Written by Financial Daily
Tuesday, 25 January 2011 11:36
KUALA LUMPUR: Glomac Bhd has further expanded its land bank after acquiring 200 acres in Puchong for RM77 million.
In an announcement to Bursa Malaysia yesterday, the company said its wholly owned subsidiary Glomac Alliance Sdn Bhd had on Jan 21 entered into a sale and purchase agreement with Score Option Sdn Bhd (receiver and manager appointed) for the purchase of the said property.
“The land is located about 900 metres off the right side of Jalan Puchong travelling towards Putrajaya/Cyberjaya from Jalan Kelang Lama, and is close to established development areas such as Pusat Bandar Puchong and Taman Perindustrian Puchong,” it said.
It is worth noting that the purchase of the land excludes residential units forming part of the buildings which have been sold to Austral Development Sdn Bhd; vacant lots sold by Austral; residential units sold by Glomac Alliance; and units sold by the previous proprietor of the land, namely Serangkai Emas Sdn Bhd (in liquidation).
Glomac said the purchase is in line with its core strategy of acquiring suitable development land bank within the Klang Valley with strong potential for prime and sizeable new developments.
“The land is strategic as it is relatively sizeable and hence ideal for a wider mix of products, and is in close proximity to Puchong’s established commercial hub whereby IOI Mall and Tesco Store are located in the immediate vicinity. The location is well serviced by several major highways such as Lebuhraya Damansara-Puchong (LDP) and Shah Alam Expressway (Kesas),” said Glomac.
In fact, Glomac had before this entered into a joint venture with Score Option to develop 90 acres — which is part of the 200 acres — in 2003.
The company said it had in 2005 launched the maiden phase of this development, known as “Lakeside Residences”, and has since successfully completed and handed over the properties to the purchasers.
However, as a result of a dispute with the vendor Score Option, the development of subsequent phases was put on hold despite the strong positive response to Phase 1, it added.
“The proposed acquisition will now allow Glomac to take full control of the 90 acres under the earlier joint venture agreement, and further extend its land bank in the same location to 200 acres, to further capitalise on the proven success of Phase 1 of ‘Lakeside Residences’,” said Glomac.
This article appeared in The Edge Financial Daily, January 25, 2011.
