Glomac to acquire 7-acre land parcel in Cyberjaya for RM27.44m

KUALA LUMPUR: Glomac Bhd, via its newly acquired unit Berapit Properties Sdn Bhd, has entered into a sale and purchase agreement (SPA) to acquire a 7-acre tract of land representing a part of an enterprise lot in Selangor for a consideration of RM27.44 million.

Berapit Properties had entered into the SPA with Cyberview Sdn Bhd and Setia Haruman Sdn Bhd on Monday, Aug 30, Glomac announced on Bursa Malaysia.

Glomac said it was acquring the the lot, which is part of the Cyberjaya Flagship Zone, as an extension of its existing Glomac Cyberjaya development, which is next to the land parcel.

The plot will also serve to boost its existing landbank in the Klang Valley, it said.

According to the group, the parcel is in the centre of the Cyberjaya Enterprise Zone, and is close to several well-known buildings in the area such as the BMW, Fujitsu and Ericsson buildings. It is also close to the Multimedia University, and Glomac claimed that it is a hot spot for international IT companies and local MSC status companies.

The plot of land is also accessbile via Persiaran Apec from Petaling Jaya and Persiaran Multmedia from Putrajaya.

Glomac said the SPA is conditional upon the following: the approval of the Economic Planning Unit for the transaction of the parcel; and the submission for the subdivision of the land under Section 137 of the National Land Code, 1965 within two months of the SPA date.

The vendors are in the process of subdividing the issue document of title to the parcel into separate issue documents for the title of the parcel.

The purchase consideration was arrived at on a willing-buyer-willing-seller basis, and Glomac is expected to finance the purchase through internally generated funds and bank borrowings.