News by Syafiqah Salim

The real estate investment trust (REIT) sector would be minimally affected by the high-value goods tax, as tenants' profit sharing is less than 10% of the mall’s total revenue, while the potential impact on luxury goods buyers is likely to be limited due to their comparatively lower price sensitivity given their large purchasing power, according to Hong Leong Investment Bank (HLIB).

Datuk Saiful Nizam Mohd Yusoff, who is the president of Jiankun International Bhd, has ceased to be a substantial shareholder of the loss-making property development and construction group.

Packaging manufacturer and property developer Scientex Bhd kick-started its new financial year on a positive note, with its net profit for the first financial quarter ended Oct 31, 2023 (1QFY2024) climbing 28.6% to RM137.84 million, from RM107.18 million a year earlier, driven by its property division.

KPJ Healthcare Bhd’s plan to divest its loss-making Aged Care Business in Australia for A$700 million (equivalent to RM2.2 million) is being viewed positively by investment analysts, as the move is expected to cut operating costs and alleviate cash flow requirements for the country’s largest healthcare provider.

Market watchers have maintained their "buy" ratings on Gamuda Bhd, as they expect the engineering and construction group to deliver strong quarters ahead for the financial year ending July 31, 2024 (FY2024), on the back of a record-high order book and unbilled sales.

Property developer Avaland Bhd (formerly known as MCT Bhd) has redesignated its non-independent non-executive director Apollo Bello Tanco as the group’s executive director (ED) and chief executive officer effective Jan 1, 2024.

Kerjaya Prospek Bhd is demanding RM20 million in termination damages from BCM Holdings Sdn Bhd, a subsidiary of Ecofirst Consolidated Bhd, after BCM suddenly decided not to proceed with the RM404.35 million residential project it awarded to the group in June this year.

Kerjaya Prospek Property Bhd (KPProp), which reported a net profit of RM22.8 million for its second quarter ended Sept 30, 2023 (2QFY2024) — little changed from a year ago — is looking for new strategic plots to increase its land bank, especially in the Klang Valley, to ensure a steady pipeline of future development projects, according to executive chairman Datin Toh Siew Chuon.

Sunway Real Estate Investment Trust’s (Sunway REIT) net property income (NPI) increased by 6.6% to RM136.75 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM128.24 million a year earlier in line with higher revenue driven by sharp increase in hotel segment’s earnings.

Property developer Crescendo Corp Bhd (CCB) is stepping up its land sales in Pulai, Johor.