We believe that property developers will be very selective in applying the new scheme to their products as the cash flow from repayment periods exceeding 10 years is slower than the current period of between three and five years.
This is the third foray of IOI Properties into Xiamen.
E&O recorded a top-line growth of 137% year-on-year (y-o-y) in 1QFY17, mainly driven by higher revenue recognition of its ongoing projects in Seri Tanjung Pinang
IOI Prop derives recurring income from investment properties by leasing out office buildings and retail space.
Naim-Gamuda joint venture (JV) (a JV with Naim Engineering Sdn Bhd) was awarded a Pan Borneo highway construction package from Lebuhraya Borneo Utara Sdn Bhd which is the project delivery partner for the highway. The Naim-Gamuda JV is 70% controlled by Naim Engineering Sdn Bhd and 30% by Gamuda Bhd.
Out of eight property developers under our coverage, two (UEM Sunrise Bhd [UEMS] and Eastern & Oriental Bhd [E&O]) reported earnings below expectations.
EcoWorld has paid RM156.25 million for a 20% deposit to Penang Development Corp and will make an announcement in due course after both parties entered into a deed of rescission to give effect to the rescission.
Upon completion of the acquisition, Tham is effectively the single-largest shareholder of E&O, followed by Sime Darby with a 12% stake.
Recent confirmation of Datuk Khor Chap Jen as chief executive officer has removed the company’s leadership uncertainty.
Sales of RM229 million are also lower than expected as they make up only 15% of the management’s annual sales target of RM1.5 billion.
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