News by Tan Siew Mung

Amid a soft property market, Ho Hup Construction Co Bhd will take a cautious stance when it comes to launching its property development projects in Kota Kinabalu, Sabah, and Bukit Jalil

Under original plans the Canyon Ranch Bintan resort was to consist of 64 hotel suites and 64 villas, arranged in compound-like configurations of one to three units each.

As property market stays soft, construction will remain its earnings driver.

It is developing the RM204m development jointly with Bina Puri

The acquisition will result in savings on monthly rental payable to Johor Corp and to accrue benefits to Kulim, in anticipation of the appreciation of value in the future, as the property still carries a 45-year unexpired lease period.

Singapore's The Straits Times reported that the China-backed consortium led by Malaysia's Iskandar Waterfront Holdings (IWH), which is controlled by the property tychoon Tan Sri Lim Kang Hoo, is the frontrunner for the stake of more than RM11 billion.

Finance director Ooi conceded the need to diversify the business due to increasing competition. “Our business volume may come from construction, but profit may be from other activities. For construction, we try to negotiate better margin and save costs,”

Hong Leong Investment Bank Bhd said in its reports today the joint venture (JV) would enable WCT to reduce its net gearing from 77% to 68%.

UEM Sunrise and WCT had today signed a conditional subscription and shareholders agreement, under which UEM Sunrise proposed to buy a 50% stake in the expanded share capital of Jubiliant Courtyard Sdn Bhd (JCSB) for RM214.88 million.

The group saw its revenue for 3QFY15 surge 19-fold to RM275 million from RM14.38 million a year ago, its filing with Bursa Malaysia yesterday showed.