GLOMAC Bhd has entered into a sale and purchase agreement with Izasaja Sdn Bhd to acquire a 200-acre plot in Mukim Ijok, Daerah Kuala Selangor, for RM34.3mil cash.

A company statement said the acquisition would be financed by internal funds and bank borrowings.

Group executive vice-chairman Datuk Richard Fong said the acquisition was both timely and strategic as the land was next to Glomac's existing Saujana Utama and Sungei Buloh Country Resort development.

''With the good response to our properties there, we are keen to expand our development into a 1,000-acre township, which will likely be named Bandar Saujana Utama.

''We will be offering more affordable homes in the vicinity, especially in the RM100,000 to RM180,000 range. There will be a total 4,000 units of mainly double-storey terraces, apartments and some shops,'' he told StarBiz in an interview yesterday.

Started in 1997, the 270-acre development in Saujana Utama was nearing its tail end, with sales of more than 3,200 units to date.

The project, located about 10km from the Sungei Buloh town centre, is expected to begin earnings contribution to the group from the financial year ending April 2005.

Glomac is also developing the 627-acre Sungei Buloh Country Resort in the same area.

Source : The Star 19/08/2003