GEORGE TOWN: 1st Avenue, Penang's latest RM300 million shopping mall designed after Singapore's Raffles City, Marina Square and Suntech City, is set to open its doors in the third quarter of 2010.

HONG KONG: The International Monetary Fund said on Nov 3 it shares Hong Kong's concern that the city may face sharp asset price inflation and encouraged the government to look at increasing land supply for property development.

HONG KONG: Hong Kong's move to tighten regulations on mortgage lending last month showed the government wants to avoid a big property bubble, Hong Kong Chief Executive Donald Tsang said on Nov 2.

KUALA LUMPUR: Owners who have kept their properties for more than five years should be exempted from the fixed 5% real property gains tax (RPGT) proposed under Budget 2010, the Dewan Rakyat was told.

KUALA LUMPUR: The proposed 5% real property gains tax (RPGT) from January next year is not expected to have an impact on the sales of Sunrise Bhd’s properties as the tax is not a substantial amount, said its executive chairman Tong Kooi Ong.

KUALA LUMPUR: Sunrise Bhd's net profit rose 24% to RM37.3 million from RM30.2 million a year ago as earnings were sustained by progress billings for its ongoing developments. The company said today that pre-tax profit rose 17% to RM50.2 million from RM42.8 million while revenue was RM190.3 million compared with RM198.2 million a year ago.

KUALA LUMPUR: The Nomad Group Bhd director and CEO Hew Thin Chay has retired effective Oct 31, 2009. Hew joined the board in 2002 and was later appointed CEO in November the same year. An accountant by profession, Hew has over 30 years experience in both private and public sectors.

KUALA LUMPUR: Property developer Sunrise Bhd reported an increase of 17% y-o-y in pre-tax profit for the quarter ended Sept 30, 2009, amounting to RM50.2 million (FYE June 2010). According to a statement released on Nov 2, net profit for the quarter increased 24% y-o-y to RM37.3 million on the back of turnover totalling RM190.3 million.

KUALA LUMPUR: OSK Property Holdings Bhd, the company tasked with the redevelopment of the Atria Shopping Centre in Damansara Jaya is going back to the drawing board.

The developer is working closely with a team of estate agents and consultants to examine market needs and conditions before deciding on concrete plans for the site, according to a source with OSK Property.

KUALA LUMPUR: Despite rising property prices in Australia, Raine & Horne International Zaki + Partners Sdn Bhd’s first Australian offering has received a warm response from prospective buyers.