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).

SHAH ALAM: State Housing, Building Management and Squatters Committee chairman Iskandar Abdul Samad said 12,009 low-cost houses are under construction in Selangor.

"Some 9,465 low-cost houses have been approved for construction and must be completed in two years," he told reporters after the State Executive Council (Exco) meeting here on Wednesday, Sept 28.

PETALING JAYA: Property developer Glomac Bhd is keen to participate in government land privatisation and aggressively looking for landbanks especially within the Greater KL area.

KUALA LUMPUR: Axis REIT Managers Bhd is acquiring two pieces of industrial land near Bukit Mertajam, Penang for RM59 million from  Apex Properties Sdn Bhd.