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Discussion Starter · #1 ·

Glomac to Launch RM 2b Scheme in Puchong

KUALA LUMPUR: Glomac Bhd will soon launch a RM2 billion property project in Puchong (Glomac Puchong) as the foundation of its RM7.4 billion target in gross development value (GDV) from ongoing projects as well as launches in the pipeline.

Datuk FD Iskandar FD Mansor, group managing director and CEO, told a news conference during Invest Malaysia 2012 yesterday that Glomac Puchong, with a potential GDV of RM2 billion, will be the group’s single largest project.

The Puchong project’s size will surpass the group’s present total GDV of RM1.46 billion. Glomac had RM588 million in unbilled sales as at end-January.

Iskandar said the group will continue to seek new landbank within the greater KL area, which still shows strong demand for residential properties. He added that Glomac is keen to expand in overseas markets, especially Thailand and Indonesia. But the changing regulations and present market conditions made Glomac take a more conservative stance, Iskandar said, adding that the group is presently operating in Thailand and Melbourne, Australia.

Glomac is in the process of finalising the acquisition of 81ha of land in Puchong for RM77 million, for the Glomac Puchong project. It is also wrapping up another 81ha in Sungai Buloh for RM44 million.

13,977 Posts
Discussion Starter · #3 ·
Glomac to finish Lakeside transformation in 6 years

RESOUNDING RESPONSE : Serviced apartments, condominiums, shop offices planned

GLOMAC Bhd plans to build serviced apartments, condominiums and shop offices on the commercial land near its current development at Lakeside Residences.

A shopping mall is also being planned, said Glomac group managing director and chief executive officer Datuk F.D. Iskandar Mansor.

The company is confident to fully develop Lakeside Residences within six years.

"Once Lakeside Residences matures in two or three years time, we plan to build serviced apartments, condominiums and shop offices in the nearby commercial land. We may even put up a mall," Iskandar said in a statement.

Located within the popular growth corridor of Puchong, Glomac's flagship Lakeside Residences development has so far been well-received by property buyers.

The third phase of the development, called Symphony at Lakeside Residences, was launched last Friday via balloting, where more than 800 individuals registered their interest for the 139 residential units.

There were full take-up rate for non-Bumiputera units.

Symphony is an 81ha guarded development with a gross development value of RM107 million.

The Symphony units are two-storey houses priced at RM728,000 onwards and are expected to be completed by the end of next year.

The earlier launch of Phase 2, called Sonata, Lakeside Residences, was fully sold within a day via balloting in September last year.

"The outlook for our development in Puchong is overwhelming. Purchasers have faith in the location of our project as well as its overall concept," Iskandar said.

Centrally located within Puchong's thriving commercial hub, the lakeside living residences are sited amid the lakeside clubhouse and recreational facilities with open green parks and community focal points, such as a half Olympic-size infinity pool, parks, recreational area and jogging paths.

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