News by Adela Megan Willy

The project delivery partner (PDP) for Klang Valley mass rapid transport (MRT) Line 1 yesterday confirmed that the RM21 billion cited by the government as the project’s total cost excluded “other associated costs”.

The group said there was no formal valuation conducted on the property, which also includes a single-storey detached factory with an integral double-storey office, a guard house, a pump house and a refuse chamber.

Econpile Holdings Bhd, along with its JV partner China Communications Construction Co (M) Sdn Bhd, has won contract to undertake foundation, substructures and other ancillary works for Package SUKE-CA3.

Going forward, Selangor Properties expects operations in Malaysia and Australia to remain positive in 2017.

The group said the decline was partly mitigated by correspondingly higher profit of the hotel and resort business arising from higher revenue as well as higher share of profit from associated companies, including Berjaya Kyoto Development (S) Ltd.

It inked an agreement to effect the partnership with Pristine Primavera Sdn Bhd yesterday, its bourse filing showed.

The mammoth project was placed on the back burner, as the property developer had issues finding and providing strategic access to the site, according to its chief executive Lau Shu Chuan.

Naza TTDI Sdn Bhd, the property arm of Naza Corp Holdings Sdn Bhd, is actively on the lookout for more land banks in its quest to expand its property portfolio, said its executive director Idzham Mohd Hashim.

Property developer Malton Bhd's net profit in the first quarter of the financial year ended Sept 30, 2016 (1QFY17) rose 44.4% year-on-year (y-o-y) to RM6.26 million from RM4.33 million, mainly on higher revenue from its property development division.

Variance in sales and completion status of projects during the quarter compared with a year ago, also impacted its earnings, it said in a bourse filing today.