KUALA LUMPUR: AmFIRST Real Estate Investment Trust (AmFIRST) reported a net profit of RM9.9 million for the first quarter result of its financial year ending March 31, 2011, a drop of 6% from RM10.5 million reported in the same quarter a year earlier due to due to higher provision for doubtful debts and higher interest funding costs.

KUALA LUMPUR: Harn Len Corporation Bhd is proposing to acquire properties from Nusantara Bakti Sdn Bhd, a related party, for RM2 million.

The company said on Tuesday, Aug 10 that the properties comprise five units of shop houses is situated on a freehold land in the Iskandar Development Region (IDR).

KUALA LUMPUR: Bolton Bhd’s wholly owned subsidiary, Ketapang Realty Sdn Bhd, has entered into a sales and purchase agreement with LP Heights Sdn Bhd to acquire 22.98 acres of leasehold land in Gombak, Selangor for a total cash consideration of RM72 million.

KUALA LUMPUR: SPK-Sentosa Corporation Bhd's posted a second quarter net profit of RM9.6 million compared to a net loss of RM20 million for the same period last year, driven by the share of profits by its associates involved in aviation services.

KUALA LUMPUR: Grand Central Enterprises Bhd's provision of limousine services and hotel management services recorded a second quarter net profit of RM1.1 million, dropping 64% compared to RM3.2 million recorded for the same period last year. The drop was due to lower occupancy rates in its hotels.

KUALA LUMPUR: The five-star business class Seri Pacific Hotel Kuala Lumpur has undergone a RM42 million facelift, its general manager Hadi Yusuf said on Tuesday, Aug 10.

The hotel, located next to the Putra World Trade Centre, took three years to complete the refurbishment process, he said.

KUALA TERENGGANU: The Terengganu Islamic Religious Council and Malay Customs (Maidam) has marked another milestone with its venture into the hotel business which is expected to generate good income for the agency.

Its Chief, Datuk Mazlan Hashim said Maidam would be joining forces with the private sector to set up two mid-level hotels for a total of RM54 million.

KUALA LUMPUR: Swiss-Garden International Sdn Bhd is looking to develop more hotels in Malaysia.

Its vice-president of business development, Lily Chiok, said the group was expecting fast expansion in the next three years.

The group was also looking to sign hotel management contracts, she said.

KUALA LUMPUR: The proposal to set up the Kampung Baru Land Trust based on the concept of the real estate investment trust (REIT) is nothing new, said the Secretary-General of the Ministry of Federal Territories and Urban Wellbeing, Datuk Ahmad Phesal Talib.

KUALA LUMPUR: The GreenBuild Asia 2011 will be a timely event for the local construction industry to attract foreign investments, especially in green building, says the Construction Industry Development Board (CIDB).