Glomac sells Melbourne property

KUALA LUMPUR: Property developer Glomac Bhd has sold an office building in Melbourne, Australia, for A$43.8 million (RM132.3 million). The purchaser is Singapore-based Hiap Hoe Ltd.

In a statement to Bursa Malaysia, Glomac said its associate VIP & Glomac Pte Ltd had last Thursday (Oct 3) concluded the sale of the commercial real estate in Lonsdale Street.

“Glomac intends to focus on the regional property market, the Malaysian real estate market, and divesting its investments elsewhere.

“The proposed sale is expected to result in a share of profit of approximately A$5.3 million for the financial year ending April 30, 2014,” Glomac said.

This article first appeared in The Edge Financial Daily, on October 9, 2013.

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