KUALA LUMPUR: In the midst of being the target of a takeover, property developer S P Setia Bhd has announced the proposed acquisition of a piece of land measuring 673.2 acres (272.4ha) in Semenyih, Ulu Langat, Selangor for RM381.25 million cash.

KUALA LUMPUR: VTI Vintage Bhd has been appointed project manager, turnkey contractor and marketing agent for 30 units of low-rise high-end apartments to be built in Taman U-Thant here.

It said on Tuesday, Oct 4, its unit Vintage Roofing & Construction Sdn Bhd had accepted a letter of award from Gou Yaoming of Shenzen, China to administer the project.

SHAH ALAM: Changing the status of a piece of land in Sungai Buloh for the Klang Valley MRT project and another piece for a cemetery in Section U4 here is among the content of the Shah Alam City Council (MBSA) Local Draft Plan 2020.

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has raised its stake in S P Setia Bhd with the acquisition of 20.77 million shares on Monday, Oct 3.

A filing with Bursa Malaysia on Tuesday, Oct 4 showed PNB had acquired 10.95 million shares from the open market at RM3.8928 a share. It also acquired 9.824 million shares in an off-market deal at RM3.89 each.

KUALA LUMPUR: ECM Libra Financial Group Bhd has raised its shareholding in property developer Eastern & Oriental Bhd (E&O) to 6.62% after the recent acquisition of two million shares on Sept 29-30.

A filing with Bursa Malaysia showed that ECM Libra's shareholding increased to 59.19 million shares.

SINGAPORE: The Singapore Urban Redevelopment Authority's (URA) flash estimate of the private residential property index for the third quarter (3Q) of 2011 shows that the rate of increase in private residential property prices has continued to moderate for the sixth consecutive quarter since 4Q 2009.

PETALING JAYA: Even as the market awaits an alternative bid for S P Setia Bhd, Permodalan Nasional Bhd (PNB) is absorbing more shares from the market and increasing its interest in the property developer.

PETALING JAYA: Certain parties have indicated interest in acquiring a project en bloc from Dijaya Corp Bhd, its managing director Datuk Tong Kien Onn told The Edge Financial Daily.

"We do not have any specifics, but interest has been expressed in buying an entire project from us," said Tong after the company EGM on Monday, Oct 3.

KUALA LUMPUR: Benalec Holdings Bhd, which made its debut earlier this year, has not been spared the market sell-off in the last two months. Having dropped to its IPO issue price, it is still favoured by analysts for its niche in the marine construction industry.

Construction sector
Maintain overweight: We have turned positive on the construction sector as there is now even more urgency for the government to expedite the rollout of various public projects to pump-prime the local economy to shield it against the increased risk of the global economy slipping into a double-dip recession.