PORT DICKSON: The KL Metro Group is developing a property project, "The Hibiscus Garden Chalets" in Tanjung Gemok near here.

The company's Chairman, Datuk Mat Hassan Esa, said the project, presently under construction, would offer 74 units of resort homes with their completion due in 14 months or July next year.

KUALA LUMPUR: Ireka Corp Bhd recorded a lower net profit of RM820,000 in its 4Q ended March 31, 2010, 79.29% lower compared with RM3.96 million in the same period last year, mainly due to the share loss of its associate company in Vietnam, Aseana Properties Ltd.

SHANGHAI: With some real estate developers unwilling to slash prices amid an uncertain local market, new homes transaction in Shanghai may fall 70% in May from a month earlier, reported Shanghai Daily.

LONDON: Asia is leading the recovery in the retail market with few markets seeing any significant rental declines, with the majority either stabilising or posting modest growth in 1Q2010, according to CB Richard Ellis (CBRE)’s latest Global MarketView report on the retail sector.

KUALA LUMPUR: Kuching-based property developer, Ibraco Bhd’s chairman and director, Deanna Ibrahim @ Sorayah Abdullah has resigned from her posts with effect from June 1, 2010.

Deanna, 68, joined the Ibraco Group of Companies on Aug 30, 1971.

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