News by Adam Aziz

"The board expects the property development segment to continue to contribute positively to the group's performance in the coming financial year."

In May last year, O&C Resources Bhd (OCR) shareholders gave the rubber and baby products manufacturer the greenlight to diversify into property development.

The REIT's IPO exercise saw the 10.2 million units offered to the Malaysian public oversubscribed by more than five times.

The property comprises a 45,000 sq ft piece of leasehold land rated at RM1,100 per sq ft and a single-storey detached factory.

Looking ahead, the trust said it will further explore asset enhancement initiatives at its two properties, namely Mid Valley Megamall and The Gardens Mall.

The trust declared a final income distribution of 3.73 sen per unit, payable on Feb 28.

Gain from one land sale has lifted Guocoland (M) Bhd’s net profit to RM110.8 million, or 16.54 sen per share, for the second financial quarter ended Dec 31, 2016.

TA Securities Research has maintained its “Underweight” rating on the property sector, as “weak market sentiment, increasing supply and tight lending environment are expected to weigh on property sales”.

The builder said its indirect wholly-owned subsidiary, Tema Warisan Sdn Bhd, yesterday inked a joint-venture agreement with Perikatan Progresif Sdn Bhd for the development on a 17.5-acre leasehold land.

Rafizi has been vocal towards the issues surrounding the MRT project, which he claimed would reach more than RM100 billion upon completion.