Fajarbaru Builder Group

KUALA LUMPUR: Nagamas International Bhd and a Chinese company from Taian, China, are exploring the possibility  of jointly developing 200 acres of land in Bernam Jaya, Selangor, into logistic, industrial, educational and  eco-parks as well as other developmental use.

KUALA LUMPUR: Timber outfit Sanbumi Holdings Bhd’s executive director Tan Sri Chai Kin Kong has been appointed  as an executive director of Fajarbaru Builder Group Bhd after he emerged as a substantial shareholder of the  latter.

We initiate coverage on Glomac with a Trading Buy call and a CY10 Target Price of RM1.83 based on 0.94x CY10 P/NTA, which is the average valuation for its closest comparable peers. Its cheap valuation, estimated at 0.7x CY10 P/NTA coupled with potentially strong earnings recovery in the immediate term, could well spur a rerating on the stock.

KUALA LUMPUR: YTL Land & Development Bhd has launched its Midfields Square (pictured) commercial center with 40 units of  shopoffices at its Midfields development in Sungei Besi, Kuala Lumpur.

HONG KONG: The mainland property market is in danger of getting policy frostbite, such is the fervour with which  Beijing is introducing measures to cool overheated prices.

The latest initiative is a mooted freeze on real estate companies raising capital, in the hope they will stop  building bigger and higher apartment towers.

SYDNEY:  Australian house prices grew at their fastest annual pace in six years last quarter as demand for homes in ritzier suburbs proved resilient to rising interest rates, a private report showed on Thursday.

Fajarbaru Builder Group Bhd

Highlights:

KUALA LUMPUR: UEM Land Holdings Bhd is proposing to dispose its entire 20% equity interest in Touch `N Go Sdn Bhd (TnG) to PLUS Expressways Bhd for RM33.406 million.

The proposed disposal is expected to result in a net gain of RM26.4 million, it said in a filing with Bursa Malaysia today (April 28).

ALOR SETAR: Alor Setar city will get a facelift by 2012 with the completion of Plaza Tunku Yaacob, a four-star hotel and condominiums.

Kedah Menteri Besar Datuk Seri Azizan Abdul Razak said the buildings would become new landmarks for the city under a new concept to attract tourists to the state.