News

Sunrise’s pre-tax profit for quarter up 17% y-o-y to RM50.2 mil

KUALA LUMPUR: Property developer Sunrise Bhd reported an increase of 17% y-o-y in pre-tax profit for the quarter ended Sept 30, 2009, amounting to RM50.2 million (FYE June 2010). According to a statement released on Nov 2, net profit for the quarter increased 24% y-o-y to RM37.3 million on the back of turnover totalling RM190.3 million.

READ MORE
News

Redevelopment of Atria Damansara pending market study

KUALA LUMPUR: OSK Property Holdings Bhd, the company tasked with the redevelopment of the Atria Shopping Centre in Damansara Jaya is going back to the drawing board.

The developer is working closely with a team of estate agents and consultants to examine market needs and conditions before deciding on concrete plans for the site, according to a source with OSK Property.

READ MORE
News

City & Country: Foreign sales pitch

Malaysia is increasingly on the radar screens of overseas property developers, especially from Australia and the UK. Its growing upper-middle population is seen as an uptapped market.

READ MORE
News

City & Country: Hotel sector prepares for upswing

The global economic downturn and the spread of the Influenza A (H1N1) pandemic have put a dent in the global tourism industry. Malaysia’s hospitality sector has not been immune to such shocks. But as the world economy mends, hoteliers are positioning themselves to ride the upturn by pushing ahead with new hotel launches this year and the next.

READ MORE
News

Property: Primary market sees strong sales in 3Q2009

Housing property sales were strong in the Penang primary market in 3Q2009, says Raine & Horne International Zaki + Partners’ director Michael Geh. Having mentioned earlier that there were apparent signs of a property bubble, specifically in the condominium market, Geh believes the recent announcement of a 5% real property gains tax (RPGT) from Jan 1, 2009, may cool things down a bit.

READ MORE
News

My Space: Whither our tax policy?

When the real property gains tax (RPGT) was suspended in April 2007 and followed by further liberalisation of the Foreign Investment Committee’s (FIC) guidelines, investors breathed a collective sigh of relief.

READ MORE