Glomac slashes property sales goal

MALAYSIA'S Glomac is cutting its property sales target by half for fiscal 2010 as the global economic downturn hit buyers’ confidence, said a top executive today.

The property developer aims to sell houses, shop lots and offices worth about RM400 million in the year to April 2010, down from its previous target of RM800 million, said its Managing Director Datuk Fateh Iskandar Mohamed Mansor.

“At this moment in time, looking at the weak take up rate of our properties, I have to be conservative,” Fateh told Reuters in an interview.

The company is in “advanced talks” to sell en bloc a 25-storey corporate tower at Glomac Damansara, a mixed commercial and residential development, said Fateh.

The building has a market value of about RM170 million, he said. “We hope to complete the sale by the end of the year. If that happens, these are bonuses,” said Fateh.

By Reuters