HONG KONG: A site on The Peak fetched the third-highest land price in the city's history on Wednesday, July 28 underscoring the continued strength of the luxury residential market.

Nan Fung Development and The Wharf (Holdings) paid HK$10.4 billion (RM4.27 billion) in an auction for the site at 103 Mount Nicholson Road — HK$32,014 per square foot.

KUALA LUMPUR: The Malaysian property market is not in any danger of facing a bubble as prices have been stable, industry players said at a panel discussion at the 13th National Housing and Property Summit on Thursday, July 29.

KUALA LUMPUR: Gadang Holdings Bhd posted a net profit of RM3.38 million for the fourth quarter ended May 31, 2010 (4Q), surging from RM954,000 a year ago.

Meanwhile, revenue dipped 4% to RM78.3 million from RM81.87 million.

KUALA LUMPUR: Melati Ehsan Holdings Bhd posted a net profit of RM1.13 million for the third quarter ended May 31, 2010 (3Q), down 63% from RM3.06 million a year ago on the back of lower construction activities.

Revenue declined by 35% to RM30.9 million from RM47.38 million, the company said on Thursday, July 29.

KUALA LUMPUR: Quill Capita Trust has posted a net profit of RM8.29 million for its second quarter ended June 30, 2010 (2Q), up by 2% from RM8.08 million a year ago, in line with its investment objectives, the company said.

KUALA LUMPUR: A winding-up petition has been served on Ho Hup Construction Company Bhd subsidiary Bukit Jalil Development Sdn Bhd (BJD) by Hew Hoi Lan @ Kew Hoi Lam.

The winding-up petition dated July 12 was served to BJD on July 28 and the winding-up petition was presented to the High Court of Malaya at Kuala Lumpur on July 12, Ho Hup said on Thursday, July 29.

KUALA LUMPUR: Ranhill Bhd's joint venture with STS Educational Group Ltd has been pre-qualified by the Bangladesh Power Development Board for the development of a 150-to-225 megawatt combined power plant on a build-own-operate (BOO) basis in Bhola, Bangladesh.

KUALA LUMPUR: IRIS Coropration Bhd (ICB) is poised to venture into property development via its new subsidiary IRIS Land Sdn Bhd, formerly known as Peak Structure Sdn Bhd.

The group announced on Thursday, July 28, that it had acquired the entire issued and paid-up share capital comprising two shares for RM2 cash on July 27.

KUALA LUMPUR: The property development market in Malaysia is not ready to completely adopt the build-then-sell (BTS) concept, said industry players together with Housing and Local Government Minister Datuk Wira Chor Chee Heung.