KUALA LUMPUR: Hotel rates in most Asian cities are expected to become more affordable in 2014, following from a trend of decreasing rates in 2013, according to the Hotel Reservation Service (HRS).

PETALING JAYA: OSK Property Holdings Bhd is set to officially launch its RM398 million serviced apartment Eclipse Residence by end-March. The project, where units come fully furnished, is in Pan’gaea, a 16-acre integrated freehold development in the heart of Cyberjaya. The developer held a preview at Plaza OSK in Jalan Ampang, Kuala Lumpur from Nov 15 to 24.

SINGAPORE: Zhuoyuan Iskandar Sdn Bhd, a joint-venture company between China’s Zhuoda Group and Malaysia’s Iskandar Investment Bhd (IIB), yesterday held a ground breaking ceremony for its flagship development — Paradiso Nuova — in the heart of Medini, Nusajaya, Iskandar Malaysia.

KUALA LUMPUR: There is a 40% oversubscription to the 1.07 billion IOI Properties Group Bhd shares under the non-renounceable restricted offer by IOI Corp Bhd.

This is in conjunction with the planned listing of IOI Properties on Bursa Malaysia’s Main Market on Jan 15.

KUALA LUMPUR: Main Market-bound IOI Properties Group Bhd (IOIPG) is targeting to achieve sales of RM2.5 billion to RM3 billion for its financial year ending June 30, 2015 (FY15), said its newly appointed chief executive officer (CEO) Lee Yeow Seng.

KUALA LUMPUR: The Employees Provident Fund (EPF) has made its latest overseas acquisition by buying a 50% stake in UK-based Arena Trust, which owns three Tesco-anchored retail parks, for £156.5 million (RM842 million) from Aviva Investors.

HONG KONG: The number of properties sold in Hong Kong fell by more than a third last year to a 17-year low as a drastic increase in tax on home sales, introduced to tackle rising prices, easily outweighed discounts offered by the city’s property developers.

Real estate sector
Maintain Neutral: Notwithstanding the current undemanding valuations, the real estate sector still lacks positive catalysts over the near term that could lead to a sustainable rerating. Most of the regulatory measures have taken effect from Jan 1 and, as such, we believe investors will need time to monitor the severity of the combined measures.

KUALA LUMPUR: The Johor High Court has granted an order to validate the sale and purchase agreement (SPA) and supplemental agreement for Mah Sing Group Bhd’s Bandar Meridin East, a proposed RM5 billion township in Pasir Gudang, Johor.

KUALA LUMPUR: Paramount Properties Sdn Bhd, a wholly-owned subsidiary of UOA Development Bhd (UOA), has proposed to dispose of an office building in Kuala Lumpur to Marak Moden Sdn Bhd for RM72.5 million.