Glomac Bhd‘s Managing director, Datuk Fateh Iskandar Mohamed Mansor announced that the company is looking to venture into the Vietnam and Indian property markets through joint ventures as part of its expansion plan and to compensate for the slowdown in demand for local properties.

He further stressed that:

• the company was looking to buy parcels of land in major cities in the two countries for either mixed township or residential development, and hoped to announce a deal within the next six months:

• If the land are available then, it expects revenue contribution by 2009 from these two countries;

• Glomac was looking at six major cities in India, namely Chennai, Bangalore, Hyderabad, Mumbai, Calcutta and Madurai, and Hanoi and Ho Chi Minh in Vietnam for the expansion drive.

(Source: The Edge, Malaysia (20/9/06)

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