News by Sangeetha Amarthalingam

In a filing with Bursa Malaysia, Minetech said it signed a conditional sale and purchase agreement yesterday with Glamour Heights Sdn Bhd to buy a 7,924 sq m parcel of vacant residential land in Kinta, Perak, for RM6 million cash.

In a statement yesterday, Takaso said it had inked a conditional share sale agreement with A.W. Impian Land Sdn Bhd (AWIL) for the deal. The price is equivalent to about 50% of the market value of the lands.

In a filing with Bursa Malaysia, the group said TDSSB (formerly known as Renown Dynamic Sdn Bhd) has exercised its right to terminate the sale and purchase agreement (SPA) signed on Dec 23, 2013, as the conditions precedent were not fulfilled in accordance with the SPA's provisions.

In a sector note, analyst Tan Siang Hin said sales growth has slowed down with several developers already toning down their sales target from the beginning of the year.

In a filing with Bursa Malaysia, EcoWorld said the extension was pursuant to the expiry of the six-month period — from the letter of award (LoA) — to obtain the planning permission (planning permission period) and its shareholder’s approval (shareholder approval period) at an extraordinary general meeting, pursuant to the proposed Eco Marina Development on Sept 26.

1MDB said potential purchasers were invited to register their interest with Savills (M) Sdn Bhd, which is advising 1MDB on the exercise.

Eco World said it achieved RM1.02 billion sales in 3QFY15; RM673 million came from projects in the Klang Valley and RM311 million was contributed by projects in Iskandar Malaysia.

Compugates Holdings Bhd is teaming up with a Penang-based privately held property developer to transform a 38.3-acre parcel of land in Dengkil, Selangor, into a mixed-use development with a gross development value (GDV) of RM1.5 billion.

It inked the MoUs with: PTS Impression Sdn Bhd (PTS Impression), Yuten Development Sdn Bhd (Yuten), Terrawest Resources Sdn Bhd (Terrawest), Land & Build Sdn Bhd (Land & Build) and Admiral City Sdn Bhd

AmResearch said Mah Sing was targeting to generate between RM300 million and RM350 million sales from new developments, making up 11% of the group’s overall projected sales