Glomac Damansara Residences Tower One 70% sold

KUALA LUMPUR: Glomac Bhd reported on Thursday, Mar 31, that 70% of its Glomac Damansara Residences Tower One was sold, and that its Tower Two is now open for registration.

The twin 26-storey condominium resides in the Glomac Damansara development, which fronts Jalan Damansara within the vicinity of Damansara Kim, Taman Tun Dr Ismail and Bandar Utama. The entire mixed development that features commercial, office and residential properties sits on 6.83 acres of freehold land, with a gross development value of RM868 million.

"Our total gross development value has increased from RM2.5 million to RM3.3 million with the recent acquisition to purchase 200 acres of land in the prime commercial hub of Puchong for RM77 million," said group executive chairman, Tan Sri FD Mansor. "Out of this RM3.3 million, more than RM1 billion worth of projects are ready for launch over the next two years, and this will sustain our sales momentum going forward,"

Moreover, Glomac released its 3Q financial statements on Bursa Malaysia today that revealed a 55.7% jump in net profit to RM16.5 million from RM10.6 million a year ago, the group said on Thursday, March 31. Revenue increased by 124% to RM176.5 million from RM78.8 million the previous year.

"The improvement is attributable to on-going sales and progressive recognition of development from Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Bandar Baru Bangi," the group said.

The basic earning per share rose to 5.65 sen from 3.59 sen a year ago. Net assets per share as at the end of the current quarter improved to RM2.01 compared to the preceding financial year end figure of RM1.88.

"It was a very good set of results for the group. Our cumulated new sales of RM680 million in the last two financial years is translating into record profits for us this year," said Mansor.

Glomac engages in the property investment, development, and management activities in Malaysia.