Muda Awam redevelops abandoned housing project in Batu Gajah

BATU GAJAH: A local housing developer, Muda Awam Sdn Bhd (MASB), is investing RM20 million to redevelop the abandoned Medan Bemban Mesra mixed housing project involving residential and commercial units.

MASB Executive Director G S Yeoh said his company has taken the initiative to rehabilitate the project after the original developer ran into financial problems.

Kedah's land control policy prioritises building of affordable homes

JITRA: The land control policy of the Kedah government gives priority to the building of affordable or low-cost houses, which are in high demand from the public.

Menteri Besar Datuk Seri Azizan Abdul Razak said the policy was implemented to ensure families from every level of society could afford to own a house.

KL Metro developing resort homes in Port Dickson

PORT DICKSON: The KL Metro Group is developing a property project, "The Hibiscus Garden Chalets" in Tanjung Gemok near here.

The company's Chairman, Datuk Mat Hassan Esa, said the project, presently under construction, would offer 74 units of resort homes with their completion due in 14 months or July next year.

Ireka Corp’s net profit eases 79.29% in 4Q2010

KUALA LUMPUR: Ireka Corp Bhd recorded a lower net profit of RM820,000 in its 4Q ended March 31, 2010, 79.29% lower compared with RM3.96 million in the same period last year, mainly due to the share loss of its associate company in Vietnam, Aseana Properties Ltd.

Asia leads recovery of global retail market

LONDON: Asia is leading the recovery in the retail market with few markets seeing any significant rental declines, with the majority either stabilising or posting modest growth in 1Q2010, according to CB Richard Ellis (CBRE)’s latest Global MarketView report on the retail sector.

Ibraco’s chairman/director resigns

KUALA LUMPUR: Kuching-based property developer, Ibraco Bhd’s chairman and director, Deanna Ibrahim @ Sorayah Abdullah has resigned from her posts with effect from June 1, 2010.

Deanna, 68, joined the Ibraco Group of Companies on Aug 30, 1971.

Penang calls for proposals to restore Fort Cornwallis

GEORGE TOWN: The Penang state government has issued a request for proposal (RFP) to develop the over two-century old Fort Cornwallis, which will involve the development of more than 15.5 acres of prime land situated in the heart of George Town's heritage enclave.

SunCity, Credit Suisse in cornerstone agreement for proposed REIT listing

KUALA LUMPUR: Sunway City Bhd (SunCity) and Credit Suisse (Singapore) Ltd has entered into a conditional cornerstone agreement with Government of Singapore Investment Corp Pte Ltd (GIC), where GIC has agreed to acquire an aggregate number of 134,005,615 units of Sunway’s proposed Real Estate Investment Trust (REIT) listing.