HONG KONG: Hong Kong is the most expensive city in the world when it comes to billionaire trophy homes, according to a report by Savills, the international property consultant.

"Billionaire properties in Hong Kong average £6,700 (RM33,444) per sq ft," said the report, which calculates a price index of homes for the super rich in 10 top cities around the world.

KUALA LUMPUR: Kenanga Wholesale City (KWC), touted as Malaysia’s first fashion wholesale mall, will commence business come mid-October. The 22-storey KWC is developed on a 3.2-acre (1.3ha) site along Jalan Kenanga in the Pudu area in Kuala Lumpur.KWC has a net lettable area of 500,000 sq ft and a gross development value of RM1 billion.

KUALA LUMPUR: Leading players in the property industry gathered last night to honour the country’s top developers at The Edge Property Excellence Awards 2011.

At the ceremony held annually, the awards are The Edge Top Property Developers Awards (TPDA), The Edge-PEPS Value Creation Excellence Award and The Edge-PAM Green Excellence Award.

KUALA LUMPUR: Acting on the advice of the Fire and Rescue Services Department and in the interest of public safety, the management of Empire Shopping Gallery has taken the decision to halt all operations following a gas explosion early Wednesday morning, Sept 28, that caused extensive damage to the mall's lower floors and injuring four people.

KUALA LUMPUR: S P Setia Bhd, the country's second largest property firm by market capitalisation, is the latest to be swept off the private property sector with the takeover offer by its parent Permodalan Nasional Bhd (PNB).

CHONGQING: A pilot programme to levy property taxes, the first of its kind in China, is helping cool price rises in Chongqing and will eventually be extended to the rest of the country, the mayor of the country's biggest municipality told Reuters.

PERMODALAN Nasional Bhd's (PNB) proposed takeover of S P Setia Bhd has raised eyebrows and potentially marks the ebb of entrepreneurial-driven property firms.

S P Setia Bhd has come a long way since its founding in 1974 and it was not always smooth sailing for its captain Tan Sri Liew Kee Sin.

Property sector

KUALA LUMPUR: Stretch film producer and property developer Scientex Bhd posted net profit of RM20.77 million in the fourth quarter ended July 31, 2011, up 16.5% from RM17.83 million a year ago.

It said on Wednesday, Sept 28 that revenue rose 7.1% to RM205.20 million from RM191.68 million. Earnings per share were 9.66 sen compared with 8.28 sen.

KUALA LUMPUR: Axis-REIT Managers Bhd (ARMB) expects the proposed acquisition of RM59 million logistics industrial facility in Seberang Perai will increase its fund assets under management to over RM1.33 billion.

ARMB is the manager of Axis Real Estate Investment Trust (Axis-REIT).