An en-bloc sale of a proposed Grade A office tower with about 515,000sq ft in the country's premier address is fetching fat gains for Glomac Bhd.

Through its subsidiary Glomac Al Batha Sdn Bhd (GAB) – a joint-venture between Glomac and United Arab Emiratesbased Al Batha Group – the Glomac Tower is being sold to a recently incorporated private company, Prestige Scale Sdn Bhd for RM576.9 million or RM1,120psf.

The tower will come with 722 car-park bays.

"The sale will increase the group's future earnings while providing funds for working capital," Glomac said, adding that the deal underscores the short supply of Grade A office buildings in the Kuala Lumpur City Centre vicinity.

Located on 58,000sq ft of freehold land at the intersection of Jalan Pinang and Jalan P. Ramlee, construction of the tower will begin this month, with completion slated for 42 months’ time.

The land was acquired for RM58 million or RM1,000psf at the end of 2006.

With over 12 projects currently ongoing, Glomac said it is continuing to seek new residential and commercial development opportunities to sustain future growth.

For the first nine months of its financial year ending April 30 2008, the company registered a revenue of RM252.3 million and profit before tax of RM45.2 million.