LONDON: The Tchenguiz brothers, the property magnates briefly arrested in a UK fraud probe into Iceland's Kaupthing, won the right to pursue a claim of over £1 billion (RM4.89 billion) in damages from the failed bank.

KUALA LUMPUR: Shareholders of Atlan Holdings Bhd have approved of the disposal of seven tracts of freehold land measuring a total 61.03 acres in Penang to Utara Malaya Realty Sdn Bhd for RM145 million cash.

In a filing to Bursa Malaysia on Wednesday, Mar 16, the group said its shareholders had given the green light for the transaction at an extraordinary general meeting on Mar 1.

KUALA LUMPUR: The Malaysian property market is predicted to grow slowly for 2011 due to high supply and speculation activities, CH Williams Talhar & Wong (WTW) managing director Foo Gee Jen revealed at a press conference held on Wednesday, Mar 16.

KUALA LUMPUR: The Millennium Group of Companies is ready to transform the commercial and property landscape of Puchong with its integrated flagship city, Millennia City.

According to Benjamin Tan, executive director of Millennium, Millennia City will be spilt into two phases: commercial and residential.

KUALA LUMPUR: CIMB Research and AmResearch have put a "hold" recommendation on Hektar REIT.

CIMB Research said as a pure retail REIT, Hektar REIT stands to benefit from the improving retail sector outlook in Malaysia.

BEIJING: Non-stop policy measures aimed at curbing demand and price growth in the mainland property market have finally forced developers to cut asking prices at new residential projects — a clear signal that market-wide price corrections are now under way, analysts say.

HONG KONG: The number of residential flat transactions dropped over the weekend as the city's major banks began to lift mortgage rates.

Some analysts expect purchase sentiment to weaken further; others say the impact will be minimal.

KUALA LUMPUR: KYM Holdings Bhd, which had recently proposed to acquire Harta Makmur Sdn Bhd — the owner of three leasehold tracts in Teluk Batik, Perak, measuring 311,253 sq m (76.91 acres) — intends to change the development plans of the tracts from that of tourism-related projects to commercial and housing ones, the group said in reply to a Bursa Malaysia query on Tuesday, Mar 15.

KUALA LUMPUR: Hua Yang Bhd's unit Prop Park Sdn Bhd had sold two retail shops at its One South development in Seri Kembangan to the group's chairman Tan Sri Dr Ting Chew Peh and his wife for RM2.72 million.

Prop Park had entered into the recurrent related party transaction on Mar 7, the group announced to Bursa Malaysia on Tuesday, Mar 15.

KUALA LUMPUR: Eastern & Oriental Bhd's (E&O) St Mary Residences condominium project in Kuala Lumpur has attracted a significant number of foreign buyers.

E&O's executive director Eric Chan said foreigners make-up about 30% of the sales. "We have buyers from 13 different nationalities, including countries such as Japan, Hong Kong, Singapore and Indonesia," he said.