Glomac ponders venture into UAE
By Chan Ching Thut
KUALA LUMPUR: Following an agreement with a company from the United Arab Emirates (UAE) to jointly develop Glomac Tower here, property developer Glomac Bhd may venture into the UAE.
Group managing director Datuk FD Iskandar FD Mansor said the company had had discussions with Al Batha Real Estate Co but it was just “preliminary”.
“We will continue to explore and see if it is feasible to go (to UAE),” he said during a press conference after Glomac and Al Batha Real Estate signed a joint-venture agreement yesterday.
Iskandar said Glomac was also considering markets in India and Vietnam.
“We are in talks with some parties there and exploring all options, either in commercial, residential or mixed development,” he said.
Glomac and Al Batha Real Estate had established Glomac Al Batha Sdn Bhd to develop the Grade A office tower located at the corner of Jalan Pinang and Jalan P. Ramlee.
The 40-storey tower,
including two levels of food and beverage
facilities and four levels of basement car
park, is scheduled for launch next year.
Construction of the tower, which has an estimated gross development value of RM450mil, is expected to begin in the first quarter of 2008 after obtaining the necessary approvals.
The project will take 30 months to complete.
Glomac has a 51% stake in the joint venture. Al Batha Real Estate is part of the Al Batha Group, which has different companies specialising in a diverse field of sectors.
Al Batha Real Estate vice-chairman Sheikh Salem Mohammad Sultan Al-Qasimi said he hoped the relationship with Glomac would lead to more property developments here.
“We will share our expertise from the Middle East for this development. This will also give confidence to investors from the Gulf region to invest here,” he said.
Meanwhile, Iskandar welcomed the call by Real Estate and Housing Developers' Association with Master Builders Association Malaysia and other industry players to halt the export of steel bars to ensure adequate supply of building materials for the local property market.
“We must look at projects within our own country, otherwise we will not be able to move forward if we do not have enough materials,” he added.