Kerjaya Prospek wins RM214mil Marriott Malacca construction job
Kerjaya Prospek (M) Sdn Bhd, a unit of Kerjaya Prospek Group Bhd, has been awarded a RM213.75 million contract from Apple 99 Development Sdn Bhd for The Apple and Courtyard by Marriott development project in Malacca. The contract was for the project’s main building works involving a 16-storey hotel building with 284 rooms known as Courtyard by Marriott, a 32-storey service suite building, and a car park podium, among others. The project is a joint venture between Yong Tai Bhd and Apple 99. Construction is expected to start on in August and completed in October 2018. (The Star Online)

Banking association urges first-timers to apply for SRP financing
The Association of Banks in Malaysia (ABM) has urged first-time house buyers to apply for the government financing scheme under “Skim Rumah Pertamaku” (SRP). A total of 11 commercial banks and 11 Islamic financial institutions in Malaysia are participating in the SRP. To improve chances of securing a housing loan, potential house buyers should have a good credit record on existing credit facilities/liabilities and the ability to prove financial capability to make monthly payments, said ABM. (The Malay Mail Online)

PRG, Baycity Park JV to develop affordable apartments in Shah Alam
PRG Holdings Bhd and Baycity Park Sdn Bhd will jointly develop an affordable apartment project in Subang Bestari Seksyen U5, Shah Alam. The development will consist of 650 units ranging from 800 sq ft to 1,000 sq ft, and priced from RM250,000 to RM450,000 each. It is targeted for launch end of the year and expected to be completed within 36 months. PRG’s unit will have a 51% stake and Baycity the remaining 49%, along with construction, sales and management. (The Sun Daily)

Capitaland posts 52% drop in Q2 net profit
Mall operator CapitaLand Malaysia Mall Trust (CMMT) posted a 52% drop in net profit to RM42.77mil for the second quarter compared to a year ago. This was achieved on the back of a 15.6% hike in revenue to RM92.01mil. CMMT said the increase in revenue was mainly driven by contribution from Tropicana City Property (TCP), acquired in the third quarter of 2015, and a better performance from Gurney Plaza and East Coast Mall on the back of higher rental rates from new and renewed leases. This was offset by lower contributions by Sungei Wang Plaza and The Mines. CapitaMalls Malaysia REIT Management chairman David Wong said retail sales for the first quarter decreased 4.4% from the high base in the first quarter of 2015, as consumer and business sentiment is expected to remain cautious for the rest of the year. (The Star Online)

I-Bhd net profit soars 72% in Q2
I-Bhd’s second quarter net profit jumped 72.3% to RM14.68mil from RM8.52mil a year ago, driven by the property development segment. For the first six months of 2016, its net profit jumped by 60.1% to RM30.04 million. The increase was attributed to the property development segment resulting from both higher sales and construction completion from the various projects in i-City. The segment is expected to contribute positively to the group’s performance in the current financial year, and is confident of achieving greater operating results. (The Sun Daily)

Penang braces for more floods
Penangites have to be prepared for more floods, as rain continues to pour across the state, and floods have forced 30 people to two evacuation centres. Based on data from various government departments, heavy rainfall, high tide and outdated drainage system at Sungai Kelian were the cause of floods. Residents of Balik Pulau who were cleaning their houses after the floods expressed worry of recurring floods, saying that they had never experieced such severe floods over the past 20 years. Three villages in Teluk Kumbar — Kampung Paya, Kampung Sulup and Kampung Nelayan — have been affected by the floods. (The Sun Daily)

Eight remanded in real estate agent shooting case
Eight local residents, suspected to be involved in the shooting of a female real estate agent in Taman OUG on July 6, have been remanded for seven days by the police to assist investigations. Police had confiscated a pistol believed to be used in the shooting case which also caused the victim’s daughter to be seriously injured. “With the detention of the suspects, police believed the case has been solved and we are completing the investigation paper,” said Deputy Inspector-General of Police, Tan Sri Noor Rashid Ibrahim. All suspects were detained yesterday around Kuala Lumpur and Perak. (Astro Awani)