KUALA LUMPUR: PN17 outfit Pan Malaysian Industries Bhd (PMI) may be looking to sell its last property — a vacant piece of land situated in Jalan Mayang, near KLCC, to sister company Malayan United Industries Bhd (MUI) for some RM32 million cash, said a source.

SINGAPORE: CapitaLand Ltd yesterday said its ownership of CapitaMalls Asia Ltd had crossed the 90% threshold, meaning it could delist the shopping malls operator from the Singapore Exchange.

NUSAJAYA: Goldbury Communications Sdn Bhd will take up 9,200 sq ft of office space in Medini 6, the first purpose-built office development by Medini Iskandar Malaysia Sdn Bhd (MIMSB). Goldbury will also take up another 29,000 sq ft in the upcoming Medini 7 in June 2015.

PETALING JAYA: Primarc Development (M) Sdn Bhd’s residential development in Rawang in Selangor, Fields of Gold, was launched yesterday and 50% has been booked. “This is considered the flagship project for Primarc. With Primarc, I want to create something different. Which is why any project under Primarc would be exclusive. Once a project is done, you can’t get the same unit again.

KUALA LUMPUR: A total of 24 participants comprising established and emerging (Malaysian) architects will collaborate with artists and multimedia designers to present Malaysian ideas and works  at the 14th International Architecture Exhibition La Biennale di Venezia.

KUALA LUMPUR: IJM Land Bhd, the property development arm of IJM Corp Bhd, together with its joint-venture partner Amona Development Sdn Bhd, will launch a 58-acre (23.4ha) township project called Pantai Sentral Park in Bukit Kerinchi here by the end of this month, which has a gross development value (GDV) of RM2.5 billion.

KUALA LUMPUR: Sunway Property, the property arm of Sunway Bhd, will launch the second phase of its residential component of the RM3.7 billion Sunway Velocity in Cheras, the V Residences 2 this month.

DARREN CHIN gave up a 15-minute train journey to his office in Singapore for a two-hour drive with a stop at passport control. The reason: By commuting from Malaysia, he can afford his own two-story home and car.

KUALA LUMPUR: Property developers are urged to gather information and understand the terms and conditions of the newly issued International Financial Reporting Standards (IFRS) 15 to ease the transition and avoid complications. The IFRS 15 was issued on May 28 and will be effective from Jan 1, 2017 (early adoption is permitted).  “The act is a new model that requires a new mindset.

Tambun Indah Bhd
(June 5, RM2.06)
Maintain buy with target price of RM2.23: Tambun Indah has proposed to acquire 27 parcels of development land located within Mukim 15 in Seberang Perai Selatan district, Penang (measuring approximately 209.54 acres [84.8ha]) for a total consideration of RM150 million (RM16.40 per sq ft [psf]).