“We maintain our overweight stance on both the property and MREITs sector.”

YNH Property Bhd has come out to say that the qualified opinion issued by its external auditor last Friday (Oct 27) is only limited to its joint venture (JV) and turnkey contracts for property development work.

Penang Development Corp (PDC) will be required to fully refund the deposit paid by Umech Land Sdn Bhd amounting to RM64.60 million following the termination of the joint development agreement (JDA) for the development of Batu Kawan Industrial Park 2 (BKIP2).

Plenitude Bhd’s Hibiscus, comprising 199 double-storey homes in its 285.5-acre Impian Hills township in Ulu Tiram of Johor, has achieved a take-up rate of 50% since its preview in August.

Following the Umech land sale controversy, the Penang Development Corporation (PDC) board, chaired by Chief Minister Chow Kon Yeow, has instructed the management to prepare a paper to review the sale of land for projects that would be implemented on PDC land in the Batu Kawan Industrial Park 2 (BKIP2).

Even though the RM646.02 million land deal between Penang Development Corp (PDC) and Umech Land Sdn Bhd — a 70%-owned subsidiary of Sunway Bhd — has been cancelled, the state needs to explain how the controversial agreement came to be signed, the Penang Chinese Chamber of Commerce (PCCC) insisted on Wednesday.

"We will be in a better position to make the appropriate statement regarding the termination of the joint development agreement after receiving and reviewing the letter from PDC."

Chow stated the board of directors of PDC said the change in majority shareholders of Umech Land’s equity structure which was done without informing PDC and without PDC’s approval “is a serious issue and cannot be accepted by the board of PDC”.

The Penang government or Penang Development Corp (PDC) should cancel the land deal with Sunway Bhd’s 70%-owned subsidiary Umech Land Sdn Bhd, as more questions and queries are coming to the fore on the transaction, former Penang deputy chief minister II Professor Dr P Ramasamy Palanisamy said.

The Federal Court has granted permission to the Petaling Jaya City Council (MBPJ) to have the merits of its appeal be heard over the success of a residents' association (RA) in the Court of Appeal, which decided that non-paying members in a residential area can remove the boom gates to the entrance there themselves without the security guards' assistance.