KUALA LUMPUR:  Datuk Seri Najib Tun Razak has defended the proposal to build a 100-storey tower in Kuala Lumpur, costing RM5 billion, saying it was not a waste but an opportunity to generate the economy and create an icon for a developed and modern Malaysia. The prime minister said the construction of the tower would benefit many sectors.

SHANGHAI: China's banking regulator urged lenders to stop providing loans to developers who hoard land or delay property sales, the China Business News reported on Wednesday, Oct 20, an effort to help shield banks from risks in the real estate industry.

KUALA LUMPUR: Muhibbah Engineering (M) Bhd has been awarded a RM205.8 million contract to design and build a government office building and external works in Putrajaya, it announced on Bursa Malaysia on Tuesday, Oct 19.

The group was awarded the contract by Putrajaya Holdings Bhd, and work is expected to start this year and be completed in 2013.

KUALA LUMPUR: KP Property Sdn Bhd’s latest project, 288 Residency in Setapak, Kuala Lumpur, has seen a 52% take-up rate over three days.

The developer soft-launched the serviced apartment project on Sunday, Oct 17.

The project was opened for sale following the success of the developer’s maiden project, 222 Residency, also located in Setapak, said a company official.

KUALA LUMPUR: Quill Capita Trust's earnings per unit (EPU) rose by 7.2% to 2.22 sen during the third quarter (3Q) ended Sept 30, 2010, up from 2.07 sen a year ago.

KUALA LUMPUR: The Malaysian Institute of Economic Research (MIER) is concerned with the rising household debt level which stood at 77%  of Gross Domestic Product (GDP) last year.

In Bank Negara Malaysia (BNM)'s 2009 annual report, household debt was reported to have risen to 76.6% for the year, the highest in Asia, from
63.9% of GDP in 2008. 

KUALA LUMPUR: The Haven, a high-end lakeside condominium project at Tambun, Ipoh, will have a gross development value (GDV) of RM214 million.

Touted to be the most luxurious in Perak, the 26-storey project of 489 units, is also expected to set a new benchmark for high-end properties in Ipoh
while boosting the property sector there.

KUALA LUMPUR: Rantau Panjang has received more than a facelift to improve its status as a gateway to Malaysia, the Dewan Rakyat was told on Tuesday, Oct 19.

BEIJING: The strict controls on the overall residential market by China's central and local governments is expected to have relatively moderate impact on demand for luxury residential properties, Colliers International said in a report.

KUALA LUMPUR: The residential sector is expected to remain the key driver of the property market, real estate consultancy DTZ Research said.