News by Ahmad Naqib Idris

UOA Development also benefitted from a surplus of RM338.26 million, following the revaluation of several of its investment properties, including Vertical Corporate Tower A and The Sphere at Bangsar South, as well as Camellia Serviced Apartments.

IOI Properties said its property development segment revenue grew 36% to RM1.07 billion in 2QFY2017 and achieved an operating profit of RM337.5 million, up 23% year-on-year, on higher sales take-up rates for its projects in Singapore as well as from projects in IOI Resort City Putrajaya, 16 Sierra and Bandar Puteri Bangi.

Project involves the building and infrastructure works of the proposed development of 1,572 units of PR1MA homes.

Rahim & Co founder and executive chairman Tan Sri Abdul Rahim Abdul Rahman pointed out that based on historical data, the local market has a 10-year cycle.

Al Salam Real Estate Investment Trust (REIT) saw its net property income (NPI) jump 33% to RM16.46 million in the fourth quarter ended Dec 31, 2016 (4QFY16), from RM12.28 million in the previous corresponding quarter, supported by a bigger portfolio of properties.

Prestariang Bhd has proposed to acquire eight properties at Star Corporate Park, Star Central@Cyberjaya for RM25.5 million, to accommodate its future expansion plans.

Move will split the conglomerate into three listed entities.

The group said the acquisition is part of its objective to invest in strategic landbank, noting Magna Prima’s landbanks in Klang Valley which presents an opportunity for further collaboration between the two developers.

Ecofirst Consolidated said the lower performance for the cumulative period was due to lower billings from the Upper East @ Tiger Lane project, and higher marketing costs incurred for the early stages of Phase 1 of the Ampang Ukay project.

The group's income distribution came in at RM177.83 million or 9.85 sen per unit for the quarter, down 0.3% from RM177.28 million or 9.82 sen per share in 4QFY2015.