News by THEEDGEMARKETS.COM

Inflation and a higher cost of doing business are likely to push property prices up by double-digit this year, Rehda president Datuk NK Tong has cautioned.

UOA Development Bhd posted a 46% year-on-year drop in net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022), owing to lower progressive recognition for ongoing development projects.

About 94% of developers polled by the Real Estate and Housing Developers’ Association Malaysia (Rehda) said they continued to face end-financing issues for buyers in the second half of 2022 (2H2022).

LBS Bina Group Bhd’s net profit fell 28.86% to RM25.65 million for the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM36.05 million a year ago, dragged down mainly by lower contribution from its property development, construction and trading segments.

Sunway Construction Group Bhd's (SunCon) net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) declined 29.48% year-on-year (y-o-y) to RM45.65 million from RM64.73 million, dragged mainly by lower contribution from construction segment.

Metering and engineering group George Kent (Malaysia) Bhd swung to a net loss in its third financial quarter ended Dec 31, 2022 (3QFY2023), mainly due to lower contribution from the metering division and foreign exchange (forex) loss.

Construction and renewable energy service provider Nestcon Bhd has bagged a RM154 million contract from privately-held property development firm Solaris Ceria Sdn Bhd to build office suites and serviced apartments on Jalan Duta Kiara, Mont’Kiara

The winner, Hwang Chang Ching, received the grand prize of an all-expenses paid trip to experience Battersea Power Station in London.

The RM62.77 million Begonia offers two layouts, namely Venosa and Grandis, which are spread across 7.26 acres.

Matrix has been consistent in delivering sales performance even as the property market was impacted by various lockdowns, added Tan.