KUALA LUMPUR: Shangri-La Hotels (Malaysia) Bhd net profit for its third quarter (3Q2010) nearly doubled to RM23.5 million, compared with RM12.6 million recorded in the same period a year earlier. The company's 3Q revenue saw a smaller increase of 20.3% to RM111.95 million from RM93.06 million in the same period last year.

PETALING JAYA: Sunway City Berhad's (SunCity) recent launch of A’marine, a luxury lakeside condominium in Sunway South Quay, located within the Sunway Integrated Resort City (SIRC), saw 80% of its units sold.

A’marine has a gross development value (GDV) of RM200 million and comprises 242 units with sizes from 1,306 sq ft to 2,836 sq ft.

KUCHING: Kuching North City Commission (DBKU) did Sarawak proud when it was awarded the Sustainable City Award at the National Environmental Awards 2009/2010 for the second consecutive time.

DBKU mayor Mohd Atei Abang Medaan who was ecstatic about the win, expressed his gratitude to the people of Kuching and commended DBKU staff for the success.

SHAH ALAM: Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim said on Tuesday, Nov 9 that the state government supported the federal government's Greater Kuala Lumpur plan because it would benefit Selangor as well.

HONG KONG: Real estate transactions in Asia grew a strong 44% to US$20.8 billion (RM64.3 billion) in the third quarter from the previous three months, with the rising trend set to continue through the rest of 2010, an industry association said.

DUBAI: A holistic and coordinated approach is needed to enhance the opportunity for Dubai's real estate market recovery, said a report.

KUALA LUMPUR: Sunrise Bhd’s share price surged to a 52-week high of RM3.26 yesterday. The counter was the second most actively traded stock on Bursa Malaysia, riding on last week’s surprise announcement of UEM Land Bhd’s proposed conditional acquisition of the company for RM1.39 billion.

KUALA LUMPUR: Tune Hotels is opening two new hotels early next year. The hotel in Bintulu, Sarawak is slated for opening on Jan 3, 2011, while the hotel in Kota Bharu, Kelantan will open on Jan 23.

Hektar REIT

Annualised Earnings Almost Spot On

HONG KONG: American International Group Inc (AIG) is expected to sell its Asian real estate business to Invesco Ltd later this month, a source said on Tuesday, Nov 9.

The source said AIG's gross property assets were currently worth around US$5 billion (RM15.52 billion), although the actual cost of the deal was expected to be in the tens of millions.