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Public Utilities Bhd to revive abandoned project in Ijok

KUALA LUMPUR: Public Utilities Bhd (PUB) announced on Nov 6 that it has entered into a Rehabilition Agreement with Syarikat Perumahan Negara Bhd (SPNB) through its subsidiary LBCN Development Sdn Bhd (LBCN) to continue and complete construction of part of Phase 1 of Alam Perdana in Bandar Puncak Alam, in Ijok, Selangor.

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Record price for land near Shanghai Disneyland project

KUALA LUMPUR: A few short hours following the approval of the Shanghai Disneyland project in Pudong New Area by the Chinese government, a parcel of land in Chuansha, 3 km from the proposed Disneyland site was sold for 14,024 yuan per sq m, exceeding average apartment prices in the area which ranges from 8,000 yuan per sq m to more than 13,000 yuan, according to a report in Shanghaidaily.com.

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RPGT expected to dampen market

PETALING JAYA: Activities in the real estate sector will most likely be slow early next year with the imposition of a 5% real property gains tax (RPGT) from January 2010.

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The sustaining value of PJ’s Section 5

PETALING JAYA: Despite being a mature and one of the oldest residential areas in Petaling Jaya, landed properties in Section 5 have managed to retain their value. According to See Kok Loong, director of Metro Homes, the value of the properties has held steady over the years and sees an increase of 5% to 10% yearly.

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MTD enters sale and leaseback agreement for its two properties for RM175 million

KUALA LUMPUR: MTD Capital Bhd (MTD) on Nov 5 announced its sale and leaseback agreement with Haluan Gigih Sdn Bhd (HGSB) for its two properties in Selayang, Gombak in Selangor and Damansara Heights in Kuala Lumpur for RM70 million and RM105 million, respectively. HGSB is a wholly owned subsidiary of Alloy Consolidated Sdn Bhd, a major shareholder of MTD.

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Shangri-La posts 16% decrease in revenue for 3Q2009

KUALA LUMPUR: Shangri-La Hotels (Malaysia) Bhd on Nov 5 posted a 16% decrease, or RM17.9 million in revenue for 3Q2009 compared with the preceding year’s corresponding period. Its cumulative 3Q2009 profit after tax is RM32.4 million, RM18.8 million less than 3Q2008.

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LBS disposes of 1.2-acre land in Cameron Highlands for RM2.5 million

KUALA LUMPUR: Developer LBS Bina Group Bhd (LBGB) on Nov 5 announced the disposal of a piece of leasehold land in Bandar Tanah Rata in Cameron Highlands, Pahang for a total cash consideration of RM2.5 million to Chem-Mech Eng. Corp Sdn Bhd (CMEC). The Conditional Sale and Purchase Agreement was through its subsidiary Mayang Jelatek Sdn Bhd.

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