News by M

In a note today, the research house said it was positive on the move, as the planned spin-offs allow Sime to crystalise values of its businesses.

Sunsuria Bhd has opened Block B, the final block at The Olive condominium project at Sunsuria City in Salak Tinggi, Selangor, for sale following good response to the earlier blocks.

The property comprises a 45,000 sq ft piece of leasehold land rated at RM1,100 per sq ft and a single-storey detached factory.

This is on the back of Beijing’s tightened controls to curb property price growth.

Advance Information Marketing Bhd (AIM) has decided not to proceed with the purchase of an arcade shoplot unit in Kota Kinabalu, Sabah from private property developer Sunsea Development Sdn Bhd.

Yesterday, Gadang posted a 57% jump in net profit to RM27.91 million in the second quarter ended Nov 30, 2016, from RM17.72 million a year earlier, on better margins from construction activities and higher contributions from the property segment.

This brings the total DPU for FY2016 to 10.05 cents, 5.2% lower than then 10.6 cents declared for FY2015.

Perennial Somerset Investors (PSIPL), a consortium led by Perennial Real Estate Holdings (Perennial), has agreed to divest a 70% stake in TripleOne Somerset to Simply Swift Limited, an indirect wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings.

Gross revenue grew 47.4% to S$108.76 million (RM341 million), compared with S$73.77 million a year ago, which was largely due to a S$31 million contribution by its accretive acquisition of Mapletree Business City I (MBC I).

Looking ahead, the trust said it will further explore asset enhancement initiatives at its two properties, namely Mid Valley Megamall and The Gardens Mall.