KUALA LUMPUR: Syarikat Perumahan Negara Bhd (SPNB) plans to do away with the RM2,500 retention money imposed on contractors involved in future Rumah Mesra Rakyat (RMR) projects.

SPNB chairman Datuk Ir Idris Haron said the move would help contractors achieve higher profit margins.

NEW YORK: The US architecture billings index (ABI), a leading indicator of nonresidential construction activity, reached its highest level since December 2007 last month, the American Institute of Architects (AIA) said on Wednesday, Dec 22.

PETALING JAYA: UEM Land Holdings Bhd (UEM Land) has obtained its shareholders' approval on the offer to acquire all ordinary shares in Sunrise Bhd (Sunrise) at its Extraordinary General Meeting held on Wednesday, Dec 22.

SINGAPORE: CapitaMalls Asia Limited is set to add another mall to its portfolio with the proposed acquisition of Queensbay Mall in Penang for RM651.8 million.

SHANGHAI: China's key stock index closed down 0.9% on Wednesday, Dec 22 as speculation in property stocks a day earlier died down, while cash flows in stock trading slowed due to a liquidity crunch in the money market.

Sunrise
Update on Takeover Offer

THE BUZZ
As of 20 Dec 2010, the level of acceptance by Sunrise shareholders in relation to the takeover offer from UEM Land reached 78.83% (Bursa)

KUALA LUMPUR: The Mass Rapid Transit (MRT) and high-speed train projects for the Klang Valley must be implemented now to cater for the population increase each year.

Deputy Transport Minister Datuk Abdul Rahim Bakri said if not now, the government would still have to do it eventually as the existing public transport system would not be able to cope with the rapid population increase.

KUALA LUMPUR: Country Heights Holdings Bhd's wholly-owned unit College Heights Utara Sdn Bhd has proposed to dispose of 30% equity interest in Mines Golf City Sdn Bhd to Tan Sri Lee Kim Yew for RM7.39 million.

In a filing to Bursa Malaysia on Tuesday, Dec 21, Country Heights said the disposal of the shares would be in the best interest of the company.

KUALA LUMPUR: The Federal Territories Land and Mines Office will reward landowners who pay their quit rent promptly through online payment, Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said.

He said that with the online payment, it would make it easier for landowners to pay their quit rent.

KUALA LUMPUR: The first phase of S P Setia Bhd's residential Setia Greens development in Sungai Ara, Penang has already achieved a 40% take up rate prior to its launch, property (north) general manager S Sundarajoo said.