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Ali Baba deals undermine Bumiputera contractors, says Malay contractors association

KUALA LUMPUR: The Malaysian Malay Contractors Association (PKMM) president, Datuk Mokhtar Samad, has expressed disappointment over some quarters still resorting to the ‘Ali Baba’ system of awarding construction contracts because such deals undermine bumiputera contractors who genuinely want to succeed in the construction business.

12 May, 2011
Come invest in M'sia's booming property market, S'poreans invited

SINGAPORE: Singaporeans have been invited to invest in Malaysia's booming property market.

The invitation was extended at the "Invest in Malaysia, "Invest in Kuala Lumpur" forum held in the republic hosted by Eastern & Oriental Bhd (E&O), Malaysia's leading developer of prime urban properties.

12 May, 2011
10 Trinity Square to be transformed into a world-class mixed-use scheme

LONDON: The new owners of London's 10 Trinity Square — KOP Properties, the real estate investment and management arm of Singapore-based KOP Group, and Reignwood Group, who together recently acquired the building — have unveiled the redevelopment plans for the historic landmark building.

12 May, 2011
HK site fetches HK$4.49b, middle of forecast

HONG KONG: Hong Kong auctioned a residential parcel of land on Hong Kong Island's Mid-Levels for HK$4.49 billion (RM1.73 billion), a price that was in the middle of a range of market forecasts.

12 May, 2011
UOA offers 407 million shares to raise RM1.2b

KUALA LUMPUR: Property developer UOA Development Bhd, which intends to raise RM1.2 billion from its initial public offering (IPO), is offering 407 million shares, or a third of its enlarged issued capital base.

12 May, 2011
Hektar REIT posts lower pre-tax profit

KUALA LUMPUR: Hektar Real Estate Investment Trust (Hektar REIT) posted a lower pre-tax profit of RM9.94 million, for the first
quarter ended March 31, 2011, from RM10.04 million recorded in the same quarter last year.

11 May, 2011
Moevenpick Hotels & Resorts opens second property in Thailand

KUALA LUMPUR: Moevenpick Hotels & Resorts is undertaking management of the 39-Residence The Palm Beach Club and rebranding it Moevenpick Residences Laguna Beach Phuket with immediate effect.

The property will ideally complement the Moevenpick Resort & Spa Karon Beach Phuket, the first property the company opened in Thailand in 2006.

11 May, 2011
Hua Yang acquires KL city centre land for RM32m

KUALA LUMPUR: Hua Yang Bhd has acquired 1.55-acres of land within the Desa Pandan Commercial Centre in Kuala Lumpur city centre for RM32 million, just minutes from the proposed Kuala Lumpur International Financial District and Jalan Tun Razak.

According to a statement by the developer on Wednesday, May 11, the leasehold tract is just opposite the Royal Selangor Golf Club.

11 May, 2011
JPO, Legoland expected to attract millions to Iskandar Malaysia

JOHOR BAHRU: Iskandar Malaysia is expected to attract millions of local and foreign visitors when its much-anticipated Johor Premium Outlets (JPO) and Legoland Malaysia open for business.

Iskandar Regional Development Authority chief executive, Ismail Ibrahim, said the RM149 million JPO was expected to open by year-end and Legoland Malaysia next year.

11 May, 2011