Friday, August 31, 2007

In the next couple of months Glomac is launching it's 12-hectare mixed development township in Pune

On its overseas ventures,Datuk Fateh Iskandar Mohamed Mansor, Glomac Bhd group managing director said, it was still undertaking a due diligence exercise on a proposed 12-hectare mixed development township in Pune, India, which is estimated to have a gross development value of RM750 million.

“Hopefully, it (the due diligence) will be finished in the next couple of months; if everything is okay, we (?) hope to make announcement then,” he said.

Glomac posted a net profit of RM32.19 million on the back of revenue totalling RM293.26 million in FY07.

Glomac traces its corporate history back to 1988, when the two entrepreneurs and founders of the group, Tan Sri Dato' FD Mansor and Datuk Richard Fong, joined forces to start Glomac.

The company started on a modest scale with the development of Taman Jasa Utama in Selayang in 1988 and has since expanded significantly to become a group comprising more than 30 subsidiaries, with involvement in every facet of the real estate business encompassing property development, property investment, construction, and property management. Despite this seeming diversity in business activity, Glomac remains focused solely on the property industry, leveraging on its experience and expertise in the sector.

To date, Glomac has successfully completed more than 9,000 residential and commercial units with a total sales value of around RM2 billion, as well as approximately 5 million square feet of commercial space with total a sales value of about RM1billion.

Glomac Berhad was listed on the Main Board of Bursa Malaysia Securities Berhad on 13 June, 2000. This has propelled the Group even further in terms of its capabilities and resources. The Group now undertakes not just more projects but bigger and more ambitious ones

Related Story:

1. Hines and DLF Announce Joint Venture to Develop Major Office Tower Within Master-Planned, Mixed-Use Complex in Gurgaon

2. "Pune can absorb up to $2-3 billion in Foreign Direct Investment annually" Lalit Kumar Jain, president, Promoters and Builders’ Association of Pune

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