HONG KONG: HSBC expects the number of real estate investment trusts (REITs) in Asia to surge over the next three to four years due to demand for more risk-averse property investments, a senior executive said.Asia is seeing increased activity in the REIT IPO market this year, with the successful listing of Cache Logistics Trust in Singapore, while Sunway City plans to list its REIT in Malaysia i

KUALA LUMPUR: SP Setia Bhd’s net profit for its second quarter ended April 30, 2010 (2QFY10) increased 26.39% to RM51.21 million from RM40.52 million the year earlier on the contribution from sales of residential and commercial properties in the Klang Valley and Johor Bahru.

Its revenue, meanwhile is up 16.2% to RM409 million, from RM352.2 million the previous year.

KUALA LUMPUR: Sunway Holdings Bhd is exploring a development opportunity in Sri Lanka by entering into a memorandum of understanding (MoU) with Dasa Tourist Complex (Private) Ltd on Thursday, June 17.

KUALA LUMPUR: ACE market-listed company M-Mode Bhd is acquiring a 2,421 sq ft parcel of land along Jalan Yap Kwan Seng, here, for RM1.27 million.

KUALA LUMPUR: TA Global Bhd’s net profit for its first quarter ended April 30, 2010 (1QFY11) grew 27% to RM18.56 million, from RM14.62 million the previous year.

The rise was attributed to its increased revenue, which rose 85.8% to RM91.5 million, compared to RM49.2 million a year earlier, following an increase in hotel-related revenue.

KUALA LUMPUR: Lebar Daun Bhd’s construction arm is bidding for several government-related contracts adding to RM500 million located outside of Kuala Lumpur, in line with the government’s effort to implement projects via private finance initiatives (PFI).

KUALA LUMPUR: SOHO China, an up-market commercial property developer in China, has bought a plot of land in The Bund, one of Shanghai’s prime areas, as the company continues to strengthen its foothold in the city.

KUALA LUMPUR: The Works Ministry will submit several proposals on the Parliament building to the Cabinet in two months, its minister Datuk Shaziman Abu Mansor said on Thursday, June 17.

He said the ministry was looking into three proposals while repair works were carried out on the existing Parliament building.

KOTA KINABALU: The Sabah Environment Protection Department (EPD) on Thursday, June 17, clarified that temporary occupation licence (TOL) for sand mining in Sungai Kinabatangan was approved by the state land and survey department last September.

LONDON: Land Securities is selling one of its largest London development projects to Qatari property company Barwa Real Estate for £250 million (US$371 million) as overseas demand for prime UK real estate spirals.

The acquisition of the Park House development on London's Oxford Street is the first major wholly-owned investment made by Barwa in the UK.