EcoWorld close to RM3bil sales target
Despite the current soft property market, Eco World Development Group Bhd (EcoWorld) is optimistic of meeting its RM3 billion sales target for the financial year ending Oct 31, 2015 driven by its brand profile and township development. EcoWorld president and CEO Datuk Chang Khim Wah said that the group would meet its sales target by investing in campaigns to raise its brand profile and market its 10 ongoing projects. It will also be launching Eco Meadows in Seberang Prai and Bukit Bintang City Centre (BBCC) in Kuala Lumpur. The group reported RM2.37bil in sales as at Aug 31, with the bulk of its sales contributed by Klang Valley projects (approximately RM1.37bil) and Iskandar Malaysia (RM964mil). EcoWorld posted a net profit of RM9.39 million for the third quarter. (The Star Online)
AmanahRaya to buy back Wisma AmanahRaya
AmanahRaya Real Estate Investment (AmanahRaya REIT) is planning to buy back the Wisma AmanahRaya building in 3 or 4 years after its value is enhanced. The building was recently sold to Annex Sentral Sdn Bhd for RM78 million, from which AmanahRaya REIT gained RM10 million. The disposal is expected to complete by year end, and the proceeds will be used to finance the acquisition of two properties in Johor worth RM50 million. The REIT has negotiated with Annex to give them priority offer when it decides to sell the property later. (New Straits Times Online)
The Edge-Mah Sing millionaire redeems RM1mil voucher
The winner of The Edge-Mah Sing Millionaire Challenge, Brian Lim Choon Wah, redeemed his RM1 million gift voucher for a condominium unit in Icon Residence, Mont Kiara. The single-bedroom unit has a built-up size of about 1,115 sq ft, and is fitted with kitchen appliances and cabinets. Mah Sing Group director and chief executive Tan Sri Leong Hoy Kum said it was a good choice, as Icon Residence was a much sought-after location, which has enjoyed 94% take-up rate since its launch. Brian will be sharing the condominium with his younger sister. (The Malaysian Insider)
Pavillion REIT to acquire USJ shopping mall for RM488mil
Pavillion Real Estate Investment Trust (Pavillion REIT) is planning to acquire da:mén USJ, a shopping mall in Subang Jaya for RM488 million. The REIT had entered into a conditional sale and purchase agreeement (SPA) with Equine Park Country Resort Sdn Bhd and Revenue Concept Sdn Bhd for the property acquisition. The mall is expected to start operation in November this year with a trade mix of food and beverage, beauty and fashion. It is part of an integrated commercial development comprising the shopping mall, offices, apartments and car park podium. The acquisition is expected to be completed by the first quarter of 2016. (The Borneo Post)
MMK building to transform PJ urban landscape
The RM385 million Mercu Mustapha Kamal (MMK) building in Damansara Perdana is set to transform the urban landscape of Petaling Jaya by end of 2016. The two-tower office complex boasts 50% less energy usage compared to conventional office buildings, green sustainable features, various amenities, accessibility and integrated community facilities. Construction started in October 2013; Tower 2 will be ready for occupation by the first quarter of 2016, while Tower 1 will be completed in October 2016 and ready for occupation by end of December 2016. Among the facilities are retail units, a 1000-pax banquet hall, Muslin prayer hall and 1,113 car park bays, with sustainable features such as automatic light zone control, energy efficient lights, waste management, sky gardens on multiple floors among others. (New Straits Times Online)
AZRB bags RM386m mixed development project
Ahmad Zaki Resources Bhd (AZRB) has bagged a mixed development project in Kampung Bharu, Kuala Lumpur worth RM386.65 million. The development will comprise a 47-storey apartment building, a 29-storey commercial office building, and one level of basement parking. The company saw its shares rise 2.44% today after the announcement. (The Edge Markets)
