News by TheEdgemarkets.com

GFM Services Bhd is spending RM9 million to take over a company that has been awarded the rights to develop a Rest and Service Area (RSA) along the Kuala Lumpur-Karak Expressway.

Putrajaya ought to monitor the prices of affordable housing or rent as the lack of affordable housing supply in the private market could push the number of households into social housing, Khazanah Research Institute (KRI) has cautioned, noting more households are now eligible for government assistance.

Notably, the total residential overhang units in 2022 are led by those priced between RM500,000 and RM1 million at 33.6%, followed by RM300,000 to RM500,000 (at 29.3%) and below RM300,000 (at 23.5%) categories.

Idriss, first outlined under the First Selangor Plan 2021-2025, is expected to catalyse the development in the southern part of the state. The development involves an area spanning 40,000 acres (20,000ha) in the Sepang and Kuala Langat districts, with an estimated gross development value of RM1 trillion.

Scientex Bhd posted a 13.5% year-on-year growth in net profit for the second quarter ended Jan 31, 2023 (2QFY2023), driven by improving sales and steady construction progress in the group’s property development business.

Titijaya Land Bhd said its indirect wholly-owned subsidiary Renofajar Sdn Bhd has been served with winding-up petitions for failing to settle a judgment sum and failure to deliver vacant possession.

Landmarks Bhd, a 21.7% associate of Genting Bhd, said its wholly owned subsidiary has defaulted in its repayment on financing facilities totalling RM133.37 million.

Malaysia's total property transaction value hit RM179.07 billion in 2022, the highest-ever value recorded by the National Property Information Centre (Napic) since 2001.

Real estate developers are expected to face greater challenges this year with limited room to shift higher construction costs to customers whose purchasing power has been eroded by inflation and rising interest rates.

Datuk Seri Azalina Othman Said said the current unity government takes all Felda matters seriously, including the construction of homes for second and third generation Felda settlers, which have been abandoned.