Glomac wins bid for Klang Valley parcels

KUALA LUMPUR (Feb 22): Glomac Bhd said its wholly-owned subsidiary Kelana Kualiti Sdn Bhd has won the public auction of two pieces of land in the Klang Valley measuring a total of 80.7ha. The company will pay a total consideration of RM44 million.

"The proposed acquisition is in line with Glomac's core strategy of acquiring suitable development land bank within the Klang Valley with strong potential for prime and sizable new developments," it said in an announcement to Bursa Malaysia.

Glomac said it intends to develop a mixed development project on the land, although it is too early to ascertain the exact product mix, total development revenue and cost, expected completion date or expected profit from the project.

It expects to complete the acquisition in FY13 ending April 30, 2013.

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