Planned for launch early next year, the RM450mil building will most likely be sold en-bloc to an institutional buyer.

--------
From Glomac website



In this joint venture project with Al Batha Real Estate Co of UAE, there are plans to develop a Grade A office building on the corner of Jln P. Ramlee and Jln Pinang.

--------

The next project to be launched next year is a RM42.8mil mixed commercial development project along Jalan Damansara, adjacent to Taman Tun Dr Ismail, Kuala Lumpur.

The 6.8-acre project featuring shop offices, office suites and serviced apartments with saleable space of more than a million sq ft will generate a gross development value (GDV) of RM500mil.

--------
From Glomac website



One of the last freehold land in the prime area between Taman Tun and Damansara, look out for this space for latest updates on this development.

**directly behind Desa Kiara Condo, near TTDI cemetery and Tropicana City SS2

--------

Iskandar said the two commercial projects would be the main income drivers for Glomac for the next three to four years.

Meanwhile, Glomac Galleria on 1.3 acres in Sri Hartamas, comprising 16 units of 3½-storey shop offices and a 15-storey office tower, is targeted for launch later this year.

With net lettable area of 300,000 sq ft, the project will yield a GDV of RM120mil.

Glomac also plans to kick off a mixed development project on 28 acres in Section 8, Bandar Baru Bangi, next year. Comprising mainly double-storey terrace houses and 2- and 3-storey shop offices, the project is worth a GDV of RM120mil.

To diversify its earnings base, the group has also spread its wings overseas by investing in an office-cum-retail complex in Melbourne and a warehouse in Bangkok. Both are 50:50 joint ventures with Australian and Thai partners respectively.

Iskandar said the Aussie venture, which was formed in August last year, would yield annual rental income of RM6.9mil and offered good potential for capital appreciation or redevelopment. The 500,000-sq-ft warehouse in Bangkok has secured a 15-year lease with a multinational corporation that will provide an average yield of 11% a year.

“We are also pursuing other real estate deals in Vietnam and India to enhance the company’s long-term recurrent income and potential for capital gains,” Iskandar said.
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Originally Posted by pedang View Post
Glomac will be busy for next 4 years
By Azlan Abu Bakar
alan@nstp.com.my

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.

Last edited by TYW; January 23rd, 2011 at 06:28 AM.
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Old July 1st, 2008, 10:56 AM   #2
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Quote:
Originally Posted by patchay View Post
Sneak Preview of RM3.3billion Glomac Damansara

check out the twin tower
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Old July 1st, 2008, 10:57 AM   #3
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Old August 4th, 2008, 04:09 AM   #4
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Commercial push by Glomac
By Sharen Kaur Published: 2008/08/04




The builder is reacting to the saturated residential market by moving into integrated commercial developments, says its group executive vice-chairman


GLOMAC Bhd, unfazed by slow consumer spending, is launching new commercial properties worth RM1.1 billion over the next 12 months while most developers are postponing their launches.

As the residential market suffers from high fuel and raw material prices, Glomac's move to invest in commercial properties is seen as strategic due to demand, group executive vice-chairman Datuk Richard Fong Loong Tuck said.

"The residential segment seems to have reached a saturation point. We are reacting to the market, which is why we are moving into integrated commercial developments," Fong told Business Times in Petaling Jaya, Selangor, recently.

"Integrated projects offer higher profit margins. We have expertise in these developments and do not see why we should not move with the flow," Fong said.



Glomac had previously built Kelana Centre Point, Kelana Business Centre, Glomac Business Park, Plaza Kelana Jaya, Dataran Prima, Glomac Square and OUG Square on similar concepts.

Fong said Glomac will not only replicate them but include more lifestyle features for new launches.

"We are launching a few commercial projects. The most expensive is Glomac Damansara," Fong said.

The RM650 million project will be sprawled over 2.76 hectares of freehold land along Jalan Damansara and adjacent to Damansara Kim.

It will feature a 15- and 30-storey office tower, a nine- and 10-storey office suite, two 25-storey serviced apartment blocks, 12 units of multi-storey shop offices and a three-level hybrid retail mall.


The project, Fong said, will be developed in four phases from this year for completion by end-2011.

Phase one, launching this month (August), will see the structures of the shop offices and the RM131 million 15-storey office tower building up first.

The mall with net lettable area of 150,000 sq ft and worth RM161 million, and the two office suites valued at RM168 million is in planning stage. This phase two project will be launched early next year.

The third and fourth phases will comprise the serviced apartments and the 30-storey office tower respectively and will be launched in late 2009.

Fong said the indicative proposed selling price for each serviced apartment unit is from RM600 per sq ft and around RM110 million per block.

The 30-storey office tower is worth RM185 million.

"We are open to selling the towers en bloc for sustainable development. The towers will attract European, Arab and local investors," he said.

Fong, who is also Malaysian chapter of the International Real Estate Federation (Fiabci) president, is optimistic on en bloc deals after selling Glomac Tower in Kuala Lumpur for RM577 million.

"We made a handsome profit from the sale. En bloc is something we will look at from now," he added.

Glomac also recently sold 20 units of four-and-a-half-storey shop offices in Sri Hartamas for RM100 million. But these were via open tenders.

The project, dubbed Galleria, will be constructed from August.

"The units were sold within a week from the tenders. We will consider this option to sell," Fong said.
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Old August 6th, 2008, 04:49 AM   #5
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The commercial project will be launching soon, the location at the border of Damansara Kim & TTDI.

And serviced apartments next year, price started from rm600psf...crazy dude!!!!
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Old August 29th, 2008, 04:15 AM   #6
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Glomac sees KL projects boosting 2009 earnings
By Sharen Kaur Published: 2008/08/29


Glomac has 400ha in Sg Buloh, Rawang and Johor, with earnings potential of RM3.5 billion.

While the three townships may not do well this year, Iskandar said he was confident of sales for its seven other projects.

Glomac has pockets of land in Selangor. It aims to launch Glomac Damansara, an integrated project, a commercial complex at the site of the former Kelana Seafood Centre in Petaling Jaya, and two office towers and a serviced apartment block in Mutiara Damansara for RM1.1 billion.

Group executive vice-chairman Datuk Richard Fong was optimistic that margins from high-end properties would cushion rising costs.

Glomac has plans to venture to the Middle East.

Fong said it may do this through its partnership with Al Batha Real Estate Co of the United Arab Emirates or with other developers in the region.
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Old August 29th, 2008, 05:32 AM   #7
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Glomac reviewing property launches


Iskandar said the RM650mil mixed development, Glomac Damansara, would likely be launched in the next quarter.

“The first phase will comprise shop/offices and an office block.


“We are also very excited about the new land bank we secured. We believe this latest phase of Plaza Kelana Jaya, where Restaurant Kelana Seafood Centre was formerly sited, offers strong potential for another commercial development. We expect to launch this project in 2009,” he said.
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Old September 4th, 2008, 08:12 AM   #8
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Old September 4th, 2008, 08:15 AM   #9
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http://www.glomac.com.my/property/pr...ory=COMMERCIAL
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Old September 8th, 2008, 05:34 AM   #10
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Glomac Damansara, Petaling Jaya (Introduction)

Location : Petaling Jaya (adjacent to Taman Tun)
Tenure : Freehold
Consists of : 15- and 30-storey office tower, a 9 and 10-storey office suite, two 25-storey serviced apartment blocks, 12 units of multi-storey shop offices and a three-level hybrid retail mall
Expected completion : 2011

Will be launched in phases :
1) Phase 1 - shop offices and the RM131 million 15-storeys office tower building
2) Phase 2 - mall with net lettable area of 150,000 sq ft and worth RM161 million, and the two office suites valued at RM168 million
3) Phase 3 - 2 towers of serviced apartments (25storeys)
4) Phase 4 - 30-storeys office tower

Indicated launch price for serviced apartments : From RM600 persf

Developer : Glomac

Glomac is also the developer responsible for Glomac Tower at KLCC, the plot right next to Marc Residences and opposite the Mandarin Oriental KL. It would seem that Glomac is highly geared into commercial launches now, with yet another one at Damansara, adjacent to Taman Tun. Glomac Damansara would have been a purely commercial component if not for the 2 towers of serviced apartments launched in between. This is not to say that the serviced apartments are of residential strata titles. They are in essence commercial titled as well, but with the purpose of residential living as with all other serviced suites. If the concept of malls, office blocks and serviced apartments intergrated into one development seems familiar to you, this is because it was earlier done by Tan & Tan at Mid Valley City. It is in fact repeated now with the launch of Bangsar South by UOA Holdings, though its success has yet to be seen. With Glomac Damansara, are we over-supplied with commercials and more commercials at this point in time? Well, we are all aware of the recent price hikes in fuel and raw materials. We are also aware that as a result, many businesses have suffered losses or at best break-evens. The lucky ones would be incurring less than usual profits margins. With this in mind, it would be logical to say that many businesses, or perhaps would be start-ups, will be wary of expanding their empires. As it is, it is hard enough maintaining their current expenses and profits without having to worry about more exposure. Will companies be likely to need more office and retail spaces then? I am not saying that there will be no demand whatsoever for commercial real estate, but it will make sense to assume that demand will not be at its best.

In fact, apart from Bangsar South and this Glomac Damansara, there is another similar commercial component coming up at Bandar Sri Damansara as well named Sri Suria. That is by TA Properties, and will be even larger with talks of a 5 star hotel included. TA Properties will also be the one responsible for the plot opposite Suria KLCC, where its former Idaman Residence show unit sits on, and that too will be similar to the projects earlier mentioned. With all these coming up, I sure hope that demand will chase up with supply. Let's not forget others like PJ Trade Centre at the Damansara Perdana enclave, or Sun Suria at Kota Damansara, also Neo Damansara at Mutiara Damansara and perhaps Tropicana City at SS2 or Damansara City at Damansara Heights. These are all commercials intertwined with hotels, residentials or retail malls. Can we really absorb in that much supply? Same argument with residentials, but at the very least, logic will once again argue that everyone needs a roof over their heads, and possibly more than one at that, but not with businesses. Not everyone runs businesses, and not every business needs more than one station. Let's not forget that there are small businesses and start-ups. Not every company is an empire.

So, with Glomac Damansara, will it succeed? I am with the opinion that it will take a long time before everything takes off. With its completion date in 2011, I am thinking that if demand is there, it will be by at least 2015 before you will see signs of activities. Even the super hot Dataran Sunway at Kota Damansara took about 2-3 years before it is what it is today. Commercial tenants tend to adopt the wait and see attitude before stationing themselves at an area. They need to see signs of human traffic, they need others to be their guinea pigs. They are not like residential tenants and home owners where moving in first will not be a problem as long as security is there. While a condominium tower will take some 1-2 years to be fully occupied, a commercial area will take at least 3-5 years before everything gets tenanted, what more when it is one of Glomac Damansara's calibre. So, if you are thinking of investing in here, HAVE HOLDING POWER. You have to be prepared for huge cash outflows for a long time before you break even. And with new commercial launches now, often launch prices are so high that it would be impossible to see rental surpluses after all expenses. So, again, you will be lucky if you can break-even each month. Do not be fooled by developers offering you free interest packages during the construction period when it comes to commercial purchases. This is not a residential unit, remember that. Once you get your keys, your expenses will start, and will continue on even when you do get your tenant. As for the serviced apartments here, your risk is if the malls and offices around you do not take off. If you are fine with that, no problem. Just don't get a unit with the nearby cemetery view.

http://investorsanonymous.blogspot.com/
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Old October 21st, 2008, 10:11 AM   #11
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Glomac Damansara, Kuala Lumpur

Glomac Damansara, the upcoming mixed commercial development by Glomac with an expected GDV of RM650 million is located between Taman Tun Dr. Ismail and the Sprint Highway and spans an expansive 500 metres along Jalan Damansara at the North-western edge of Kuala Lumpur.

Glomac Damansara comprises four key development components totaling
an impressive 1.6 million square feet, contributed by 5-storey and
8-storey shop offices, a 15-storey office block, 2 towers of service apartments, boutique retail and office suites, and 1 block of office tower. These live-work-play components will make Glomac Damansara a fully self-sufficient and self-contained environment.



* that piece of land actually comes under DBKL within Taman Tun DI
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Old October 21st, 2008, 10:19 AM   #12
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THE TWIN TOWER CONDO OKLAH NOT BAD BUT I LIKE THE OFFICE TOWER....WOULD BE BETTER IF ITS TALLER!!! BOXY BUT DIFNRT...
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Old December 10th, 2008, 09:12 AM   #13
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http://glomac.com.my/gd/project_brief.asp
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Old December 20th, 2008, 06:45 AM   #14
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Glomac peruntuk RM1b bangun projek baru

KUALA LUMPUR 19 Dis. – Glomac Bhd. (Glomac) memperuntukkan lebih RM1 bilion untuk melaksanakan projek- projek baru yang akan dilancarkan.

Pengerusi Eksekutif Kumpulan, Tan Sri FD Mansor berkata, antara rangkaian projek itu termasuk pembangunan komersial di Mutiara Damansara dan Plaza Kelana Jaya serta Glomac Damansara bernilai RM800 juta.

Selain itu, katanya, syarikat hartanah tersebut juga sedang mengatur perancangan bagi membangunkan Glomac Cyberjaya bernilai RM180 juta pada tahun depan.

‘‘Peruntukan sebanyak RM1 bilion ini akan kami laksanakan apabila keadaan ekonomi dan sentimen pasaran pulih,’’ katanya dalam satu kenyataan, di sini hari ini.

Dalam kenyataan tersebut, Glomac turut mengumumkan keuntungan sebelum cukai sebanyak RM25.7 juta untuk separuh pertama tahun kewangan berakhir 30 April 2009.

Syarikat itu memperoleh pendapatan sebanyak RM170.6 juta bagi tempoh yang sama.

FD Mansor menyifatkan pencapaian itu adalah memuaskan memandangkan persekitaran operasi yang mencabar.

‘‘Kumpulan ini berjaya menjana jualan sebanyak RM124 juta yang mana jualan belum dibil dikekalkan pada kadar tinggi berjumlah RM443 juta pada penghujung Oktober lalu,’’ ujarnya.

Projek Suria Stonor yang telah siap sepenuhnya menjadi penyumbang utama kepada kesel

uruhan jualan .
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Old March 4th, 2009, 05:00 AM   #15
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Glomac plans to sell selected assets
By Sharen KaurPublished: 2009/03/04




PROPERTY developer Glomac Bhd (5020) is planning to sell several commercial property assets in Selangor, sources said.

It is learnt that the company is talking to foreign funds and potential buyers from the Middle East, Pakistan, Europe, Australia and Malaysia.

Sources said Glomac is looking to sell a 12-storey office tower in Glomac Business Centre for RM25 million to RM30 million, and a commercial block in Kelana Business Centre for RM30 million. Both buildings are currently tenanted.

A company source said Glomac will plough back the sales proceeds for new developments to expand its business.
"Despite the gloom and doom, there are people keen to buy properties to build their investment portfolio. At a time like this, en bloc deals are more suitable. So as a developer, we will continue to look for buyers and build," the source told Business Times.

In January, Glomac had inked a deal with Perbadanan Nasional Bhd to sell its 13-storey fully-tenanted Wisma Glomac 3 in Kelana Centre Point for RM50 million.

Glomac is also looking for buyers for its yet-to-be-built properties along Jalan Damansara, in Mutiara Damansara and Kelana Jaya.

At Jalan Damansara, it plans to sell 10 units of five-storey and two units of eight-storey commercial blocks, and a 15-storey corporate tower for RM140 million.

They form part of its RM800 million Glomac Damansara project. The properties will be constructed upon signing sales and purchase (S&P) agreements with the respective buyers.

It is learnt that Glomac had signed several S&Ps with local individual investors for a few of the five-storey blocks.

Glomac is negotiating with foreign firms to sell the remaining blocks and tower.

In Mutiara Damansara, Glomac is planning to sell a 150,000 sq ft corporate tower and office suites with 120,000 sq ft of space, and retail lots covering 40,000 sq ft worth a combined RM250 million.

It also wants to sell a 20-storey office tower, a 10-storey office suite and a three-level mall worth RM250 million in Kelana Jaya, on land previously used by Kelana Seafood Centre.
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Old June 24th, 2009, 09:06 AM   #16
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Warm greetings from us at Glomac. We thank you for your interest in our Glomac Damansara development.

Glomac Damansara is strategically located between Taman Tun Dr. Ismail and the Sprint Highway, and spans an amazing 500 meters along Jalan Damansara at the North-western edge of Kuala Lumpur.

Glomac Damansara (freehold) comprises four key development components.

Phase 1 of Glomac Damansara presents 12 numbers of 5-8 storey shop office which is now open for sale. The selling price for the 5-storey shop office (en bloc) is from RM4 million and RM6.4 million onwards for the 8-storey shop office. The office units are opened for sale in strata and the selling price started from RM792,050 (built-up from 1,553 sqft).

Phase 2 represents a unique retail-commercial activity zone to complement the other components of Glomac Damansara. The 3-storey podium introduces an innovative "hybrid-mall" shopping experience, which provides a wide range of small to large retail units and showrooms. Above the podium rise 2 impressive commercial office blocks of 9 & 10 stories.

Phase 3 introduces the residential component of Glomac Damansara. Twin 25-storey serviced-apartment towers, featuring a total of 208 units rise boldly from a 3-storey podium base. The built-up area ranged from 1,400 sqft - 2,000 sqft with the indicative selling price of RM600psf. The service apartment is expected to be launched next year.

Phase 4 fulfills the demand for a corporate office component within Glomac Damansara. This towering 30-storey edifice, strategically positioned at the corner of the Sprint Highway will represent the iconic symbol of the project.
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Old July 1st, 2009, 11:58 AM   #17
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Old July 7th, 2009, 10:28 AM   #18
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Glomac slashes property sales goal
Published: 2009/07/07




MALAYSIA'S Glomac is cutting its property sales target by half for fiscal 2010 as the global economic downturn hit buyers’ confidence, said a top executive today.

The property developer aims to sell houses, shop lots and offices worth about RM400 million in the year to April 2010, down from its previous target of RM800 million, said its Managing Director Datuk Fateh Iskandar Mohamed Mansor.

“At this moment in time, looking at the weak take up rate of our properties, I have to be conservative,” Fateh told Reuters in an interview.

The company is in “advanced talks” to sell en bloc a 25-storey corporate tower at Glomac Damansara, a mixed commercial and residential development, said Fateh.

The building has a market value of about RM170 million, he said. “We hope to complete the sale by the end of the year. If that happens, these are bonuses,” said Fateh. - Reuters
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Old July 13th, 2009, 04:45 AM   #19
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Glomac hopes to sell half of properties in present campaign
Monday July 13, 2009
By EDY SARIF

KELANA JAYA: Glomac Bhd hopes to sell at least half of the RM400mil worth of properties offered under its current property campaign that ends this month, amid signs of a pick-up in demand for medium-price houses, said group managing director/chief executive officer Datuk FD Iskandar Mohamed Mansor.

“Since April, we have been seeing some pickup in the property market particularly for houses priced RM300,000 and below,” he said. “At the same time, banks are still providing loans and offering low interest rates.”

Glomac was offering “everything” from 11 property developments, from medium-price houses to high-end condominiums and commercial properties in its 21st Anniversary Property Campaign, he said.

“We are turning 21 this year, so we want to celebrate our achievement by giving 21 great rewards to our customers,” Iskandar told StarBiz during an interview recently, referring to freebies such as free kitchen appliances.

“Some of the properties have just been launched such as Seri Bangi and Glomac Damansara,” he said.

He added that given the current market conditions, the company needed to be realistic on sales targets and property launches.

“We have six new property projects to launch this year apart from 13 or 14 ongoing projects. Another three new commercial projects are being planned and will be launched when the market improves,” he said.

The company’s gross development value for its ongoing projects was RM2.8bil, which could last the company for a further five to six years, Iskandar said.

He noted that Glomac’s gearing ratio was also low at 0.1, and the company would try to contain it below 0.5.
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Old July 27th, 2009, 08:45 AM   #20
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