JOHOR BAHRU: The Iskandar Regional Development Authority (IRDA) has given the go-ahead for the proposed RM1.23 billion modern inter-city commuter train service network in Iskandar Malaysia.

The train service will have an annual ridership of over 30 million.

KUALA LUMPUR: S P Setia Bhd is making its maiden venture into Singapore. The developer has proposed the purchase of 27 strata units in Leong Bee Court for S$65 million (RM159 million) with the plan to redevelop the property, currently comprising flats, into residential apartments.

S P Setia Bhd (Apr 12, RM6.50)
Maintain buy at RM6.56 with revised fair value of RM8.10 (from RM7.38): We maintain our "buy" rating on S P Setia and raise our fair value from RM7.38 to RM8.10 per share, at parity to our revised fully-diluted (FD) net asset value (NAV) of RM8.10.

IJM Land Holdings Bhd (Apr 14, RM2.79)

KUALA LUMPUR: The first residential project of a regeneration development in King's Cross in London has been fully taken up. As a result, an exhibition to attract Malaysian buyers of the 114-unit apartment project called the ArtHouse, scheduled for tomorrow, at the JW Mariott Hotel in Kuala Lumpur has been cancelled.

SINGAPORE: Singapore's K-REIT Asia said on Thursday, Apr 14 tha tits first quarter (1Q) distribution per unit (DPU) rose 35% from a year ago, helped by contributions from recently acquired properties.

The DPU for the three months ended Mar 31 was 1.79 Singapore cents, up from 1.33 cents in the year-earlier period.

KUALA LUMPUR: The Klang Valley property market has been quiet in the first quarter of 2011 (1Q11). Though it has picked up, property consultancy PPC International Sdn Bhd does not expect the market to be vibrant in the coming months.

KUALA LUMPUR: The first residential project of a regeneration development in King’s Cross in London has been fully taken up.

PETALING JAYA: A team from Cyberview Sdn Bhd visited The Edge Communications office in Mutiara Damansara and met up with some of its editors on April 13. Cyberview is the landowner and master developer of Cyberjaya, the centre of Malaysia’s Multimedia Super Corridor (MSC).

KUALA LUMPUR: While Penang's property market has been sizzling, the stock price performance of the island's largest developer — Eastern & Oriental Bhd (E&O) — has been lukewarm, although that could very well soon change.