Major shareholder Gapurna Sdn Bhd (16.7% stake) has committed to undertake 120 million new placement shares with the balance to be placed to institutional investors. The placement exercise is targeted to be completed by the second quarter of 2016.

The surge in house prices over the past few years is finally moderating.

The costliest address is Tropicana City Tropics, with an average transacted price of RM890 psf, almost 22% higher than the next-most costly projects, Amcorp Serviced Suites and Li Villas (RM732 psf each). 

Andalas Development Sdn Bhd, a company linked to Cheng, has sold 296 acres in Bandar Mahkota Banting, Selangor, according to industry sources.

Targeted for completion in 2021, the development will sit on 15.84 acres in Pusat Bandar Damansara and comprise 13 office blocks, four towers with 1,256 serviced apartments and 240 hotel rooms, and a five-storey retail podium with a net lettable area (NLA) of some one million sq ft.

Selayang Star City shopping mall is set to open its doors next year.

By average transacted unit price, the most expensive project is Five Stones in SS2, with an average transacted price of RM1.58 million.

The project started with a bang in 2012. Three years down the road, views are somewhat mixed on its success. A common view that has emerged, though, is that a new and unique concept like EduCity will need time to evolve and mature into a fully formed entity.

The light rail transit line 3, Kwasa Utama and Cyberjaya City Centre (CCC) projects will generate a project management fee income of RM586 million over the next 12 years. It is exploring to set up private property funds with institutional investors to finance some of its property developments.