Gamuda said the lower profit was mainly due to the completion of the electrified-double tracking railway project in November and the dampened local property market.

The group is expected to record a loss of about RMB51.28 million (RM34.25 million), pursuant to the proposed disposal.

The development covers 54,000 sq m (581,251.16 sq ft) and will comprise a four-storey podium inclusive of a basement retail level that connects to five towers that host commercial offices, a five-star international hotel and serviced apartment residences.

The railway scheme covers both the island and mainland, with one LRT and two monorail lines on the island, one LRT line across the sea linking both sides of Penang, and a bus rapid transit (BRT) system.

Set to be a modern midscale hotel, Best Western Plus Eastern Palace Hotel is located minutes away from Mandalay’s main business district and historical landmarks.

The three-day exhibition saw 5,000 visitors attending or taking part in activities planned for people of all ages, with nearly 300 pieces of art sold.

The council's one-stop-centre councillors, Lee Suet Sen, Tang Fuie Koh and Cynthia Gabriel said in a joint statement that MBPJ had already decided that a Special Area Plan needs to be prepared, taking into account imbalances in sustainable development in PJ.

“Among them are Lot 67343, Kampung Sungai Udang in Segambut, which will involve 1,500 housing units; Lot 25078 and 25580 on Jalan Persiaran Pertahanan, Kampung Wira Jaya, in Setapak (1,906 units),” Federal Territories Minister Datuk Dr Loga Bala Mohan said when winding up the Supply Bill 2016 in Parliament yesterday.

Bukit Bandaraya Residents’ Association president Datuk M Ali said any proposed developments must be put on hold until the KL Draft City Plan 2020 was gazetted.

Singapore’s The Straits Times quoted Wilmar chairman and chief executive Kuok Khoon Hong as saying yesterday that Pua Seck Guan, who is also Perennial Real Estate chief executive, could open the door to ventures into real estate projects for agribusiness-based Wilmar.