KUALA LUMPUR: UEM Land Bhd has proposed a conditional takeover for all of Sunrise Bhd shares at RM2.80 per offer share via a share swap or an alternative offer by the issuance of redeemable convertible preference shares.

UEM Land announced on Thursday, Nov 4 the merger would result in the enlarged group benefiting from the stronger combined asset base of over RM5 billion.

Acquire 2 pieces of land with RM1.2bn GDV

Highlights:

New projects in Jalan Ampang and Cyberjaya

News

KUALA LUMPUR: The 70% cap on home loans announced by Bank Negara Malaysia (BNM) for purchases of third homes effective Wednesday, Nov 3 is welcomed by housing developers, but a nationwide application of the measure would affect genuine house buyers, cautioned the Real Estate and Housing Developers Association (Rehda) president Datuk Michael Yam.

HONG KONG: New rules on floor area resulted in a lacklustre land auction yesterday as a luxury residential site in Kowloon Tong sold for HK$2.17 billion (RM861.14 billion) — at the bottom of the forecast range.

LONDON: St George, one of London's leading developers, will launch its latest development Dickens Yard in the country this weekend.

KUALA LUMPUR: AmFIRST Real Estate Investment Trust (AmFIRST) recorded net property income of RM31.42 million for its six-month financial period ended Sept 30, up 2.1% from a year ago.

Its gross revenue dropped 2.1% to RM47.20 million while its income after taxation declined 1.6% to RM20.59 million, and property expenses were lower by 9.6%.

KUALA LUMPUR: Sunrise Bhd posted a pre-tax profit of RM52.2 million for its first quarter (1Q) ended Sept 30, 2010, up 4% from RM50.2 million posted a year ago.

Its revenue declined 10% to RM171.3 million from RM190.3 million a year ago.

TAIPEI: Taiwan's Farglory Group will develop an estimated $1 billion (RM3.08 billion) hotel and residential project in Abu Dhabi's new financial district in partnership with the emirate's state fund, a source close to the situation said on Wednesday.

KUALA LUMPUR: Bank Negara Malaysia is imposing with immediate effect the maximum loan-to-value (LTV) ratio of 70% for the third house financing facility taken by a borrower as it seeks to curb "excessive investment and speculative activity in the residential property market".