KUALA LUMPUR: Sarawak-based infrastructure and marine engineering specialist Hock Seng Lee Bhd (HSL), in consortium with Matrik Bestari Sdn Bhd received the go ahead to construct an access road linking Technology Park Samarahan to Tanjong Bako in Kuching, Sarawak from Public Works Department (JKR) at a contract sum of RM72.5 million. HSL has 90% share in the consortium.

KUALA LUMPUR: The Tourism Ministry is collaborating with I-Bhd the developer of i-City to hold the first Ramadhan Summer Festival in Malaysia at the hi-tech city in Shah Alam.

The Ramadhan Summer Festival is aimed at attracting Middle Eastern tourists who travel during the summer months in their countries, said Tourism Minister Datuk Seri Ng Yen Yen.

KUALA LUMPUR: The Tourism Ministry will encourage more investments in boutique heritage hotels and resorts from both local and foreign investors, said Tourism Minister Datuk Ng Yen Yen on Wednesday, June 9.

HONG KONG: Retail rent rates at Russell Street in Causeway Bay here continued to be the highest among premier streetfront rates in Asia Pacific as of March 2010, according to Colliers International Spring 2010 Global Retail Highlights.

HONG KONG: Sun Hung Kai Properties on Tuesday, June 8 paid the second-highest price ever for a development site, helping to lift confidence in the recently depressed luxury residential market.SHKP, the largest developer in terms of asset value, bought the site in Ho Man Tin for HK$10.9 billion (RM4.65 billion), or HK$12,540 per square foot - exceeding the HK$10.6 billion maximum market-watchers

Turning Less Optimistic

KUALA LUMPUR: Magna Prima Bhd’s wholly owned subsidiary, Magna City Development Sdn Bhd has yet again extended the duration for the completion of the RM57.9 million proposed land acquisition that was originally slated to be completed in the first quarter of 2008, until Sept 19, 2010.

KUALA LUMPUR: Golden Plus Holdings Bhd saw its net profit for 1Q ending March 31, 2010, increase by 136% to RM3.8 million from RM1.6 million over the same quarter last year due to higher sales in the current quarter.

BEIJING: China will stand down from its property tightening campaign before the end of this year because the economy has already started to cool and housing price rises have also slowed, Jones Lang LaSalle (JLL), a global real estate agency, said on Tuesday, June 8.