by James Saft

THE reform of US housing finance proposed by President Obama will drive the price of mortgages higher and be a disaster for house prices, construction and the real estate industry.

In other words, in helping to kill the illusion that a whole nation can grow rich by living in ever more expensive houses, it will be a very good thing.

KUALA LUMPUR: Hektar Real Estate Investment Trust (REIT) achieved an 11.6% net profit increase to RM11.341 million from RM9.571 million last year for its fourth quarter (4Q) financial statements ended Dec 31, 2010, it announced on Thursday Feb 17.

Revenue collected for the quarter under review went up 18.4% to RM24.036 million up from RM21.53 million a year ago.

KUALA LUMPUR: Engtex Group Bhd bought three pieces of freehold land totalling 54 acres from Gadang Properties Sdn Bhd for RM21 million, it announced on Thursday, Feb 17.

The lands are located in the area of Kuang, and are just a short drive from Bukit Rahman Putra-Sungai Buloh and Rawang.

KUALA LUMPUR: Sunway Holdings Bhd's wholly-owned subsidiary Sunway Construction Sdn Bhd has secured a contract worth RM37.36 million from the Ministry of Transport for the proposed upgrading of the Sultan Abdul Aziz Shah Airport in Ipoh.

Sunway said on Thursday, Feb 17 that the project was expected to commence in March, with a construction period of 72 weeks.

KUALA LUMPUR: Mutiara Goodyear Development Bhd recorded revenue from its property development activities over the past two months ended Dec 12, 2010 at RM64.5 million, it announced on Thursday, Feb 17. Net profit for the period was RM7.2 million.

The group adopted the IC Interpretation 15 in April 2010 hence the unusual financial figures.

KUALA LUMPUR: SBC Corp Bhd posted net profit of RM6.81 million in the third quarter ended Dec 31, 2010 when compared with RM2.02 million a year following higher revenue from its construction projects.

It said on Thursday, Feb 17 revenue climbed 95% to RM54.80 million from RM28.03 million while earnings per share were 8.26 sen versus 2.45 sen a year ago.

KUALA LUMPUR: SunwayMas Sdn Bhd, Malaysia's leading boutique developer is offering attractive packages for Sunway Rydgeway, an elite residential development nestled amidst the cool and natural setting of the Melawati Hills on the outskirts of Kuala Lumpur.

KUALA LUMPUR: CapitaLand Ltd's wholly-owned serviced residence business unit The Ascott Ltd announced the opening of its new serviced residence Somerset Ampang Kuala Lumpur in a press release on Thursday, Feb 17.

The 207-unit Somerset Ampang Kuala Lumpur will further strengthen the brands presence in Malaysia.

KUALA LUMPUR: CapitaLand Ltd's wholly-owned serviced residence business unit The Ascott Ltd secured a new management contract in Cyberjaya to operate serviced residence Citadines D'Pulze Cyberjaya, it stated on Thursday, Feb 17.

HONG KONG: Hong Kong will offer four pieces of land for the development of private hospitals, with the first to go up for tender before the end of 2011, the city's health minister said.