Glomac completes RM49.18m Puchong land sale to Sunway Puchong

PETALING JAYA (Sept 22): Glomac Bhd has completed the sale of a 3.42-acre leasehold plot in Bandar Metro Puchong, Selangor, to Sunway Puchong Sdn Bhd for RM49.18 million.

In a Bursa Malaysia filing on Tuesday (Sept 22), the property developer said its subsidiary Glomac Al Batha Sdn Bhd completed the disposal of Plot 3 after all conditions precedent under the conditional sale and purchase agreement were fulfilled and the balance purchase consideration was received.

The vacant land, held under Pajakan Negeri 344084, Lot 77944, is located at PT 3977, Jalan Perindustrian Puchong. Its 99-year lease expires on March 25, 2117.

Sunway Puchong became the purchaser after assuming Sunway Kiara Sdn Bhd’s rights, obligations and liabilities under the two sale and purchase agreements through a deed of novation dated April 1, 2026.

Sunway Puchong is 83%-owned by Sunway City Sdn Bhd, while RKR Bina Sdn Bhd holds the remaining 17%, according to Glomac’s April announcement.

Plot 3 is one of two Puchong leasehold parcels that Glomac Al Batha agreed to sell for a combined RM97.3 million. The other parcel, Plot 4, measures about 3.35 acres and carries a disposal consideration of RM48.12 million.

Glomac said it remained committed to progressing the Plot 4 disposal in accordance with the agreed terms. The company’s January announcement targeted completion by the third quarter of 2027, subject to the terms and conditions of the sale and purchase agreement.

The two disposals were expected to generate an estimated net pro forma gain of RM28.68 million at group level. Of the aggregate proceeds, RM62.21 million was earmarked for repaying existing borrowings and RM35.09 million for working capital.

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