Glomac to acquire land in Pekan Kayu Ara, Selangor

KUALA LUMPUR: Glomac Bhd’s wholly-owned subsidiaries Glomac Kristal Sdn Bhd and FDM Development Sdn Bhd have entered into two sale and purchase agreements (SPAs) for the acquisition of approximately 7.62 acres of leasehold land in Pekan Kayu Ara, Daerah Petaling, Selangor for RM31,159,875.

The land is adjacent to mature residential and commercial developments like Damansara Utama, Damansara Jaya and Bandar Utama. In its announcement on Bursa, Glomac said this proposed acquisition is in line with the Group’s development strategy of acquiring land in good locations suitable for niche developments with a fast turnaround time.

The first SPA is between Glomac Kristal and Puncakdana Development Sdn Bhd (Puncakdana) as the vendor and Motif Bakti Sdn Bhd (MBSB) as the registered proprietor to acquire a 18,281 sq m leasehold plot for RM19,677,485, while the second SPA is between FDM Development and MBSB for the acquisition of an adjoining 12,550 sq m plot for RM11,482,390.

MBSB and Puncakdana had on April 21, 1997 entered into a joint venture to develop the first plot. The proposed development known as DANA 2 has entered into various SPAs with various end-purchasers for the sale of various property products to be constructed within the project. Among conditions for the proposed acquisition are that MBSB procure all necessary letters of release from all consultants involved in the DANA 2 Project and letters confirming that Glomac shall be entitled to continue with its development. MBSB shall also procure the termination of the project SPAs with the project purchasers.

As for the second plot, there is a pending suit initiated by MBSB against all the squatters for their eviction from the site and the condition of the SPA with Glomac is that MBSB shall remove all occupiers and squatters from the land.

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