Pickup in property development activities seen at Selangor Properties
Investment income (including rental) from other divisions was stable as its revenue rose 3% y-o-y.
S P Setia’s I&P Group acquisition holds great promise
After two months of negotiations with Permodalan Nasional Bhd (PNB) to acquire I&P Group Sdn Bhd, S P Setia Bhd is proceeding with the deal for a price of RM3.65 billion.
MRCB raising up to RM2.9 bil with surprise cash call
Malaysian Resources Corp Bhd (MRCB) proposes a one-for-one renounceable rights issue together with free warrants on the basis of one warrant for every five rights shares (one-for-five).
Still a big question mark over Bandar Malaysia
CIMB Research: At this juncture, we view the failed IWH-CREC deal as negative for the progress of Bandar Malaysia.
EWI aims to acquire more projects
Incorporated in 2013, EWI currently has three ongoing development projects in London, one in Sydney and a site in Melbourne that is being acquired. EWI’s three development projects in London are held through a 75%-owned joint venture (JV).
Not much shelter from Pavilion
Pavilion Kuala Lumpur mall (PKL) recorded lower gross revenue (down 2% y-o-y) as the mall is still in the midst of tenant repositioning to improve tenancy mix and we gather this is likely to continue into the first half of 2017.
Sime Darby to gain from Seriemas land sale
Sime Darby Property’s 40%-owned Seriemas Development has entered into a conditional sale and purchase agreement (SPA) to sell 342.5 acres (138.6ha) of land in Bangi to S P Setia for RM447.6 million (or RM30/sq ft), with profit-sharing of 20% of the pre-tax profit from the development, subject to a maximum of RM44.7 million (or RM3/sq ft).
Job visibility looks good for WCT
We remain upbeat about WCT Holdings Bhd’s infra outlook, but this is offset by property sales risks.
KLCCP’s office segment expected to see mild dip in FY2017
Occupancy of Menara Exxon-Mobil is currently 60% (versus 100% in FY2016), after the Exxon-Mobil lease expired in January 2017.
