HONG KONG: Rents in mass residential housing in Hong Kong have surged more than 20% in the past year and the trend is likely to continue, according to property agents.

Monthly rents at 100 selected housing estates averaged HK$18.40 (RM7.70) psf in May, according to data compiled by Midland Realty.

3Q10  result  was  within  expectation.  The cumulative  net  profit  of  RM204.1m  (36%yoy) accounted  for  75%  of  our  full  year  forecast  of RM269.5m.

BUY RM3.21 KLCI : 1,325.87
Price Target : 12-month RM 4.35
Reason for Report : Analyst briefing on MRT project
Potential Catalyst: MRT project, Vietnam sales

Share Price : RM2.16
Fair Value : RM3.11
Recom : Outperform (Maintained)

KUALA LUMPUR: The South Klang Valley Expressway (SKVE), which is expected to be fully completed in 2012, will complement the integration of Klang Valley’s highway network.

It will serve as a major expressway from the North South Expressway to Putrajaya, Cyberjaya, Telok Panglima Garang, Pulau Carey and to Westport in Pulau Indah.

KUALA LUMPUR: The impending scrapping of the retail licences for steel and cement will benefit hardware stores but will have little effect on larger property developments, President of Master Builders Association Malaysia (MBAM) Datuk Ng Kee Leen said on June 24.

KUALA LUMPUR: Frasers Hospitality Pte Ltd, which has made its presence in 21 cities through 35 properties globally, plans to expand its brand in Malaysia, especially in the central business district (CBD), its chief executive said.

KUALA LUMPUR: Gamuda Bhd’s third quarter net profit for the financial year ending July 31, 2010 (3QFY2010) increased 57.7% to RM73 million from RM46.3 million a year earlier due to higher contributions from all divisions.

KUALA LUMPUR: IJM Land Bhd is proposing to dispose of its 100% stake comprising 250,000 ordinary shares at RM1 each to ADF Tiger III Limited, a foreign fund incorporated in Bermuda for RM66.26 million.

KUALA LUMPUR: Burst pipe caused part of a ceiling at the Kuala Lumpur Court Complex in Jalan Duta here to collapse again on June 24. This is the recurrence of a similar incident at the complex shortly after it opened three years ago.