Property developer Avaland Bhd (KL:AVALAND) reported a near doubling of its net profit for its second quarter ended June 30, 2024 (2QFY2024), thanks to better work progress and higher take-up rates.

K.T.I. Sdn Bhd, a wholly owned subsidiary of KTI Landmark Bhd (KL:KTI), has appointed Knight Frank Property Management Sdn Bhd (KFPM) as the property management firm for its mixed-development project called The Logg in Kota Kinabalu, Sabah.

Citaglobal Bhd (KL:CITAGLB), which is involved in the civil engineering and construction, telecommunications, oil and gas, power generation and manufacturing sectors, plans to team up with Tree Technologies Sdn Bhd, a privately held home-grown electric vehicle maker, to jointly develop a parcel of leasehold industrial land in Gebeng Industrial Estate, Pahang, into an industrial park with green elements.

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.