News by theedgemalaysia.com

The Real Estate and Housing Developers’ Association (Rehda) Malaysia welcomed the Federal Court’s ruling on the cases involving Prema Bonanza Sdn Bhd and Sri Damansara Sdn Bhd on Friday, which removed the uncertainties in the determination of the delivery period of properties

The Federal Court on Friday unanimously decided that the Ang Ming Lee decision made by the apex court in 2020, which has been bugging housing developers over the years despite gaining extension of time (EOT) prior to that landmark ruling, is applicable prospectively and not retrospectively.

Phillip Capital has maintained its 'buy' rating for Kerjaya Prospek Group Bhd (KL:KERJAYA) at RM2.03, with a higher target price of RM2.60 (from RM2), and expects continued robust contract replenishment from Eastern & Oriental Bhd (KL:E&O) and Kerjaya Prospek Property Bhd (KL:KPPROP), with the company actively bidding for RM3 billion worth of data centre and semiconductor related jobs.

RHB Retail Research said Eversendai Corp Bhd (KL:SENDAI) is attempting to resume the upside movement, testing the immediate resistance.

JAKS Resources Bhd (KL:JAKS) said it has signed a memorandum of understanding (MOU) with a subsidiary of TDM Bhd (KL:TDM) to collaborate on a land lease as part of its bid for the fifth Large Scale Solar (LSS5) programme.

IGB Real Estate Investment Trust’s (KL:IGBREIT) net property income (NPI) for the second quarter ended June 30, 2024 (2QFY2024) rose 6.5% to RM109.48 million from RM102.79 million a year ago, due to higher rental income.

KIP Real Estate Investment Trust (KL:KIPREIT) said on Thursday its net property income surged 62.8% in the final quarter of 2024 earlier, thanks to strong gain of retail properties in the northern and central regions.

UOA REIT (KL:UOAREIT), a trust which mainly manages commercial properties, saw its net rental income fall 22.06% to RM16.48 million in its second quarter ended June 30, 2024 (2QFY2024), from RM21.15 million a year ago, dragged by higher property operating expenses.

IGB Commercial Real Estate Investment Trust's (KL:IGBCR) (IGB Commercial REIT) net property income (NPI) rose 10.8% to RM34.45 million in the second quarter ended June 30, 2024 (2QFY2024) from RM31.11 million a year earlier, on higher rental income in the current quarter.

Come Friday (July 26), the Federal Court will deliver an important decision which would affect homebuyers and developers alike, on whether the decision made by the apex court in the Ang Ming Lee and another vs the Housing and Local Government Ministry and the Controller of Housing case has a retrospective effect or otherwise.