Glomac shows better Q4 profits, targets RM802mil launches
Glomac Bhd recorded a 30.9% increase net increase in the fourth quarter (Q4) ended April 30, 2015 compared to the same period last year, but reported its annual net profit fell 20%. The lower Q4 revenue was attributed to the completion of Damansara Residences and tail-end projects in Bandar Saujana Utama. This year, Glomac plans to launch developments with an estimated GDV of RM802 million, focusing on landed residential projects in Puchong and Cheras, along with affordable townships under the Saujana brand. (The Star Online)
Penang affordable housing plans may be delayed by red tape
Penang’s affordable housing projects may be affected due to delays in obtaining the advertising permit and developers license (APDL). Property developers cannot sell their projects without the APDL, and there were 30 applications, some backdated to August 2014, still pending at the Urban Well-Being, Housing and Local Government Ministry. Many of these applications were for affordable housing unit projects that add up to more than 5,000 units. (The Sun Daily)
AFP launches raids in Melbourne over Malaysian property scam
Australian Federal Police officers seized computers and files from a home in Vermont South, and other properties across Melbourne are believed to be targeted as well. AFP agents have launched raids in Melbourne in response to a scheme involving high-ranking Malaysian officials buying multimillion-dollar Australian properties for bribes and money-laundering. While corruption links to Australian property purchases by foreign nationals is not recent news, this is the first time the police have launched a full operation. (The Sydney Morning Herald)
The student accommodation block Dudley House, in Caulfield East, is at the centre of alleged transactions. (Photo from The Sydney Morning Herald)
MRCB bags RM485mil Desaru Coast hotel construction jobs
Malaysian Resources Corp Bhd (MRCB) has managed to win 3 construction jobs worth RM485 million in Desaru Coast, Johor from Destination Resorts and Hotel (DRH), the owner and developer of the area. The construction projects will involve a RM61.4mil conference centre, the RM212mil Desa Desaru hotel, and the RM211.6mil Westin Desaru Resort. The construction period is 19 to 21 months from the date of site possession, while the whole 17km Desaru Coast development is estimated to take 15 to 20 years to complete. (The Star Online)
Felda-Encorp to develop RM4.9 bil Malacca township
Federal Land Development Authority (Felda) and Encorp Bhd are collaborating to develop a RM4.9 billion integrated township in Malacca, which will comprise of residential (80%) and commercial (20%) projects. It will be developed in Bukit Katil on 640 acres of leasehold land, with construction starting in 2017 and completed in 5 phases over 10 years. 3,800 units of 1 Malaysia Peoples Housing Scheme (PR1MA) affordable homes will be provided in the township. (The Sun Daily)
Weaker Ringgit may raise cost for TNB power plant project
The weak ringgit may raise the cost for Tenaga Nasional Bhd (TNB) to undertake 1MDB’s Project 3B, analysts said. This could be why TNB is seeking to raise up to RM10 billion in an Islamic bond issue to acquire the coal-fired power plant. The capital expenditure previously announced was RM11bil with issuance of RM8.4bil from 1MDB. (The Star Online)
CapitaMalls Malaysia sells RM255mil new shares
CapitaMalls Malaysia Trust is selling up to 190.8 million new units worth up to $68.2 million (RM255.75 million), and the proceeds will be used to part finance its acquisition of Tropicana City Mall and Tropicana City Office Tower. The Malaysia-based shopping mall real estate investment trust (REIT) has a market value of RM2.44 billion. (The Edge Markets)
Crest Builder focusing on property development
Construction company Crest Builder Holdings Bhd is planning to focus on property development to increase profits. The company expects its property division to take the lead after its construction division, making up 70% of its bottom line. Its current property projects include the RM300mil Alam Sanjung in Shah Alam, and RM198mil Anggun project in Jalan Sultan Ismail. (The Star Online)
