Analysts: Affin land deal affordable but pricey
Analysts had noted that the RM255 million acquisition of a piece of land in the Tun Razak Exchange (TRX) by Affin Bank Bhd was affordable for the group’s banking arm, but still a pricey deal. The purchase price translates into RM4,699 per sq ft, which was a record high transaction price in Kuala Lumpur. HLIB Research pointed out that recent land deals around the TRX land included MRCB’s purchase at RM3,182 psf and Tabung Haji’s acquisition for RM2,780 psf. The land acquisition by Affin saw its share price slip 2% yesterday. (The Malaysian Insider)

Affin: TRX land at 2.3% discount from market value
Affin Holdings Bhd said its purchase of the 54,266 sq m plot of land at TRX for RM255 million represents a discount of RM6mil or 2.3%. It said the market value of the property was RM261 million, as appraised by independent valuer C H Williams Talhar and Wong as at April 3. The group also stated the valuation for the property had been carried out using the comparison and residual methods of valuation. Planning approvals and development orders were granted prior to the acquisition announcement for development of a class Grade A office building. (The Edge Markets)

Malaysia property sector one of the most dynamic in region
Ensign Media CEO Terry Blackburn said that the Malaysia’s property sector is still one of the most dynamic in the region, evidenced by the price growth within the past year and high transaction volume in the second quarter. This was especially apparent in the mid- and high-end segments, despite government cooling measures and tightened bank loan conditions. Ensign Media is the awards organizer and publisher of Asia’s leading Property Report Magazine, and is expected to organize the South East Asia Property Awards (Malaysia) on Aug 26. (Bernama)

Genting still appealing to investors
UOB Kay Hian Malaysia Research reported that Malaysian listed casino operators still appealed to investors due to their cheap valuations, relative earnings resilience and promising growth opportunities. It focused on Genting, which was the top pick as there was the possibility of a special dividend in conjunction with the group’s 50th anniversary this year. Malaysian casino operators were currently trading at compelling valuations, with Genting trading at seven times the estimated 2016 estimated enterprise value and nine times its forecast. (The Star Online)

Wing Tai 4Q net profit drops 41.8%
Property developer and apparel retailer Wing Tai Malaysia Bhd saw its net profit in the fourth quarter fall 41.8% to RM17.3 million from a year ago, while its latest quarterly revenue had more than halved, attributed to lower revenue. The company said lower revenue from the property division was mainly due to the sale of Plaza DNP in FY14, and lower revenue recognition for its current Verticas Residensi project. (The Edge Markets)

Landmarks pares 2Q net loss to RM3.77mil
Property developer and resort operator Landmarks Bhd has narrowed its net loss to RM3.77 million for the second quarter against a net loss of RM7.03 a year ago. Its quarterly revenue dropped 0.77% compared to a year ago. However, its cumulative revenue grew 5.5% to RM30.9 million from FY14. Landmarks operates The Andaman Hotel in Langkawi, as well as The Chill Cove and The Canopi in Bintan. (The Edge Markets)

MACC urged to probe discounted Sarawak state land sale to governer-linked company
Sarawak DAP chief Chong Chieng Jen has urged the MACC to investigate a suspicious sale of state land at allegedly a massive discount to Standard Parade Development Sdn Bhd, a private company linked to Governer Tun Abdul Taib Mahmud. Chong said he had documents to prove the improper sale of a 108-hectare piece of prime land in the town of Batu Kawa. Besides questioning the impropriety of selling state land at a gross discount, he also asked why the land was alienated to a private company, a controversy that started last year just before Abdul Taib stepped down as chief minister. (The Malay Mail Online)