Analysts have expressed mixed views on IOI Properties Group Bhd’s (KL:IOIPG) acquisition of Tropicana Gardens Mall and its impact on the group’s gearing level.

Hong Leong Investment Bank (HLIB) Research has maintained its 'buy' rating for Axis REIT (KL:AXREIT) at RM1.87, with a lower target price of RM2.03 (from RM2.04), saying the real estate investment trust's quarterly core net profit of RM39.6 million, which was 1.1% lower quarter-on-quarter but 17.2% higher year-on-year, brought the sum to RM79.6 million for the first half ended June 30, 2024 (1HFY2024).

Tropicana Indah Sdn Bhd, an indirect 70%-owned subsidiary of Tropicana Corporation Bhd, has signed a sale & purchase agreement with IOI Mall Damansara Sdn Bhd, a wholly-owned subsidiary of IOI Properties Group Bhd, for the sale of Tropicana Gardens Mall for a total consideration of RM680 million.

YTL Cement Bhd, a unit of conglomerate YTL Corp Bhd (KL:YTL), is planning to buy an 81.34% stake in Singapore-listed NSL Ltd for S$227.61 million (RM792.32 million) in cash, to expand its industrialised building systems (IBS) business.

Axis Real Estate Investment Trust's (KL:AXREIT) (Axis REIT) second quarter net property income (NPI) increased 12.86% to RM65.95 million from RM58.44 million a year ago, on the back of higher revenue.

Noteworthy:

• Freehold
• Built-up size: 8,000 sq ft
• Land size: 9,436 sq ft
• 7 bedrooms, 8 bathrooms
• Semi-furnished
• Nearby amenities: MRT Semantan, MRT Pusat Bandar Damansara, Pavilion Damansara Heights, DC Mall, The Five @ KPD, Plaza Damansara, schools, HELP University, KLGCC
• Accessibility: SPRINT - Damansara Link and Kerinchi Link, Jalan Tuanku Abdul Halim, Jalan Semantan, LDP, Jalan Damanlela

When: April 2024

Under the subcontract, Varia will supply labour, plants, materials, equipment, tools, transport, temporary works and ancillary needed to build a sewage treatment plant in Penang.

The certification criteria include the thermal performance of the building envelope, natural and mechanical ventilation, application of renewable energy, and other energy-efficient practices and features. 

The group said its total net assets surpassed RM10.8 billion.

Forbes said Allgreen’s Valerian Residential placed the highest bid of S$730 million (US$544 million/RM2.537 billion) for the 99-year leasehold site on Zion Road, about three kilometres south of Orchard Road.