KUALA LUMPUR: Furniweb Industrial Products Bhd will be diversifying into the property development sector with its first project being two 38-storey condominium blocks with a gross development value (GDV) of RM560 million.

The project’s gross development cost is RM380 million, with the first phase of construction due to commence in the third quarter of this year.

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has purchased three parcels of freehold land in Bukit

Rahman Putra, Sungai Buloh from Bisraya Acres Sdn Bhd, a wholly-owned subsidiary of Gapurna Sdn Bhd, for RM83 million.

KUALA LUMPUR: The first two Construction Courts in Malaysia, one each in Kuala Lumpur and Shah Alam, were launched yesterday by the Chief Justice of Malaysia Tun Arifin Zakaria.

KUALA LUMPUR: Goodway Integrated Industries Bhd, the country’s largest manufacturer of rubber compounds and tyre retreader, has proposed to diversify its existing core business to include property development and construction.

KUALA LUMPUR: 1MDB Solar Sdn Bhd, a unit of sovereign wealth fund 1Malaysia Development Bhd (1MDB), has inked a power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB) for a 50mw solar photo-voltaic (PV) energy plant in Kedah.

KUALA LUMPUR: Singapore-based CapitaLand Ltd has proposed to take its 65.3%-owned subsidiary CapitaMalls Asia Ltd (CMA) private via a voluntary conditional cash offer of about S$3.06 billion (RM7.9 billion) for the remaining ordinary shares in the latter.

KUALA LUMPUR: Eastern & Oriental Bhd (E&O), which last Friday received the Department of Environment’s (DOE) nod to proceed with the proposed reclamation works for Phase 2 of its Seri Tanjung Pinang (STP2) development at Tanjung Tokong in Penang, will next seek approval from the Penang state planning committee.

KUALA LUMPUR: The strong supply of shopping mall space in the Klang Valley is inadvertently forcing existing retailers to open up additional stores, although this may fail to translate into high profits.

KUALA LUMPUR: Sunway Bhd, controlled by property tycoon Tan Sri Jeffrey Cheah, is diversifying its business to include developing and operating premium outlets, the first of which is to be opened in Ipoh, Perak.

KUALA LUMPUR: Y&G Corp Bhd is confident it will weather any softening of property prices the market may predict, due to its focus on affordable housing and the owner-occupier segment within the property development sector.