News by M

UOB Kay Hian is reiterating its “hold” recommendation on Ascott Residence Trust (ART) at a target price of S$1.20 following news of the trust’s agreement made last week to divest its trust beneficiary interests of 18 rental housing properties in Japan to Nikko Zenith GK9.  

Ikhmas Jaya Group Bhd gained 3.23% during the mid-morning session, after the company last Friday announced a contract win worth RM33.8 million.

Following the acquisition, Frasers Property has also agreed to make an all-cash offer for the remaining 13.44% free-float interest in Geneba at an equivalent offer price of EUR3.67 per depositary receipt.

The factory will be located at its Sendayan TechValley, Bandar Sri Sendayan, with a planned capital expenditure (capex) of RM30 million (excluding the cost of a 12-acre [4.86ha] industrial land).

The company is en route to a listing on the Main Market of Bursa Malaysia by June this year.

Group’s RM9 bil total outstanding GDV will keep it busy for eight to 10 years.

Areka Capital Sdn Bhd chief executive officer Danny Wong said bringing the two major property developers under one roof is seen as streamlining operations.

In Singapore, it is unusual to find a private condominium located close to both top ­secondary and tertiary education institutions. A ­rarity is the 505-unit The Clement Canopy at ­Clementi Avenue 1. Since its launch in ­February, about 50% of the units have been sold. “There is healthy interest across all the unit types from both owner-occupiers and investors,” says ­Anthony Wong, general ­manager for marketing at UOL Group.

Symphony Life Bhd is set to launch its Small-office Home-office (SoHo) development called Union Suites @ Bandar Sunway, Selangor targeting property investors and young working professionals.

Kedah-based Eupe Corp Bhd has redesigned and renamed its serviced apartment project in Cheras previously known as “The Weave” to “Parc 3”. The change was made in order to develop a product which fits better with the current market conditions, said group managing director Datuk Beh Huck Lee.