News by M

Perennial Somerset Investors (PSIPL), a consortium led by Perennial Real Estate Holdings (Perennial), has agreed to divest a 70% stake in TripleOne Somerset to Simply Swift Limited, an indirect wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings.

Gross revenue grew 47.4% to S$108.76 million (RM341 million), compared with S$73.77 million a year ago, which was largely due to a S$31 million contribution by its accretive acquisition of Mapletree Business City I (MBC I).

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 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.

Gadang Holdings Bhd’s net profit rose 57.5% to RM23 million or 10.62 sen per share for the second quarter ended Nov 30, 2016 (2QFY17), from RM18 million or 7.4 sen per share a year ago.

On prospect, MQ REIT said the office market is expected to remain challenging with the slowdown of the global and domestic economies, and low crude oil prices.

Despite the global consolidation of operations and restructuring exercise by multinational companies in Penang, such as those involving Seagate Technology Inc, Western Digital Corp and Intel Corp, the industrial sector in Penang has fared quite well over 2016.

Demand non-landed residential property has lost its momentum, with more new supply coming in over the next few years.

They are sized at 807 sq m with three bedrooms and two bathrooms and come with condominium standard facilities such as parking lots, playgrounds and kindergartens.

Outlook for the KL, Selangor office markets remain cloudy; retail sales growth to remain weak as consumers grapple with rising living cost and lower disposable income, says Knight Frank Malaysia.