News by Syafiqah Salim

Property developer Eupe Corp Bhd is purchasing two additional parcels of freehold land in Sungai Petani, located in the Kuala Muda district of Kedah, for RM40.68 million, which will increase the land area around its proposed township, for investment.

Advancecon Holdings Bhd has secured RM21.19 million in subcontract work from China Communications Construction (ECRL) Sdn Bhd (CCC-ECRL).

Nestcon Bhd has clinched RM108 million worth of construction works from property developer Exsim Avenue Sdn Bhd for a mixed commercial development project.

Hong Leong Investment Bank (HLIB) Bhd has maintained its "neutral" stance on the property sector on the expectation of a normalised pace of billings and moderate growth in new property launches and sales throughout the year of 2024.

Shares in Kerjaya Prospek Group Bhd rose to a fresh record high of RM1.63 in early trade on Thursday as analysts viewed the group will continue to benefit from strong growth in Andaman Island.

The real estate investment trust (REIT) sector would be minimally affected by the high-value goods tax, as tenants' profit sharing is less than 10% of the mall’s total revenue, while the potential impact on luxury goods buyers is likely to be limited due to their comparatively lower price sensitivity given their large purchasing power, according to Hong Leong Investment Bank (HLIB).

Datuk Saiful Nizam Mohd Yusoff, who is the president of Jiankun International Bhd, has ceased to be a substantial shareholder of the loss-making property development and construction group.

Packaging manufacturer and property developer Scientex Bhd kick-started its new financial year on a positive note, with its net profit for the first financial quarter ended Oct 31, 2023 (1QFY2024) climbing 28.6% to RM137.84 million, from RM107.18 million a year earlier, driven by its property division.

KPJ Healthcare Bhd’s plan to divest its loss-making Aged Care Business in Australia for A$700 million (equivalent to RM2.2 million) is being viewed positively by investment analysts, as the move is expected to cut operating costs and alleviate cash flow requirements for the country’s largest healthcare provider.

Market watchers have maintained their "buy" ratings on Gamuda Bhd, as they expect the engineering and construction group to deliver strong quarters ahead for the financial year ending July 31, 2024 (FY2024), on the back of a record-high order book and unbilled sales.