KUALA LUMPUR: Pavilion Real Estate Investment Trust (Pavilion REIT) believes its rental reversion rates, an increase in rental rates to reflect prevailing market conditions, will still be strong despite challenging times ahead due to rising costs.

KUALA LUMPUR: S P Setia Bhd has set a lower sales target of RM5 billion for the financial year ending Oct 31 (FY14), much lower than the RM8.2 billion recorded in FY13. However, the group’s strong unbilled sales of RM9.64 billion are expected to cushion the lower sales figure.

KUALA LUMPUR: Benalec Holdings Bhd struck two land sale deals in less than two weeks.

The land reclamation firm announced yesterday it has entered into a conditional sale and purchase agreement to sell 22 parcels of land, measuring 128.52 acres (52ha), in Melaka to Ultra Harmony Development Sdn Bhd (UHDSB) for RM235.1 million cash.

KUALA LUMPUR: Persistent high house prices continue to be an area which requires attention due to its effect on household indebtedness and the exposure of financial institutions to the property market.

KUALA LUMPUR: Glomac Bhd’s net profit for the third quarter ended Jan 31 of financial year 2014 (3QFY14) dropped 10.5% to RM22.71 million from RM25.36 million in the previous corresponding quarter. However, revenue rose 15% to RM183.72 million.

KUALA LUMPUR: MRT Corp Sdn Bhd, developer and owner of the mass rapid transit (MRT) project, said the cost to build the pedestrian walkway tunnel at the KL Sentral MRT station is estimated at RM340 million.

“However, the actual cost will be determined by tender, which is now on hold,” the company said in a statement yesterday.

KUALA LUMPUR: Indonesia’s Rajawali Group is believed to be buying The Four Seasons Resort Langkawi for an estimated US$110 million (RM360.8 million), sources said.

KUALA LUMPUR: Tropicana Corp Bhd has hived off 308.72 acres (124.93ha) of land to Eco World Development Group Bhd for RM470.67 million in cash or RM35 per sq ft (psf).

The tract, which is located near Shah Alam, is part of the 1,172-acre landbank that Tropicana Corp bought from Permodalan Negeri Selangor Bhd for RM1.3 billion a year ago. It was valued at RM11.41 psf then.

KUALA LUMPUR: Sentoria Group Bhd, whose flagship development is the Bukit Gambang Resort City (BGRC) in Kuantan, Pahang, has put in place expansion plans which RAM Rating Services Bhd (RAM Ratings) deems “ambitious”.

KUALA LUMPUR: The vacancy rate of luxurious condominiums in the country is expected to rise to an alarming 35% to 38% this year amid a supply glut, said CH Williams Talhar & Wong Sdn Bhd.

This compares with a vacancy rate of 32% in 2013 and 35% in 2012, said its managing director Foo Gee Jen.