News by M

 The ministry of urban wellbeing, housing and local government will build 4,800 units of studio apartment for youths, on its land in Batu district, Kuala Lumpur.

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).

The market chatter that first surfaced in 2014 to merge all the property companies under PNB’s portfolio could finally happen. Instead of merging S P Setia Bhd, Island & Peninsular Sdn Bhd (I&P) and the property businesses of Sime Darby Bhd, S P Setia announced that it had entered into a memorandum of intent to only acquire I&P however. 

In its first Investment Trends Survey, Knight Frank found the majority of investments into commercial properties were primarily driven by diversification, with real estate being used to provide variation from both domestic economy and across asset classes.

Anzo Holdings Bhd has been slapped with yet another unusual market activity (UMA) query by Bursa Malaysia, after its share price plunged by 19.5 sen or 35.14% to 36 sen today.

UOB Kay Hian is reiterating its “hold” recommendation on Ascott Residence Trust (ART) at a target price of S$1.20 following news of the trust’s agreement made last week to divest its trust beneficiary interests of 18 rental housing properties in Japan to Nikko Zenith GK9.  

Ikhmas Jaya Group Bhd gained 3.23% during the mid-morning session, after the company last Friday announced a contract win worth RM33.8 million.

Following the acquisition, Frasers Property has also agreed to make an all-cash offer for the remaining 13.44% free-float interest in Geneba at an equivalent offer price of EUR3.67 per depositary receipt.

The factory will be located at its Sendayan TechValley, Bandar Sri Sendayan, with a planned capital expenditure (capex) of RM30 million (excluding the cost of a 12-acre [4.86ha] industrial land).

The company is en route to a listing on the Main Market of Bursa Malaysia by June this year.