News by Justin Lim

The housing project consists of 901 units of double-storey terrace house and 250 units of double-storey townhouses

The plots measure about 2.68ha in total, Protasco said in a stock exchange filing yesterday. Its wholly-owned Sun Rock Development Sdn Bhd had inked a sale and purchase agreement with NSK Property for the sale.

The five other defendants are Boustead's subsidiaries Cebur Megah Development Sdn Bhd and Bakti Wira Development Sdn Bhd, as well as the Federal Land Commissioner, UMW Toyota Motor Sdn Bhd and Suntrack Development Sdn Bhd.

There are two property projects Bina Puri plans to use the proceeds on: a Johor development involving 384 double-storey houses with an estimated gross development value (GDV) of RM229.5 million and one development involving 28 units of four-storey and five-storey shophouses in Kuching, Sarawak with a GDV of RM57 million.

The total rental amount will be RM58.63 million for the tenure of 12 years.

"The decision to reduce the OPR is aimed at accelerating the rate of recovery and further stimulating the country's economy," said Finance Minister Tengku Datuk Seri Zafrul Aziz.

In a research note today, CGS-CIMB said the group could hit its current target — which is subject to revision once market conditions normalise — due to its good sales momentum and aggressive marketing initiatives.

“Gamuda’s net gearing remains at a reasonable level of 35%. It maintains a high cash balance of RM2.5 billion and receives strong support from banks. About half its debts are long-term borrowings. Hence, (even without the deal) it will be able to be to sustain its operations, despite slow sales and slow construction progress billings.”

The dismissals have already started, said the people, who asked not to be named as the matter is private.