Profit before tax of its property development segment dropped 47.9% to RM37 million in 2QFY2023, from RM71.07 million a year ago as revenue for the segment fell 31.4% to RM159.98 million, from RM233.08 million previously. 

Zainal acquired the stake comprising 14.95 million shares on the open market on Aug 18. 

The research house said the demand for affordable housing remains neglected while unsold units in other segments remain high as they exceed affordability levels.

The time-worn areas surrounding Merdeka 118, the nation’s newest skyscraper, are the focus of new development ideas that will come from young talents garnered from the Young People’s Lab (YPLab) initiative this year.

Property prices of high-rise projects and rental rates at shopping malls in the Johor Bahru city centre are now close to rates in the Klang Valley, driven by the effect of the Johor Bahru-Singapore Rapid Transit System (RTS) Link and a strong Singapore dollar.

Prime logistics rent in 17 key cities across Asia-Pacific showed an average rise of 10.4% year-on-year, “powered by the acceleration of rental growth in Manila,” Knight Frank stated in its Asia-Pacific Logistics Markets report for 1H2023.

Property developer GuocoLand (Malaysia) Bhd’s net profit fell 33.6% to RM15.8 million or 2.36 sen per share in its fourth quarter ended June 30, 2023 (4QFY2023) from RM23.79 million or 3.55 sen per share a year earlier, mainly due to lower contribution from its property development division.

UEM Sunrise Bhd announced in its financial results for the first half ended June 30, 2023 (1H2023) today, which recorded a revenue of RM605 million.

The property market is gradually stabilising, but property developers hold a neutral view for 2H2023, with more optimism for 1H2024, according to recent findings of the Real Estate and Housing Developers' Association (Rehda) Property Industry Survey.

Kerjaya Prospek Group Bhd saw a 10.6% increase in net profit to RM31.57 million for its second quarter ended June 31, 2023 (2QFY2023), from RM28.54 million a year earlier, as the construction outfit posted a record quarterly revenue for 2QFY2023.