Glomac to continue with overseas investments
Property developer Glomac Bhd, unperturbed by the global economic turmoil, will continue to invest overseas, especially in Australia, through takeovers of commercial buildings. Group executive vice-chairman Datuk Richard Fong Loong Tuck said there will be more opportunities to buy with the collapse of two venerable Wall Street institutions, Lehman Brothers and Merrill Lynch. “With the economic downturn, there will be a lot of good deals coming out in the market. “Property owners may start to sell assets at below market rate, which is when we will buy,” he told Business Times in an interview recently. Fong said Glomac’s business model is to buy old commercial buildings, refurbish them for better yields and sell at a higher price…. Click here to Read More