SYDNEY: Home prices in Australia's major cities fell 0.3% in April, marking the fourth consecutive monthly fall, with a strong local dollar and a weaker financial sector hitting the market for luxury houses, industry data showed on Tuesday, May 31.

KUALA LUMPUR: Property developer Eastern & Oriental Bhd (E&O) posted a 72% drop in net profit for 4QFY11 ended March 31 on the back of a lower contribution from its property division, due to lower revenue recognised, higher finance costs and pre-opening expenses incurred for its properties, Lone Pine Hotel and Straits Quay Retail.

IJM Land Bhd (May 30, RM2.80)
Maintain buy at RM2.80 with fair value of RM4: We reaffirm our "buy" rating on IJM Land with our fair value unchanged at RM4, based on an unchanged 10% discount to our fully-diluted net asset value (NAV) estimate of RM4.46.

KUALA LUMPUR: Construction company IJM Corporation Bhd's orderbook may potentially hit RM9 billion by year-end from its existing RM4 billion, research houses said.

The increase will come from the RM5 billion worth of new orders for the New Pantai Expressway (NPE) extension and the West Coast Expressway (WCE), said HwangDBS Vickers Research in its research note on Monday, May 30.

KUALA LUMPUR: Kenanga Research expects UOA Development Bhd to rake in net profit earnings of RM169 million for the financial year ending Dec 31, 2011, assuming its new launched properties, with a gross development value of RM363 million, will commence this year.

JULAU: The Federal Land Consolidation and Rehabilitation Authority should develop more Native Customary Rights land in the Sarawak interior, Deputy Information, Communication and Culture Minister Datuk Joseph Salang said.

MELAKA: Some 800,000 non-professional workers, both local and foreign, will be made to register with the Construction Industry Development Board (CIDB) once the CIDB Act is amended.

Works Minister Datuk Shaziman Abu Mansor said the amendments to the Act would be tabled in Parliament next month.

GEORGE TOWN: International luxury hotel group Amanresorts International Pte Ltd has been given the letter of award (LoA) by the Penang state government to restore, refurbish, redevelop and manage the 82-year-old Crag Hotel on Penang Hill, making it the first Amanresort for the group in Malaysia.

KUALA LUMPUR: Property player Dijaya Corp Bhd is riding on its strong first quarter ended March 31 (1QFY11) results and RM3.5 billion worth of projects in the pipeline to fuel growth over the next two years.

In a filing with Bursa Malaysia last Friday, Dijaya said its 1QFY11 net profit increased almost five-fold year-on-year to RM18.14 million from RM464,000 a year ago.