GEORGE TOWN: The Penang state government has issued a request for proposal (RFP) to develop the over two-century old Fort Cornwallis, which will involve the development of more than 15.5 acres of prime land situated in the heart of George Town's heritage enclave.

KUALA LUMPUR: Sunway City Bhd (SunCity) and Credit Suisse (Singapore) Ltd has entered into a conditional cornerstone agreement with Government of Singapore Investment Corp Pte Ltd (GIC), where GIC has agreed to acquire an aggregate number of 134,005,615 units of Sunway’s proposed Real Estate Investment Trust (REIT) listing.

KUALA LUMPUR: The proposed Kampung Baru redevelopment based on a 60:40 ratio of Malay and non-Malay participation, cannot be finalised without acceptance from land owners said Federal Territories and Urban Wellbeing Minister, Datuk Raja Nong Chik Raja Zainal Abidin.

The government would hear feedback and views of land owners before making any decision said Raja Nong Chik.

Property

KUALA LUMPUR: Main board-listed Boustead Holdings Bhd posted a 56% jump in pre tax profit to RM134.6 million in its 1Q ended March 31, 2010, from RM86.1 million for the same quarter last year.

Its net profit totalling RM90.2 million for 1Q2010 was 48% higher than the RM60.8 million for 1Q2009.

HONG KONG: Hopes were high when the State Council issued policy measures in April meant to put the brakes on rocketing home sales, but while the number of deals has fallen by as much as 90% in some locations, prices have yet to drop much. The latest data shows that home prices have fallen by 3% to 5%, according to Xinhua.

LONDON: House prices in England and Wales are 2% up on a year ago, the biggest annual rise since January 2008, though non-seasonally adjusted monthly data points to a slowdown, property data company Hometrack said on Monday, May 31.

KUALA LUMPUR: Hotel brand Guoman Hotels, under the Malaysia-based conglomerate, Hong Leong Group, has begun its international growth plan with the opening of Guoman Hotel Shanghai (pictured).