News by M

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.

The group said the acquisition is part of its objective to invest in strategic landbank, noting Magna Prima’s landbanks in Klang Valley which presents an opportunity for further collaboration between the two developers.

Gadang Holdings Bhd’s net profit rose 57.5% to RM23 million or 10.62 sen per share for the second quarter ended Nov 30, 2016 (2QFY17), from RM18 million or 7.4 sen per share a year ago.

On prospect, MQ REIT said the office market is expected to remain challenging with the slowdown of the global and domestic economies, and low crude oil prices.