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| Reaching new heights in the property landscape | BorneoPost <b>...</b> Posted: 08 Oct 2011 07:11 PM PDT by Justin Yap. Posted on October 9, 2011, Sunday KUCHING: Over the decades the nation's property scene has been developing in leaps and bounds keeping abreast with the stringent demand of savvy property buyers. Taking this into account, Glomac Bhd has for the past 23 years been visionary in its development projects giving discerning buyers exactly what they require, it has been able to foresee requirements and has incorporated the 'little aspects' along with the basic amenities to thrust it projects into the premium market. Tracing its corporate history back to 1988, when two entrepreneurs, the founders of the group Tan Sri Datuk FD Mansor group executive chairman and Datuk Richard Fong group executive vice chairman, joined forces to start Glomac which currently, is helmed by group managing director and chief executive officer Datuk FD Iskandar. Today, the group comprises more than 40 subsidiaries with involvement in every face of the real estate business encompassing property development, property investment, construction, property management and car park management, FD Iskandar shared in an interview with BizHive Weekly. Glomac was listed on the main board of Bursa Malaysia securities on June 13, 2000. Moving forward, it continued to affirm the group's reputation as a responsible and visionary property developer with its solid record of developing townships, residential and commercial properties. To-date, the group has completed more than 15,000 residential and commercial units with a total sales value of over RM4 billion. Apart from its residential developments, the group has also successfully completed approximately over 5.4 million square feet for commercial space. Glomac now is entering a new phase of growth with more than RM1 billion worth of property in the pipeline. Property development has remained the core focus of the group since its inception, "As a long term player committed to escalating our presence in the real estate market particularly focusing in the prime area of Greater KL, we will continue our planning and designing of new projects for our existing landbank and continuously looking out for new opportunities in the country," said FD Iskandar. The company started with the development of Taman Jasa Utama in Selayang, Selangor. The turning point came in Kelana Jaya, when the developer transformed this undeveloped area in Petaling Jaya, into a bustling city that it is today. Innovations such as a six to eight storey business centre was introduced to its developments such as Glomac Business Centre, Kelana Business Centre and Kelana Centre Point. FD Iskandar further said that rapid progress followed in the shape of its first high end condominium, Prima 16, which is located in the exclusive area of Section 16. "This development is still going on strong, being fully tenanted and one of the prime and sought after condominiums in the area." According to him, the group's leading township Bandar Saujana Utama located in Sungai Buloh began in 1997. From a jungle on plantation land, it was transformed into a township with a population of more than 60,000 residents, comprising schools, playgrounds and hypermarket. "The year 1997 was also the year of the Asian financial crisis and the property industry was among others that went through an upheaval. By sheer determination, prudence and strength of character, Glomac came back stronger than before," he added. "The gated and guarded community of Aman Suria Damansara in Petaling Jaya is a development we take great pride in," FD Iskandar highlighted. "This development surpassed all expectations and led to similar developments such as Suria Residen in Cheras, followed by Suria Stoner, a luxury condominium in the Kuala Lumpur City Centre that was an inspiration in itself." Additional accomplishments followed in the form of commercial developments Glomac Cyberjaya and Plaza Kelana Jaya. The success of Glomac Cyberjaya's Phase 1 brought the recent land acquisition for Phase 2. Plaza Kelana Jaya, on the other hand, garnered the Asia Pacific Commercial Property Award in association with Bloomberg Television for Highly Commended Best Retail Development (Malaysia). Great as this milestone was, it was by no means the end. From managing just over three projects a year, Glomac now has 13 on-going projects including townships Bandar Saujana Utama in Sungai Buloh, Saujana Rawang in Rawang, Sri Saujana in Johor Bahru and various residential as well as commercial developments focused in Greater KL. "Further success came from our flagship mixed development Glomac Damansara in the prime freehold address. The overall take up rate to-date for the Glomac Damansara Residences, which is a two tower serviced apartments stands at 75 per cent," FD Iskandar revealed. As for future developments in FY2012, he pointed out that there were few projects in the pipeline, namely Glomac Cyberjaya 2 freehold commercial development with an estimated gross development value (GDV) of RM200 million, Glomac Utama mixed development with GDV of RM250 million, Mutiara Damansara luxury condominium with GDV of RM250 million and a recent acquisition of 200 acres of mixed development in Puchong with estimated GDV of RM1 billion. "This is in line with our core strategy of acquiring suitable development landbank within the Greater KL with strong potential for prime and sizeable new development projects," FD Iskandar commented. As a visionary developer, Glomac made two overseas investments in 2006 in Melbourne, Australia and Bangkok, Thailand. In September 2011, it disposed the Bangkok investment for a total consideration of RM31 million. "In late 2007, we caused quite a stir in the market by setting a record price when we acquired a 1.3 acre property opposite the Petronas Twin Towers, KLCC. This site became Glomac Tower, an A-Grade commercial building sold en bloc for the record price of RM1,120 square feet. "To date it still holds as the highest commercial transaction cost in town. We are proud of its place in the KL skyline, as testament to our commitment to Malaysian values – cooperation, hard work, perseverance and the spirit of community," FD Iskandar shared. |
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