KUALA LUMPUR (Feb 5): Sime Darby Property Bhd (Sime Property) has proposed to take full control of loss-making Malaysia Land Development Co Bhd (MLDC) via a selective capital reduction and repayment exercise, for RM2.46 million in cash or 50 sen per MLDC share.

Sime Property is the property arm of conglomerate Sime Darby Bhd, while MLDC is a privately-held development outfit.

KUALA LUMPUR (Feb 5): Nexgram Holdings Bhd has entered into a joint venture agreement with Top Valley Properties Sdn Bhd (TVP) to construct and develop a 2.15 hectare leasehold agriculture land in Dengkil, Selangor.

Under the agreement, TVP has granted the sole and exclusive development rights on the said property to Nexgram Land Sdn Bhd, which is wholly-owned by Nexgram.

(Feb 5): YNH Property Bhd announced it had signed a memorandum of understanding with Hilton Worldwide Manage Ltd on Feb 4, to manage a hotel to be branded as "Hilton Kuala Lumpur City Center & Residences", to be incorporated in its Menara YNH development along Jalan Sultan Ismail.

KUALA LUMPUR (Feb 5): Amcorp Properties Bhd's (AmProp) net profit for the third quarter ended Dec 31, 2014, fell 73.8% to RM5.9 million. The sharp drop was because the previous corresponding quarter’s earnings of RM22.5 million, had included gains on a tax claim of RM19.1 million.

KUALA LUMPUR (Feb 5): ICT education services provider Eduspec Holdings Bhd is buying two parcels of land for RM14.85 million, to set up its new corporate office.

KUALA LUMPUR: The much-touted RM8 billion redevelopment of the former Pudu jail site here, to be known as Bukit Bintang City Centre (BBCC), will kick off as early as the second quarter of this year, after the site has been abandoned for nearly four years.

KUALA LUMPUR (Feb 4): Property developer Matrix Concept Holdings Bhd saw 20 million units of its shares, which represent a 4.37% stake in the company, traded off market today for RM54.6 million.

According to Bloomberg data, the shares were moved in two blocks of 10 million each, with the trasaction price of RM27.3 million per block or RM2.73 per share.

KUALA LUMPUR (Feb 4): UDA Holdings Bhd, owner of the 19.4 acres land which once housed the Pudu prison, has pledged to award 50% of the construction work for the Bukit Bintang City Centre (BBCC) to Bumiputera contractors.

However, its chairman Datuk Johari Abdul Gani stressed that only qualified and experienced contractors will be eligible to undertake works for the project.

KUALA LUMPUR (Feb 4): Moody's Investors Service expects the country’s residential property demand to slow further this year, crimped by property cooling measures imposed in 2013 and weak buyer sentiment.
 

MALAYSIA continued to attract huge investments to its property sector this year with China-based developers leading the charge, especially into Iskandar Malaysia in Johor.