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SPNB to do away with retention money

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.

US architecture billings highest since 2007

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.

Shareholders approve UEM Land bid for Sunrise

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.

China shares end lower as property fever ebbs

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.

MRT project necessary to cater for population increase

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.

College Heights to sell 30% stake in Mines Golf City to Lee

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.

5% discount for online payment of quit rent in the Federal Territory

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.

Setia Greens first phase 40% sold before launch

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.