Planning permission applications for the construction of buildings in Kuala Lumpur will no longer be considered without a geotechnical study prepared by certified engineers, under a new directive issued by Kuala Lumpur City Hall (DBKL).

Construction firm Kerjaya Prospek Group Bhd, which posted a 15.83% increase in net profit to RM70.64 million in the first half of this year (1HFY2024), is anticipating stronger construction activities in the second half of the year that will further drive its growth.

Cahya Mata Sarawak Bhd (KL:CMSB) said on Tuesday its second quarter net profit jumped 26.6% year on year, driven by stronger gross profit margin in its cement and oiltools divisions due to lower clinker cost and the sale of higher margin products.

Property developer S P Setia Bhd (KL:SPSETIA) says it has initiated legal action against its former senior management and a former director of the group, over alleged breaches of duties linked to the purchase of lands in Kota Kinabalu, Sabah, and the sale of units under the group’s Aeropod project.

Eastern & Oriental Bhd (KL:E&O) is bullish on the Penang market, where it is based, and anticipates better property sales in its current financial year ending March 31, 2025 (FY2025).

Noteworthy:

• Freehold
• Built-up size: 4,600 sq ft
• Land size: 6,400 sq ft
• 5 bedrooms, 4 bathrooms
• Semi-furnished
• Nearby amenities: Universiti Malaya, Pantai Hospital, LRT Kerinchi, LRT Abdullah Hukum, LRT Bangsar, LRT KL Gateway-Universiti, KL Gateway Mall, Mid Valley Megamall, Bangsar Village I & II
• Accessibility: SPRINT-Kerinchi Link, Damansara Link, Federal Highway, NPE, LDP via SPRINT, PJ-Bangsar Bypass, Jalan Bangsar, Jalan Maarof

When: July 2024

Min Huat, 66, is the son of Menang’s major shareholder Datuk Lee Chin Hwa, who owns a 17.9% stake in the company. Min Huat is also the executive chairman of Scope Industries Bhd.

Lido will have a gross development value (GDV) of RM34 billion, and its first phase, The Watermark residence, will be soft launched around 4Q2024.

During the quarter under review, increased profits from property, hospitality and financial services was more than offset by a 55% decline in the industries segment. 

CZC alleged that its payments amounting to RM13.12 million made to IHB's wholly-owned subsidiary Infraharta Sdn Bhd (ISB) were tainted with fraud and deceit and that ISB is liable to return the same amount to CZC.