Capitalisation rates (cap rates) of commercial properties across the Asia-Pacific region are likely to continue rising for the rest of the year, with higher borrowing costs and economic uncertainty expected to push rates up by between 75 basis points (bps) and 150bps within the next six months, according to a survey by international commercial real estate services firm CBRE.

S P Setia Foundation, in collaboration with Amari SPICE Penang, shared the joy of Hari Raya Aidilfitri with 52 children from orphanages Persatuan Anak Yatim Balik Pulau and Wisma Yatim Pulau Pinang (Perempuan) at their ‘Riang Ria Aidilfitri’ Raya open house last week.

EcoFirst Consolidated Bhd (EcoFirst) launched its latest serviced apartment project — KL48 in Chan Sow Lin, Kuala Lumpur on Friday (May 19). The development has a gross development value (GDV) of RM1 billion.

Property developer Radium Development Bhd said the public tranche of 273 million shares for its initial public offering (IPO) made available for the Malaysian public has been fully subscribed.

Pesona Metro Bhd has bagged a construction contract worth RM242.2 million for the main building works of a mixed development project in Kuala Lumpur.

Property developer GuocoLand (Malaysia) Bhd’s net profit rose 29.42% to RM8.71 million in its third quarter ended March 31, 2023 (3QFY2023) from RM6.73 million a year earlier (3QFY2022).

Maybank Investment Bank Research has upgraded S P Setia Bhd (SPSB) to “Buy” at 53 sen with an unchanged target price (TP) of 70 sen and said SPSB’s 1Q23 core net profit of RM50.3 million (-7.6% y-o-y, -49.3% q-o-q) was in line with estimates.

Noteworthy:

• Leasehold
• Built-up size: 1,573 sq ft
• 4 bedrooms, 4 bathrooms
• Serviced residence
• Fully furnished
• Nearby amenities : convenience stores, schools, eCurve, The Curve, IPC, 1 Utama, MRT Mutiara Damansara, MRT Bandar Utama
• Accessibility :NKVE highway, LDP 

When: April 2023

Three non-governmental organisations (NGOs) have lambasted Gamuda Bhd’s claim that the Penang South Island (PSI) project was approved after rigorous environmental impact assessment (EIA) process and public’s overwhelming support.

S P Setia achieved commendable sales of RM1.03 billion for the first quarter ended March 31, 2023 while revenue came in at RM968 million with a corresponding profit before tax of RM116 million.