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Glomac unit buys 18 Suria Stonor apartments for RM38.41m

KUALA LUMPUR: Glomac Bhd is buying 18 condominium units in Suria Stonor Condominium for RM38.41 million from two parties, Dekad Darat Sdn Bhd (10 units) and Progressive Berg Sdn Bhd (8 units) announced on Bursa Malaysia on Monday, October 25.

In a filing to Bursa Malaysia on Monday, Oct 25, Glomac said its wholly owned subsidiary Berapit Pertiwi Sdn Bhd had entered into sale and purchase agreements with Dekad Darat Sdn Bhd and Progressive Berg Sdn Bhd for the proposed acquisition.

It is paying Dekad Darat RM21.34 million and for Progressive Berg RM17.07 million for the units.

“The Board of Directors is of the opinion that the Proposed Acquisition of the 18 apartment units of Suria Stonor represents an excellent investment opportunity with strong potential for quick turnaround,” the Group said.

“As the transaction is a bulk purchase, the acquisition is priced at an approximate discount of 35% to the last transacted price of RM1,000 psf for comparable properties at Suria Stonor.”

Suria Stonor is developed by Glomac Regal Sdn Bhd, a wholly owned subsidiary of Glomac.

The condominium project consists of two towers, the 24-storey North tower and 27-storey South tower with a total of 138 freehold residences. The built-up of units range from 3,000 sq ft to over 9,000 sq ft

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