Four arrested over bogus developer property scam
A bogus housing developer syndicate that duped its victims into buying nonexistent properties was thwarted by police after four people connected to the scam were arrested by police. Police were alerted to this after a victim made a report on April 18. The woman had seen an advertisement online, and went to the showroom where they had mock models of the purported housing development in Sungai Tua. A unit was offered for RM120,000 and a booking fee of RM5,000 was required to be paid upfront. Feeling suspicious, the victim then went to the Selayang Municipal Council to check if the project actually was valid and was shocked to discover there was no such project or licence. 16 reports have been lodged in connection with the case so far, with losses amounting to about RM80,000. (The Sun Daily)

Sunsuria buys stake in Prosperspan to expand into construction
Property developer Sunsuria Bhd has acquired a 51% stake in construction firm Prosperspan Construction Sdn Bhd for RM408,000 to expand into the construction business. The remaining 49% stake is held by Spanway Construction Sdn Bhd. Sunsuria executive chairman Datuk Ter Leong Yap said it was a timely opportunity to strengthen its capabilities and gain access to new business growth areas. Through Prosperspan, Sunsuria will now have the expertise and access to future infrastructure and development projects for the government and private sectors. (The Star Online)

Axis REIT net property income up 4% in 1Q
Axis REIT’s net property income for 1QFY17 came in at RM37.17 million, an increase of 4.18% year-on-year from RM35.68 million last year. It has proposed a first interim distribution per unit of 2.15 sen. Total trust revenue for the quarter under review rose 3.59% to RM42.69 million. The REIT is optimistic that it will be able to maintain its current performance for FY17 in view of the satisfactory performance of its existing investment portfolio and its growth strategy to actively pursue quality acquisitions. (The Edge Markets)

IGB REIT 1Q net property income up 2.6% on higher rental
IGB REIT’s net property income rose 2.6% to RM96.06 million in 1QFY17 from a year ago, mainly due to higher rental income. Its quarterly distributable income increased 2.7%, while revenue increased 1.9% and net profit increased 3.5%. Despite intense competition from increasing supply of retail shopping space and lower expected sales growth, the REIT will continue exploring asset enhancement initiatives for both the Mid Valley Megamall and The Gardens Mall in order to maintain a stable flow of distributable income and create long-term value for unitholders. (The Edge Markets)

Hektar REIT achieves 96.2% occupancy rate through niche retail
Hecktar REIT continues to unlock value in neighbourhood retail malls through achieving an occupancy rate of 96.2% as at end of 2016. This was achieved based on Hektar REIT’s strategy of focusing on niche retail assets located across key growth areas in Malaysia such as Subang Parade in Subang Jaya, Selangor; Mahkota Parade in Malacca; Wetex Parade in Muar, Johor; Central Square in Sungai Petani, Kedah and Landmark Central in Kulim, Kedah. The REIT’s manager says the company’s strategies for 2017 remains three-pronged – implementing asset enhancement initiatives (AEI) to increase net lettable areas, focusing on completion of acquisition of 1Segamat as well as improving efficiency in tenant management to optimise rental returns. (New Straits Times Online)

PLUS confirms no toll hike for now
PLUS Malaysia Bhd confirmed yesterday that highways operated by the company will not be increasing toll rates for now. “As far as PLUS is concerned, we have received, or in some instances will be receiving, due compensation from the government with respect to their decision not to raise toll fares,” said managing director Datuk Azman Ismail. PLUS was scheduled to increase toll rates by 5% for four highways from Jan 1, 2016, but the government has said that there will be no increase in 2016 and 2017. (The Edge Markets)

Park in Ampang, pay with mobile
Motorists in Ampang Jaya will now be able to pay their parking charges through a cashless parking payment system beginning May 1. The Ampang Jaya Municipal Council (MPAJ) l has initiated an e-payment method which allows motorists to pay their parking fee at public bays using their smartphones through the MPAJ Parking app. The pay-by-phone parking is an initiative by the council to have an alternative system that complements the current coupon system. Users can register up to six vehicles under the same username. Ampang Jaya is the fourth council in Selangor to initiate the cashless parking payment system after Sepang, Kuala Langat and Shah Alam. (The Star Online)