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Development spending may be cut

KUALA LUMPUR: While a cut in development spending seems remote for now, a further fall in commodity prices could force the government to consider doing so, especially with a possible credit rating cut looming in the background.

OCR Land buys 7.6% stake in Takaso

KUALA LUMPUR (Jan 23): Private property developer OCR Land Holdings Sdn Bhd had acquired today, 15 million shares or a 7.6% stake in Takaso Resources Bhd.

In a filing with Bursa Malaysia, Takaso (fundamental:1.25; valuation: 0.3) announced that OCR had acquired the shares today via direct business transaction, and raised its direct interest in Takaso to 13.88% or 27.5 million shares.

EUPE’s 9MFY15 earnings down 15% to RM7.7m

KUALA LUMPUR (Jan 23): EUPE Corporation Bhd’s net profit increased 5.86% to RM3.43 million or 2.68 sen a share in its third quarter ended Nov 30, 2014 (3QFY15), despite revenue fallen by 22.44% to RM40.88 million.

For the cumulative nine months (9MFY15), net profit was down 14.62% to RM7.71 million, while revenue had dropped 1.43% to RM134.15 million.

EPF withdrawal allowed for flood victims to rebuild homes

KUALA LUMPUR (Jan 23): Flood victims can withdraw their Employee Provident Fund (EPF) savings from Account 2 to purchase or rebuild their homes, said EPF in a statement.

Those who have never made the withdrawals for housing and wish to rebuild their homes destroyed by the floods, can also do so by applying with the fund, it said.

Penang Property Summit 2015 to address market challenges

PENANG will witness a gathering of property experts and industry players at the inaugural Penang Property Summit 2015. It will be held from Jan 9 to 11 at the sPICE Arena Penang (Pisa).

The summit is seen as a timely event, given the rapid pace of property development on the island and growing concerns about rising prices and the environment.

St James unveils Smithfield Square in KL

KUALA LUMPUR: St James Group Ltd will launch Smithfield Square serviced apartments to the Malaysian public at the Westin Kuala Lumpur hotel this weekend.

Over 500 at Harbour City launch in Melaka

MELAKA: Hatten Group Sdn Bhd launched Harbour City, a six-acre (2.43ha) mixed-use marine-themed development located on the eastern shores of Pulau Melaka, last Saturday. The launch was held at the grand foyer of Terminal Pahlawan in Melaka.

International demand increases for prime London property

KUALA LUMPUR: The 14% decline in the value of the pound against the US dollar since last summer is a significant boost to many overseas buyers with dollar assets, according to Black Brick managing partner Camilla Dell. Black Brick is an independent property buying agency covering London and the home counties of Kent, Surrey and Sussex.