News by Syafiqah Salim

YTL Hospitality Real Estate Investment Trust (YTL Hospitality REIT)’s income available for distribution for the quarter ended Sept 30, 2022 (1QFY23) increased 72.74% year-on-year to RM30.95 million, despite the REIT recording net property income that was at the same level as the corresponding quarter in FY2022.

This is the 11th consecutive quarter of loss for the group since 3QFY20.

Pavilion Bukit Jalil mall, located in Bukit Jalil, has a net lettable area of 1.8 million square feet. The mall houses five levels of retail space, two levels of basement parking with 4,800 car park bays and a piazza.

Previously, the short-term lease was a major factor making investing in KLIA Aeropolis less attractive, as MAHB could only grant investors leases until 2034, coinciding with the end of its concession to operate KLIA.

Lagenda Properties Bhd saw its third quarter net profit decline 21.54% to RM35.73 million from RM45.54 million a year earlier, mainly due to upfront costs incurred in preparation for future project launches and the provision for prosperity tax.

Datuk Michael Chooi Yoey Sun, who emerged as the property developer’s substantial shareholder in January this year, disposed of 10 million shares on the open market on Monday (Nov 7), according to a Bursa Malaysia filing.

The announcement comes following a consent judgement entered on July 28 for Entomo (formerly known as KPISoft Malaysia Sdn Bhd) and Raveenderen to purchase all of HBSB’s shares in MySJ. 

Pavilion Real Estate Investment Trust, which is still in the midst of discussion to buy Pavilion Bukit Jalil mall from Malton Bhd, posted a higher net property income (NPI) of RM90.22 million in the third quarter ended Sept 30, 2022 (3QFY22).

Oriental Interest Bhd (OIB) recorded a more than five-fold jump in net profit to RM27.64 million or 5.95 sen per share for the fourth quarter ended Aug 31, 2022 (4QFY22), from RM5.12 million or 1.37 sen per share in the previous year’s corresponding quarter.

NCT Alliance Bhd has increased the size of its private placement to 15% of total issued shares from 10% proposed less than one month ago, to raise a higher sum of up to RM65.16 million, from up to RM48.37 million previously.