News by MIDF Research

Management has attained the milestone of strengthening its working capital.

Hua Yang Bhd emerged as Magna Prima’s largest shareholder in April after raising its stake in Magna Prima to 30.06% from 10.84%.

The company intends to transform the land into a high-rise residential development.

Mah Sing Group Bhd has entered into an agreement with LTS Properties (M) Sdn Bhd, TS Law Corp Sdn Bhd and Law Wai Cheong to acquire 78% of the equity interest in Cosmowealth Housing Development Sdn Bhd for RM54.96 million (to be paid on deferred payment over 72 months).

UOA Development recorded new property sales of RM303 million in 1QFY17 (at 19% of our full-year new sales target of RM1.6 billion), increasing 79% y-o-y yet declining by 44% quarter-on-quarter.

Mah Sing Group Bhd has entered into an agreement to acquire 3.56 acres (1.44ha) of freehold land in Titiwangsa, Kuala Lumpur. We gather that Mah Sing plans to develop condominiums with an indicative built-up from 850 sq ft (priced from RM485,000) with a total gross development value of up to RM650 million.

 Property sales are poised to grow in 2017 after three consecutive months of year-on-year increase in approved loans.

Its portfolio occupancy rate remained healthy at 91.86% in 1QFY17, relatively unchanged from the portfolio occupancy rate of 92.03% in the previous quarter.

Malaysian Resources Corp Bhd’s (MRCB) recent joint venture (JV) with Adani Realty could spur its growth prospects by looking out for higher-margin projects and sharing its expertise in developing transit-oriented development (TOD) projects in India.

A special purpose vehicle will be established to undertake the development and sale of the STP2A development land where KWAP will be taking a 20% equity stake for RM766 million, while E&O will hold the remaining 80% stake.