Malton's revenue came in 10.3% higher at RM123.08 million from RM111.59 million a year earlier, driven by its construction and project management division, its Bursa filing showed.

The group will now be focusing in the next three years on its property development projects in Penang.

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8 Conlay comprises two residential towers called YOO8 and a hotel, all three of which will be serviced by Kempinski Hotels. Its target market is high net worth individuals and young professionals.

The lower earnings were attributable to higher initial overheads for new projects to be launched and recognition of higher profits arising from the disposal of certain parcels of land in the previous corresponding quarter.

Encorp said it had paid A$6 million for the 11,000 sq m (1.1 ha) land in May 2012. The tract to be jointly developed with Tew Investments Pty Ltd is located at Tea Tree Close within Cockburn Central.

PJ Development is working on being more efficient and becoming more careful with property development launches, to ensure its financial performance is at least maintained in this soft property market phase.

There are 124 projects on hill land with slopes of 25° and above 250ft (76m) on Penang island.

The Negeri Sembilan-based property developer’s revenue fell 18.4% to RM121.37 million in 3QFY15 from RM148.82 million in 3QFY14.

Part of the land-swap deal with SRS Consortium, the project delivery partner for RM27 billion Penang Transport Master Plan.