HONG KONG: A luxury residential site in Kowloon topped records at a land auction on Tuesday, Aug 31, underpinning the buoyancy of the runaway property market.

Property sales, which had fallen in response to recent government cooling measures, are now expected to rebound after Kerry Properties won the most expensive site in Kowloon in terms of floor area price.

HONG KONG: Tsoi Yuen Tsuen residents have drawn up a beautiful image of their future homes in an agricultural co-operative community with streams, fruit trees and ponds.

But the villagers have a couple of hurdles to overcome urgently or their dream homes — depicted in a master plan submitted to the government on Tuesday, Aug 31 — will remain just a dream.

BEIJING: The tallest building in Beijing opened for business on Tuesday, Aug 31, forming the centrepiece of the capital's central business district.

KUALA LUMPUR: The Australian Bureau of Statistics (ABS) Building Approvals posted their first increase in four months in July, but remained below the early 2010 levels, said the Australian Housing Industry Association (HIA).

KUALA LUMPUR: Glomac Bhd, via its newly acquired unit Berapit Properties Sdn Bhd, has entered into a sale and purchase agreement (SPA) to acquire a 7-acre tract of land representing a part of an enterprise lot in Selangor for a consideration of RM27.44 million.

KUALA LUMPUR: Fountain View Development Bhd (FVDB) has proposed extra internal restructuring in an effort to streamline its organisational structure and assets, and achieve more operational efficiency via direct control over its assets.

KUALA LUMPUR: Property developer I-Bhd has posted a net profit of RM286,000 for the second quarter (2Q) ended June 30, 2010, from a loss of RM1.62 million a year ago, it announced on Bursa Malaysia on Monday, Aug 30.

Revenue also surged to RM2.89 million from RM173,000 a year ago.

KUALA LUMPUR: Metro Kajang Holdings Bhd has posted a net profit of RM3.9 million for the third quarter (3Q) ended June 30, 2010, down 72.9% from RM14.43 million a year ago on the back of lower profit contribution from the property and construction division after the completion of certain ongoing projects.

KUALA LUMPUR: Ranhill Bhd posted a net loss of RM21.06 million for the fourth quarter (4Q) ended June 30, 2010 from a net profit of RM205.26 million a year ago, it announced on Bursa Malaysia on Monday, Aug 30.

KUALA LUMPUR: Muhibbah Engineering’s unit Muhibbah Engineering (Singapore) Pte Ltd has been awarded a contract for the proposed offshore marine centre at Tuas South Avenue 8, Singapore, by Jurong Town Corporation for SG$53.8 million (RM124.4 million).