KUALA LUMPUR: Proceeds from the sale of public housing units under the National Economic Action Council (NEAC) will be used to develop the under-developed areas either in Kuala Lumpur or elsewhere, the Dewan Negara
was told on Dec 22, 2009.

KUALA LUMPUR: Property developer Mah Sing Group Bhd plans to explore other potential investment opportunities in Jiangsu, China. The company had signed a letter of intent in early December to develop a mixed property development project in Wujin district, Changzhou, Jiangsu province.

BEIJING: China Vanke, the country's second-largest property develope has warned of a property bubble forming in major cities including Beijing and Shanghai as a result of the surge in bank lending this year, a local newspaper reported.

KUALA LUMPUR: IJM Land Bhd’s The Light Point, its second luxury condominium project at the iconic waterfront development The Light in Penang has achieved 70% sales. More than 100 interested buyers participated in the balloting session for the project’s 88 units last Saturday Dec 19, 2009.

MUMBAI:  Developers in India who have been offering mid to high-end residential real estate are turning to mass affordable housing in the aftermath of the economic slowdown.

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) is looking forward to better years ahead, given the progress of its ongoing projects and its more robust financial position, said CEO Mohamed Razeek Hussain.

DUBAI: State-owned Dubai World did not ask creditors for a standstill on its $22 billion debt at a meeting on Monday Dec 21, 2009, adding to uncertainty for investors who have been in the dark for weeks and hurting local bank shares.

Dubai's flagship conglomerate met around 90 of its creditors and was expected to formalise a request for a debt standstill.

HULU TERENGGANU: Four workers, a Malaysian and three Bangladeshis, were hurt when a glass sheet being installed on the roof of Kuala Berang new bus terminal fell.

It was understood that 15 workers were busy working on the roof at 3.05pm today Dec 21, 2009 when the incident occured. The four workers, two on the roof and two below were hurt in the hands and legs.

KUALA LUMPUR: Hap Seng Consolidated Bhd’s wholly-owned subsidiary Menara Hap Seng has entered into a sale and purchase agreement with Eastern & Oriental Bhd’s wholly-owned subsidiary Radiant Kiara Bhd to acquire a 4,651 sq m plot of land in the city for RM103 million.

KUALA LUMPUR: UOA REIT’s management company branch UOA Asset Management Sdn Bhd is buying 16 office suites in Wisma UOA II in Jalan Pinang in the Kuala Lumpur City Centre here from Instant Yield Sdn Bhd.