Malaysian property developer S P Setia Bhd plans to continue cutting its debt as well as sell more unimportant assets and improve its investment properties for a potential real estate investment trust (REIT).
The Holiday Inn Express hotel in the Kuala Lumpur city centre has been put up for sale by its privately owned owner Winbond Group, according to real estate firm Colliers.
Ewein Bhd is acquiring a vacant piece of industrial land in Butterworth for RM25.84 million to develop a workers’ dormitory in a related party transaction.
Glomac Bhd’s net profit jumped by over 800% to RM3.81 million for its third quarter ended Jan 31, 2024 (3QFY2024), from RM419,000 a year earlier, driven by higher revenue from its property development and property investment business.
The development is targeted for vacant possession (VP) in 1Q2025, which is about six months ahead of schedule from its initial expected completion date in 2Q2025.
The summit also saw senior business leaders from China, Malaysia and Cambodia welcoming the newly launched Cambodia Malaysia China (CMC) High-Tech Park.
Net profit for the three months ended Jan 31, 2024, rose to RM141.01 million from RM106.29 million a year earlier.
CIMB Securities Sdn Bhd said that tender activities for Phase 1B of Sabah Pan Borneo Highway seem to be picking up with the award of several new contracts.
Revenue more than doubled to RM155.37 million from RM73.78 million in 4QFY2023.
The contract period will be 19 months, commencing from March 2024 with the expected completion by October 2025.
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