News by Vasantha Ganesan

The improvement was also in line with improved GDP of 5.8% from 5.6% in the first quarter and improvements in the Consumer Sentiments Index at 80.7 points from 76.6 points in the previous quarter.

More than four years after Japanese retailer AEON Co Ltd took over France-based Carrefour’s loss-making business in Malaysia, it is still struggling to improve its bottom line. Coming under increasing pressure, the retailer plans to close three AEON BiG stores in the Klang Valley.

In less than two years, Singapore-based Lee Rubber Co (Pte) Ltd has divested itself of at least four assets in Malaysia, namely in Johor, Kuala Lumpur and Penang. The group is expected to dispose of two more properties in the coming months.

Property developer and asset manager Mammoth Empire Holdings Sdn Bhd has signed on the dotted line to sell its flagship Empire Shopping Gallery in Subang Jaya, Selangor, to Pelaburan Hartanah Bhd (PHB) for RM570 million cash.

The Employees Provident Fund (EPF) has scrapped its plan to buy Quill City Mall in Jalan Sultan Ismail, Kuala Lumpur, from the Quill Group of Companies as the shopping centre has not met the preconditions stated in the sales and purchase agreement (SPA). Hence, both parties are in the midst of terminating the transaction.

Western Digital Corp’s subsidiary HGST Technologies Malaysia Sdn Bhd, which ceased operations last March, has put the parcel on which its factory is located and the adjoining vacant land in Bayan Lepas Industrial Zone, Penang, up for sale.

Malaysian Resources Corp Bhd (MRCB) is in the midst of appointing a party to administer the tender process for the sale of the Ascott Sentral Kuala Lumpur serviced apartments, as it is looking to unlock the value of the asset, say industry sources. The 21-storey building on Jalan Tun Sambanthan could fetch between RM150 million and RM180 million, they say.

Putrajaya Ventures Sdn Bhd (PVSB), a unit of Petroliam Nasional Bhd (Petronas), is in talks with potential partners to participate in the planned development of the former French Embassy site in Jalan Ampang.

Tycoon Tan Sri Lee Kim Yew, who is behind the development of Mines Resort City in Seri Kembangan, Selangor, is putting up 38.12 acres of land for sale.

The most anticipated property transaction next year is the sale of the final component within BlackRock Inc’s The Intermark integrated development in Jalan Tun Razak, Kuala Lumpur — Vista Tower, a Grade A office building.