GEORGE TOWN: Ivory Properties Group Bhd has teamed up with Penang-based Aspen Vision Development Sdn Bhd (Aspen Group) to jointly develop a township with a gross development value (GDV) of RM8 billion, on 245 acres (99ha) of freehold land in Bandar Cassia, Batu Kawan in Penang.

KUALA LUMPUR: Tan Sri Vincent Tan’s business units are collectively selling a 70% stake in Berjaya (China) Great Mall Co Ltd (GMOC) to Hong Kong-listed Carnival Group for a price that is yet to be negotiated.

GMOC, which has a fully paid-up capital of US$185.51 million (RM589 million), is undertaking a massive project to build the world’s largest shopping mall in the Hebei province.

NEW YORK: Paramount Group Inc, a US office landlord, filed for an initial public offering (IPO) that is poised to be the largest ever for a real estate investment trust (REIT).

KUALA LUMPUR: Commercial values of sites for prime offices here have dropped 2.7% in the first six months of the year amid a “challenging leasing environment”, said Knight Frank Asia-Pacific head of research Nicholas Holt in the Prime Asia Development Land Index report for the first half of 2014 (1H14).

KUALA LUMPUR: Prime residential prices in 32 cities rose 6.2% on average led by luxury homes in prime cities of the United States in the first half of 2014, putting Asia-Pacific and Europe at the bottom of the list, said Knight Frank Research’s international residential consultant Kate Everett-Allen in the Prime Global Cities Index report published this month.

GEORGE TOWN: Some 30 local and foreign companies have picked up the subscription forms for bidders to take part in the state’s request for proposal (RFP) to implement the RM27 billion Penang Transport Master Plan (TMP).