IOI Properties targets to launch its second phase of residential properties in IOI Palm City, Xiamen, in 2QFY16. In addition, two office towers and Le Meridien are expected to be completed by the third quarter of calendar year 2016, which should boost its investment properties segment.

The property management segment, on the other hand, continues to be the saving grace for the group, having posted 8.7% y-o-y sales growth, mainly on contributions from its new shopping centres. Last year, Aeon opened a new store in Quill City Mall, Kuala Lumpur, and two new malls in Bukit Mertajam and Taiping.

In recent years, many newer condominiums are increasingly targeted at middle-income segment, especially those in Bandar Puteri Puchong and Bandar Puchong Jaya, which are located closer to Bandar Sunway and IOI Mall.

Anchored originally by IOI Properties’ townships, the Puchong area is vast and has seen the entry of many developers.

One of the most important projects is the RM1.2 bil UMCITY, which is slated to be completed by 3Q2018.

The affluent enclaves of Tropicana and Sunway Damansara could be among the best places to live in Petaling Jaya upon the completion of the Surian MRT station, say real estate consultants.

Weak earnings largely due to the early stage of construction for Raintree Park 1 and Pearl Avenue 2, while a few other projects were nearing completion and handed over.

Unrealised foreign exchange (forex) gains of RM15.7 million and gains from the sale of its 50% stake in the Sungai Besi land boosted associate income to RM20.7 million.

Section 13 in Petaling Jaya has seen much transformation in the past few years under the revised Special Area Plan, which aims to promote self-sustainability. And it is set to undergo more change with the launch of several mixed-use developments.

Prices on the secondary market here are strong, mirroring that of adjoining Kota Damansara. A major catalyst is the Tropicana Gardens project, which includes an MRT station and a mall, where residences were launched at over RM1,000 per square foot (psf).