News by TheEdgeMarkets.com

Sunway Bhd posted a net profit of RM202.98 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), with all business segments recording higher profits except construction, trading and manufacturing, and others segments.

Hektar Real Estate Investment Trust (Hektar REIT)’s net property income (NPI) for the fourth quarter ended Dec 31, 2022 (4QFY2022) declined 18.87% to RM10.04 million from RM12.38 million a year earlier, dragged by higher property operating expenses.

Capitaland Malaysia Trust (CLMT)’s RM990.5 million acquisition of Queensbay Mall in Penang has turned unconditional after the REIT’s unitholders voted in favour of the transaction.

Tropicana Corp Bhd’s executive vice chairman and major shareholder Tan Sri Danny Tan Chee Sing has emerged as Ipoh-based transport terminal and bus operator Perak Transit Bhd’s substantial shareholder after buying 17.39 million shares in the company.

UEM Sunrise Bhd returned to the black for the year ended Dec 31, 2022 (FY2022) after two years of losses, helped by a similar turnaround in the final quarter.

Sunway Property has set a sales target of RM2.3 billion for 2023, on the back of achieving RM 2.0 billion in sales with an unbilled revenue of RM 4.3 billion for its financial year ended Dec 31, 2022.

Eastern & Oriental Bhd (E&O)’s high borrowings is of minimal concern to the property developer, as the group sees its latest fundraising proposal and cash generated from sales supporting its next stage of growth.

Property firm IGB Bhd’s net profit came in lower at RM18.77 million for fourth quarter ended Dec 31, 2022 (4QFY2022), compared with RM233.77 million a year ago, due to the absence of the RM193.4 million one-off gain from the disposal of a joint venture company in 2021.

The government is working on a comprehensive short-term rental accommodation (STRA) guide that will be adopted by all local governments in Malaysia, said Local Government Development Minister Nga Kor Ming

Inflation and a higher cost of doing business are likely to push property prices up by double-digit this year, Rehda president Datuk NK Tong has cautioned.