News by TheEdgemarkets.com

Office-focused Tower Real Estate Investment Trust (REIT) reported an 87% year-on-year drop in net trust income or net profit in its third quarter ended March 31, 2023 (3QFY2023), as earnings were weighed down further by higher electricity tariff, minimum wage hike, as well as interest, housekeeping and security expenses.

Property developer OCR Group Bhd has maintained that there is no operational impact on the group arising from the lawsuit filed by a former contractor over alleged payment default of RM30.93 million in relation to projects in Kuantan and Petaling Jaya.

Earthworks and civil engineering service provider Advancecon Holdings Bhd has bagged an RM86 million construction contract from Perbadanan Kemajuan Negeri Selangor (PKNS) for Phase 1 of its Sierra Alam development in Section U10, Shah Alam, Selangor.

Industrial properties real estate investment trust (REIT) AME REIT has declared its second income distribution per unit since listing, of 1.82 sen per unit, for the fourth quarter ended March 31, 2023 (4Q23).

Crowne Estate Malaysia has partnered with French hospitality group Accor to open Swissôtel Genting Highlands, set to launch in the third quarter of 2028.

UOA Real Estate Investment Trust (REIT) will remain focused on the office property market as it sees growing potential in the segment, according to Kong Sze Choon, chief executive officer of its manager UOA Asset Management Sdn Bhd.

The Malaysia My Second Home Consultants Association (MM2HCA) has lauded the government’s move to create a one-stop centre under the Ministry of Tourism, Arts and Culture for the programme.

KSK Land Sdn Bhd has terminated its contract with Grand Dynamic Builders Sdn Bhd (GDBSB), a wholly owned subsidiary of GDB Holdings Bhd, as the main contractor of mixed development 8 Conlay at Jalan Conlay, Kuala Lumpur.

Rubber compound manufacturer GIIB Holdings Bhd, which has been locked in a dispute with one of its directors over allegations of fraud and misconduct, is selling a 1.689ha parcel of industrial land in Tuaran, Kota Kinabalu, Sabah to metal and steel product wholesaler Kozai Realties Sdn Bhd for RM14 million cash.

KIP Real Estate Investment Trust's (REIT) net property income for the third quarter ended March 31, 2023 (3QFY2023) grew 13.3% to RM16.4 million, up from RM14.5 million a year earlier, on higher revenue.