Property market will draw local and foreign interest
Malaysia’s property market is set to attract interest not only locally but from foreign parties capitalising on the weak ringgit, said global property consultant Knight Frank Malaysia. This can be seen from recent major property transactions like the Integra Tower and DoubleTree by Hilton among others. With a ‘stable’ outlook by Fitch Rating and the ringgit expected to strengthen in the long run, it is a good time for foreigners to look into investing in Malaysia. (The New Strats Times Online)
Berjaya Corp to buy 50% of Berjaya Kyoto shares
Berjaya Corp Bhd has proposed to purchase 50% enlarged share capital in Berjaya Kyoto Development (S) Pte Ltd for S$34.66 million (approximately RM97.28mil), which will allow it to participate directly in the Four Seasons Hotel & Residences project in Kyoto, Japan, as well as increase its landbank and property portfolio, including The Ritz-Carlton Residences in Malaysia. Currently, Berjaya Land Bhd is the sole shareholder of Berjaya Kyoto. (The Edge Markets)
Penang gov urged to re-impose 30% low medium cost quota
Penang Gerakan Youth has urged the Penang state government to re-impose the 30% low-cost and low-medium cost (LC/LMC) quota regulation on 100% affordable housing projects, as these were needed by Penangites who could not afford to own a place and ended up leaving their hometown. It was claimed that it was impossible for developers to do so, but the claims were rebutted as it was observed that developers might only need to spend 3% of the total sales amount to build the LC/LMC units. (The Malay Mail Online)
Mulpha disposes equity interest for RM55mil
Mulpha Strategic Limited (MSL), a sub-subsidiary of Mulpha International Bhd (MIB), has sold its entire 19.9% equity in PBD Developments Ltd to Oasis Star Limited, a wholly-owned subsidiary of Tian An China Investments Company Limited, for A$19.39 million. The payment was received in HK dollar cash equivalent of HK$112.13 million (RM55.06mil). The proceeds from the disposal will be used for MIB’s working capital requirements. The investment was originally intended for the group to expand its property development and investment into Western Australia, but due to low growth, decided to refocus on its existing core property and investment assets in Australia’s East Coast. (The Sun Daily)
UOA revenue up 4.6% for Q2
UOA Real Estate Investment Trust saw a 4.6% in its revenue for the second quarter, while net profit went up 2.7% from a year earlier. Its gross rental improved by 4% in the past six months due to revision in rental rates and steady occupancy of its investment properties, but was offset by higher operating and borrowing costs. (The Star Online)
Sunsuria morning trade falls 6.25%
Property developer Sunsuria Bhd saw its shares fall 6.25% in morning trade yesterday, despite an announcement of over subscription of its rights issued by 14.05%. The company targets to raise RM433.49 million from its rights shares. The over-subscription monies received will be refunded, totaling RM53.42 million. (The Malaysian Insider)
27 buyers demand developer hand over houses in Kedah
Tamil dailies have reported that 27 buyers had paid RM2,000 deposit each for low cost houses valued at RM49,000 in Kuala Ketil, Kedah in 2012, and are demanding that the houses be handed over by the developer before Deepavali in November. Other house buyers received the keys to their new homes in February, but the 27 buyers were only given certificates assuring them of their houses, citing legal issues over the land they were built on. The excuse was deemed unbelievable because the land was bought from Kedah State Development Corporation (PKNK), and the state government had promised the houses to buyers.(The Star Online)
