Pavilion REIT to see 3-4% retail growth for 2015
Affin Hwang Capital Research has predicted a growth of 3-4% in retail spending for Pavilion Real Estate Investment Trust (REIT) in 2015, backed by anticipation of a robust fourth quarter due to the year-end festive season. Despite cautious consumer sentiment prior to December, the research house had observed shopper traffic picking up towards Christmas. However, some neighbouring malls saw a decline in annual retail spending. (The Star Online)
1MDB to wrap up Bandar Malaysia deal by year-end
1MDB is now down to two bidders to sell 60% of its shares in Bandar Malaysia Sdn Bhd, and plans to seal the agreement before the year ends. It is learnt that the China Railway Construction Group Ltd-Iskandar Waterfront Holdings Sdn Bhd (CRCC-IWH) consortium is back in favour, although Tan Sri Desmond Lim together with Qatari investors submitted a late bid after the tender was closed. When contacted by The Edge yesterday, 1MDB president and group executive director Arul Kanda Kandasamy declined to comment, saying the negotiation process was still in progress and that an announcement would be made as soon as there was a tangible development. (The Malaysian Insider)
Related news: 1MDB Real Estate now known as TRX City
Vehicle sales pick up in November in anticipation of price hikes next year
According to the Malaysian Automotive Association (MAA), total vehicle sales for the month of November 2015 saw a marginal increase of 0.5% or 299 units compared to October 2015. The MAA cites several factors to these figures, including the aggressive year-end promotional campaigns by dealers, as well as announcements by automotive companies of potential price hikes of vehicles in 2016. The increased sales volume is expected to continue into December 2015, as several manufacturers, including Proton and Perodua, have stated the possibility of increasing their vehicle prices next year. (Paul Tan’s Automotive News)
Ewein to buy freehold Penang land for RM162mil
Ewein Bhd is planning to acquire 4.43 acres of freehold land in Bandar Tanjong Pinang, Penang for RM162 million, for a proposed residential and commercial property development project. The group’s 60%-owned subsidiary, Ewein Zenith II Sdn Bhd, had entered an agreement with Consortium Zenith BUCG Sdn Bhd (CZBUCG) to acquire all the freehold land in Section 1, Bandar Tanjong Pinang. The acquisition is in line with Ewein’s strategy to increase its land bank and expand its revenue base in the property development division. The group is currently jointly developing the RM800 million City of Dreams condominium project in Bandar Tanjong Pinang with CZBUCG. (The Edge Markets)
Selangor Properties’ Q4 net profit jumps to RM484mil
Property developer Selangor Properties Bhd reported a net profit of RM483.82 million for the fourth quarter ended Oct 31, up from RM29.51mil in same period last year, mainly due to foreign exchange gain, and fair value gain on the revaluation of properties of RM17.2 million. Its revenue was also up 3.09%. The company expects its property investment business to remain stable, with high occupancy rates for Menara Milenium in Damansara Heights and Claremont Shopping Centre in Perth. In addition, a new phase was launched earlier this month for its property project in Bukit Permata, and reviewing development plans for the remaining land. (The Sun Daily)
Mah Sing gets RM36mil deposit refund for Seremban land deal
Mah Sing Group Bhd will receive a full deposit refund of RM35.96 million by Dec 31, for its cancelled purchase of a 425.3ha land in Seremban worth RM359.56 million. It was discovered that a caveat had been lodged on the land, and the vendors had offered to settle the dispute of out court by refunding the deposit by Dec 31. This was in consideration of Mah Sing and the vendors withdrawing all claims against each other, and with the vendors receiving all interest obtained from the deposit kept with the stakeholder. The property developer had planned to develop a multi-billion-ringgit project on the land. (The Star Online)
