If the owner does not renew the lease and lets it expire, the land shall revert to and be vested in the state authority upon the expiry of the tenure.

Damansara Uptown was developed in the early 1980s by See Hoy Chan Sdn Bhd Group. Among the initial developments were Uptown 1, Uptown 2, Uptown 3 and Uptown 5 office buildings. Some notable tenants of the premises include multinationals, fast-moving consumer goods and pharmaceutical companies like Walt Disney, Mars Food, Sony, Aspen Medical Products and Lafarge Malaysia.

Matrix Concepts Holdings Bhd has entered into a joint venture (JV) agreement (30% stake) for the joint development of the Islamic financial district in PIK2, Jakarta.

The outlook for the construction sector remains challenging as the federal government is reviewing ongoing infrastructure projects to reduce costs by 20%-33%.

Financial year 2018 (FY18) core earnings growth was supported by higher construction work recognition and record property presales of MYR3.59 billion in FY18.

The higher progress billings for the Klang Valley’s mass rapid transit line 2 (MRT2) project spurred construction profit before tax (PBT) growth of 26% y-o-y in FY18.

Sime Darby Property has been actively rationalising its non-core assets and selling down its inventories. 

Even though the finance ministry has given the green light for the construction work of LRT3, the project cost review and ongoing negotiations between the George Kent-MRCB joint venture (JV) and the government took longer than expected.

Landed homes in these five neighbourhoods saw capital growth of up to 239% from 2001 to 2017. They demonstrate why property continues to be a solid investment choice.

PNB has given an undertaking letter to Sapura Energy to subscribe for its rights entitlement and the excess shares and warrants not taken up by the other shareholders, up to an equity stake of 40% in the group. This could mean that PNB alone will be taking up to 57% of the rights share offering.