KUALA LUMPUR: Shares of Sunrise Bhd and UEM Land Holdings Bhd rose in active trading on Thursday, Dec 9, ahead of the Dec 22 deadline for the former's minority shareholders to accept the latter's takeover offer.

KUALA LUMPUR: I&P Group Sdn Bhd is launching what it terms as premium homes at its Bandar Kinrara township in Puchong, Selangor, this weekend. The RM255-million Q’aseh consists of 118 superlink homes while the RM73-million Chantek offers 14 semi-detached homes. Built on land sizes of 1,915 sq ft to 6,100 sq ft, Q’aseh units have built-ups from 2,799 sq ft to 3,778 sq ft.

Numerous erratic weather events are happening around the globe and Malaysia is not exempted from these abnormal weather patterns, as the exceptionally heavy storms in the Northern region and the waterspout seen off Gurney Drive in Penang just a couple of weeks ago demonstrate.

KUALA LUMPUR: Mutiara Goodyear Development Bhd (Mutiara) will launch RM1.6 billion worth of projects in the next 12 months. The first of the new projects to be launched is the freehold 68.6-acre Nadayu 92 in Kajang with a gross development value (GDV) of RM320 million.

GEORGE TOWN: Hunza Properties Berhad Group’s (HPB) RM450 million Gurney Paragon condominium project along Gurney Drive has seen an impressive take-up by foreign investors.Two thirds of the 220 units have already been sold with locals taking up 50% while the rest were snapped up by buyers from Hong Kong, Singapore, UK, Indonesia, China, Vietnam, France and even Russia.HPB executive chairman Datu

KUALA LUMPUR: There must be a mechanism to ensure property developers reveal the actual service charges imposed on unit owners of stratified projects on the outset, said the International Real Estate Federation Malaysia Chapter (FIABCI Malaysia) deputy president Tengku Ab Aziz Tengku Mahmud.

BEIJING: CB Richard Ellis's (CBRE) Asia Research Report details how China's high-speed rail network will change the property landscape of the country, it said in a press release on Monday, Dec 6. The network will bring new opportunities for real estate development that will serve as station-based central business districts.

SP Setia

Ending The Year With a Bang

The company’s FY10 core earnings came in 10% above our estimates but within consensus numbers. FY10 turnover and core net profit, after stripping out an estimated  exceptional gain of RM44m from the disposal of property, improved by 24% (+35% q-o-q) and 28% (+47% q-o-q) respectively.

· Within expectations
FY2010 results came in within house but above market expectations. SP Setia posted a record net profit of RM251.8m which was 47.1% higher yo-y. A final net DPS of 10.5 sen was declared. Total net DPS for the year was 15 sen with payout ratio at 61%, which were inline with expectations.

SP SETIA

Investment Highlights

• We reaffirm our BUY rating on SP Setia Bhd and raise our fair value from RM6.50/share to RM6.80/share, based on a 5% discount to our revised fully diluted (FD) NAV estimate
of RM7.16/share. The higher NAV estimate is mostly underpinned by the stronger pricing assumptions for Setia City (GDV: RM5bil).