News by M

Ascott Residence Trust (ART) is acquiring DoubleTree by Hilton Hotel New York – Times Square South for US$106 million (S$148.4 million or RM454.2 million), a 224-unit freehold property located on 36th Street in Midtown Manhattan.

Meanwhile, the group expects to launch properties with total gross development value of RM1.86 billion this year, including its Akasa Cheras development launched earlier this year, affordable Rumah Selangorku homes in Puchong, and projects in Sabah.

MKH Bhd has reported lower net profit and revenue for its second quarter ended March 31, 2017.

Fajarbaru Builder Group’s net profit in the third quarter ended March 31, 2017 (3QFY17) grew close to eight times to RM22.2 million, from RM2.86 million a year earlier, on revenue generated by its property development segment.

Property developer Malton Bhd’s net profit for the third quarter ended March 31, 2017 (3QFY17) dropped 39.7% to RM3.9 million or 0.87 sen per share from RM6.5 million or 1.45 sen per share a year ago due to reduced profit from its property development segment.

Mulpha Internatinational Bhd’s first quarter net loss narrowed to RM1.15 million, from RM3.82 million a year earlier, thanks to higher contribution from its property and investment divisions.

Mudajaya Group Bhd started its financial year 2017 with a net loss of RM26.75 million in the first quarter ended March 31 (1QFY17), no thanks to having to account for its associates' losses, while revenue fell.

It draws attention to the RM27m net loss incurred in FY16.

Ahmad Zaki Resources Bhd's (AZRB) first-quarter net profit rose 45.7% to RM6.12 million from RM4.2 million a year ago, on improved margin of construction projects, as well as the inclusion of contribution from the International Islamic University Malaysia (IIUM) Medical Centre facilities management concession.

Maybank Kim Eng Research is turning positive on Singapore’s property developers.