ABU DHABI: The world's first Ferrari theme park, inspired by the luxury Italian sports car and racing teams, opened its gates in Abu Dhabi on Wednesday June 2 for a sneak preview before its official opening in October.

KUALA LUMPUR: Prinsiptek Corporation Bhd is hoping to increase revenue contribution from its property development arm to 20% this year, with three projects worth RM220 million to be launched by the end of the year.

BEIJING: A senior official with China's powerful planning agency confirmed media reports that the country was studying a possible nationwide property tax but had no specific plan, the China Business News reported on Thursday June 3.

It also said Shanghai was considering introducing the tax in the city on a trial basis.

PENANG: The Penang government has cancelled the requirement of performance bond for Class F contractors with immediate effect.

Chief Minister Lim Guan Eng, when announcing this on June 2, said this was in line with the state government's decision to adopt the Treasury Circular No. 5/2009.

KUALA LUMPUR: Setia Haruman Sdn Bhd (SHSB), the master developer of Cyberjaya, has struck a major sale by signing up with Omni Assets Sdn Bhd, a wholly-owned subsidiary of Paramount Corp Bhd.

A signing ceremony for the sale and purchase of a residential land parcel measuring 20.23ha (50 acres) worth RM78.4 million was held on Tuesday, June 1 between SSHB and Omni Assets.

KUALA LUMPUR: The Real Estate and Housing Developers' Association Malaysia (Rehda), in welcoming the appointment of Datuk Chor Chee Heung as Housing and Local Government Minister, is optimistic he would continue with the existing open-door consultation approach adopted in the housing industry.

KUALA LUMPUR: China’s industrial real estate market has begun to return to pre-financial crisis levels of growth, said investment director of Industrial at Colliers International, Jeremy Chapman.

HONG KONG: Henderson Land Development believes Hong Kong's housing shortage will ease in the next few years since its landbank can provide 45,000 new units, which is equivalent to the total supply of new housing for four years.

KUALA LUMPUR: Loh & Loh Corporation Bhd is bidding for RM2 billion worth of construction projects, including water-related and infrastructure ones, in the country.

Its Chief Executive Officer, Jason Loh, said the company has about RM1.5 billion worth of ongoing projects in the property and construction sectors, including a hydro-dam project in Hulu Trengganu.