Glomac associate selling office building in Australia for RM132.4m

KUALA LUMPUR: Glomac Bhd’s associate is selling its office building in Melbourne, Australia for A$43.80mil (RM132.46mil) as it seeks to focus on the Malaysian real estate market.

It said on Tuesday its 45.85% owned VIP & Glomac Pty Ltd (VIPG) had inked a contract of sale to dispose of the building, to Hiap Hoe Limited, which is involved in property investment, development and construction.

The building comprises of a seven split level carpark with 445 bays and 5,130 sq. metres of office and 324 square metres of retail space.

“Glomac intends to focus on the regional property market namely the Malaysian real estate market and divests its investments elsewhere,” it said.

It added the net book value of the property was A$31.35mil. VIPG’s original cost of investment was A$30.50mil on July 3, 2006.