Glomac acquires two parcels of land in Ijok, Selangor

KUALA LUMPUR: Glomac Bhd had acquired two parcels of land in Ijok, Selangor, totalling 27.8 acres, for RM9 million.

In a filing to Bursa Malaysia on Oct 5, its wholly owned subsidiary Glomac Consolidated Sdn Bhd entered into a sale and purchase agreement with Pertubuhan Peladang Kawasan Kuala Selangor (PPKKS) for the two leasehold lands, which was initially for a residential project jointly developed by Glomac Consolidated and PPKKS under a joint-venture agreement on April 2004.

Under the joint-venture agreement, Glomac Consolidated has todate paid PPKKS RM100,000 as irrefundable deposit and RM631,000 joint-venture agreement deposit. PPKKS is an association incorporated under the Farmer’s Organisation Act, 1973 (Amended 1983).

The joint-venture agreement would be terminated upon the settlement of the purchase price.

The land is located in Sungai Buloh within Glomac’s existing Bandar Saujana Utama township under the project name Bukit Saujana, which commenced work in March 2009 and is divided into five phases, with an estimated gross development value (GDV) of RM98 million.

“The proposed acquisition is part of Glomac’s strategy to further extend its development interest in the bustling Sungai Buloh growth area as well as Glomac’s overall plan to increase its landbank in the existing Bandar Saujana Utama township,” the developer said.

Todate, a total of 85 units of 2-storey terraced houses in Bandar Saujana Utama have been launched, with more than 80% sales achieved. For commercial and residential properties, close to RM1 billion worth properties have been sold.