News by Kamarul Anwar

I-Bhd’s net profit for the second quarter ended June 30, 2016 (2QFY16) soared by 72.32% from the previous comparable period to RM14.68 million, as the developer of i-City credited it to stronger property sales.

This confirmed a report by The Edge weekly on July 11, which pointed to one of the anticipated proposals, that is, allowing REITs to acquire vacant land and undertake property development subject to a cap of 15% of their total asset value. In comparison, the cap for property developments by Singapore REITs in the republic currently stands at 25% of total assets.

Malaysian real estate investment trusts (M-REITs) may soon be allowed to put as much as 15% of their total assets into development projects and vacant land for development and are already positioning themselves for the liberalisation that is slated for the end of the year, industry sources say.

The trust's manager Sunway REIT Management Sdn Bhd said the land is to facilitate its plans to increase Sunway Carnival's net lettable area.

Battersea Power Station's development accounts for 8% to 27% of CIMB IB's FY16 and FY17 EPS forecasts, respectively, for S P Setia.

Its executive director Mohd Imran Mohammad Salim is confident that the property developer will achieve the target as the group will give priority to projects that are expected to do well.

Group to receive 5% of estimated RM2.2b development cost

Kwasa Damansara is a future township within 932ha in Sungai Buloh, Selangor. The Rubber Research Institute Malaysia was formerly located there.

It is understood that the project is related to BCB’s Elysia Park Residence, which is located in Medini, Nusajaya.

In a filing with Bursa Malaysia yesterday, Gabungan AQRS said its subsidiary Gabungan Strategik Sdn Bhd had signed a joint-venture (JV) agreement with Monolight IBS Building System Sdn Bhd to construct, develop and complete the development of PR1MA homes with all the necessary amenities, utilities, facilities and infrastructure.