LONDON: Land Securities is selling one of its largest London development projects to Qatari property company Barwa Real Estate for £250 million (US$371 million) as overseas demand for prime UK real estate spirals.

The acquisition of the Park House development on London's Oxford Street is the first major wholly-owned investment made by Barwa in the UK.

WASHINGTON: US housing starts hit a five-month low in May as a homebuyer tax credit expired while wholesale prices remained subdued, giving the Federal Reserve ample room to maintain its ultra-low interest rate policy.

KUALA LUMPUR: OSK Trustees Bhd, the trustee of the proposed Sunway real estate investment trust (SunREIT), yesterday inked a facilities agreement and the security documents in relation to a term loan facility of RM1 billion and a revolving credit facility of RM150 million.

SELANGOR: Mulpha Land Bhd’s (MLB) proposed par value reduction exercise by year-end will place the company on a better footing to raise funds for any expansion, said company officials.

KUALA LUMPUR: The Kampung Baru Malay Agricultural Settlement (MAS) Administrative Council is against the formation of the proposed Kampung Baru Development Corporation if none of the Council members sits in the
Corporation.

KUALA LUMPUR: The Cabinet is mulling a suggestion to acquire the Putrajaya International Convention Centre (PICC) as the site for the new Parliament complex but would only make a final decision after considering cost estimates for the move, Minister in the Prime Minister's Department Datuk Seri Mohamed Nazri Abdul Aziz said.

KUALA LUMPUR: Construction firm Sunway Holdings Bhd received the Certificate of Incorporation for PT Sunway Flowtech.

Sunway Marketing (S) Pte Ltd, a unit of Sunway Holdings, incorporated limited company PT Sunway Flowtech in Indonesia on April 30, 2010. The Certificate of Incorporation, which dated 10 June 2010, was received on June 15.

KUALA LUMPUR: BSL Corporation Bhd is disposing a piece of vacant land in Negeri Sembilan for RM3.3 million.

Its unit Ban Seng Lee Industries Sdn Bhd (BSLI) had on Thursday, June 16 entered a sale and purchase agreement with Soon Seng Truck & Parts Sdn Bhd for the disposal of the 5.4-acre land.

KUALA LUMPUR: Guocoland (Malaysia) Bhd has named Yeow Wai Siaw as its new managing director.

The 45-year-old Yeow was the head of group business development of Hap Seng Consolidated Bhd prior to joining Guocoland. He holds a Master of Business Administration (MBA) in Finance from the University of Hull, United Kingdom.

SIBU: Some 4,500 agricultural and 3,000 residential land owners here have yet to settle their land rents and premiums amounting to RM773,827.50, or 87.89% of the total of RM880,413.99, as at March 31.