News by Ahmad Naqib Idris

Ahead of its planned completion in 2027 to reap the economic benefits of the project

Mitrajaya said the property development division posted a pre-tax profit of RM7.29 million in 2QFY17 compared with a pre-tax loss of RM1.35 million in 2QFY16 as revenue surged 145% year-on-year to RM34.88 million.

Looking to launch more properties below RM500,000 in 2HFY17 to meet current market demand.

The property division saw a 53% growth in operating profit to RM130 million, contributed by the sale of non-strategic properties.

IJM said the outlook for the construction division is encouraging, supported by its record RM8.7 billion outstanding orderbook, while the property division is expected to continue to be affected by the tighter lending guidelines.

Group plans to increase its manufacturing capacity to 8,000 apartment units per year by 2018.

The bank also considers the status of the developers’ other ongoing projects to ensure the company has the capacity to run another project at the same time.

Formerly known as KL118, Merdeka PNB 118 is being developed by Samsung C&T Corp UEM Construction JV Sdn Bhd, a joint-venture company between UEM Group Bhd and South Korea’s Samsung C&T Corp.

 Bina Puri said it will be undertaking a THB250.59 million project for the I’m Fine Condominium in Bangna, Thailand.

Berjaya Assets executive director Koh Huey Min said it has been successful in refurbishing the asset, since acquiring it from Atlan Holdings Bhd for RM325 million in 2012.