GEORGE TOWN: The Penang government has decided to commence legal action against Tropical Island Resort (TIR), which operates a resort on Pulau Jerejak, to recover RM10.6 million in land premium owed for 80 acres (32ha) of land on the island.

WASHINGTON: New US single-family home sales unexpectedly fell in February to hit a record low and prices were the lowest since December 2003, a government report showed on Wednesday, Mar 23, suggesting the housing market slide was deepening.

SINGAPORE: Moody's Investors Service says in a new report that the expansion plans of the Singaporean industrial real-estate investment trusts (S-REITs) into China poses a number of business risks, particularly because of the legal and regulatory environment.

Investment Highlights

KUALA LUMPUR: GuocoLand (Malaysia) Bhd's wholly-owned subsidiary HLL Overseas Limited had on Wednesday, Mar 22 incorporated a wholly-owned subsidiary known as Positive Vision Labuan Ltd (PVL) as an investment holding company.

KUALA LUMPUR: Newly-listed Benalec Holdings Bhd is standing out from its construction peers and rapidly gaining investor attention.

BEIJING: China's government has dispatched eight "special" teams across the country to assess the impact of its property tightening measures, the official China Securities Journal reported on Wednesday, Mar 23.

The move followed measures announced by China's cabinet and a maiden property tax in January to prevent a housing bubble from forming and leading to social unrest.

TOKYO: Japan's office market recovery will be set back by the the 9.0-magnitude earthquake and subsequent tsunami, albeit only on a limited scale in the short-term according to early analyses by international real estate outfit DTZ.

KUALA LUMPUR: OSK Property Holdings Bhd's wholly-owned subsidiary Wawasan Rajawali Sdn Bhd is buying a 64,320 sq metre freehold site in Mukim Dengkil, Selangor, from Cyberview Sdn Bhd and Setia Haruman Sdn Bhd for RM86.54 million.

KUALA LUMPUR: S P Setia Bhd has completed its book-building exercise to place out 153 million shares, or equivalent to 15% of its paid-up capital, raising RM884.6 million to finance its existing projects and future expansion.