News by M

Shanghai has emerged as the top city for real estate investment in Asia Pacific as of 4Q2016. It is also ranked fifth globally as a real estate investment market in 2016, according to international real estate firm JLL.

UOA Development also benefitted from a surplus of RM338.26 million, following the revaluation of several of its investment properties, including Vertical Corporate Tower A and The Sphere at Bangsar South, as well as Camellia Serviced Apartments.

Mercury Industries Bhd rose 8.73% in thin trade this morning after its 70%-owned construction unit Paramount Bounty Sdn Bhd (PBSB) won a mixed development project worth RM238 million in Gombak, Selangor.

IOI Properties said its property development segment revenue grew 36% to RM1.07 billion in 2QFY2017 and achieved an operating profit of RM337.5 million, up 23% year-on-year, on higher sales take-up rates for its projects in Singapore as well as from projects in IOI Resort City Putrajaya, 16 Sierra and Bandar Puteri Bangi.

The project comprises 1,632 units of small office home office and 32 shoplots, said Mercury Industries in a filing.

Knight Frank also noted that industry players expected the hotel or leisure sub-sector to remain resilient in 2017, while 53% expected the average room rate to remain steady this year.

The government should look to enhance the 1Malaysia People’s Housing (PR1MA) scheme by improving its efficiency in processing home purchases, said Affin Hwang Capital Research senior associate director for equity research Loong Chee Wei.

In a note today, AmInvestment said IOI 1HFY2017 core net profit had beaten forecast on better-than-expected plantation earnings before interest and taxes (Ebit) margin.

In comparison, it reported a net foreign currency translation gain of RM227.3 million in the same period last year, its bourse filing yesterday showed.

Revenue also dropped 48.1% to RM44.71 million in 4QFY2016, from RM86.1 million in 4QFY2015, due to lower revenue from the building materials division.