Averting the risk of mania (OSK Research, Nov 4, 2010)
Averting The Risk Of Mania
THE BUZZ
Latest
#Update* Sunrise-UEM merger to result in combined asset base of over RM5b
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.
Mah Sing (Inter Pacfic Research) outperform; target price RM2.30
Acquire 2 pieces of land with RM1.2bn GDV
Highlights:
Mah Sing (HLG Research) buy; target price RM2.48
New projects in Jalan Ampang and Cyberjaya
News
Rehda: New LTV ratio good move, but could affect genuine homebuyers
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.
New rule puts damper on Kowloon land sale
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.
Dickens Yard launch in London this weekend
LONDON: St George, one of London's leading developers, will launch its latest development Dickens Yard in the country this weekend.
AmFIRST posts net property income of RM31.42 million
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%.
Sunrise 1Q pre-tax profit up by 4%
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.
Taiwan's Farglory in $1 bln Abu Dhabi project-source
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.
