GEORGE TOWN: Sunway City Bhd (SunCity) plans to launch its first gated and guarded landed residential project with a gross development value (GDV) of RM800 million in Penang next year. SunCity recently entered into a sale and purchase agreement (S&P) with Sungai Ara Holdings Sdn Bhd to acquire the 32.74ha site for the project in Sungai Ara at RM38.77 million.

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Paramount Corp

Officially Entered Into SPA For The Disposal Of Jerneh

HONG KONG: New World Development's underlying profit surged 72.4% to HK$6.08 billion (RM2.43 billion) for the year to June, thanks to strong property sales in Hong Kong and China.

Net profit, including property revaluation gains, jumped 457% to HK$11.61 billion from HK$2.08 billion a year earlier. Turnover grew 24% to HK$30.22 billion.

SHANGHAI: The Shanghai government has issued new rules to limit home buyers to one new apartment and will impose revised land appreciation tax as part of an effort to rein in property speculation, local media reported on Friday, Oct 8.

KUALA LUMPUR: The Securities Commission yesterday issued a caution and reminder to Mudajaya Group Bhd and its Board of Directors to strictly observe their disclosure obligations in relation to an overseas investment by the group.

KUALA LUMPUR: Talam Corporation Bhd has proposed to dispose of its land and building in Bandar Serendah, Ulu Selangor, Selangor, to the Federal Land Commissioner for RM28.5 million.

In a filing to Bursa Malaysia here today, the company said the sale proceeds from the proposed disposal will be used to settle outstanding loan facilities and reduce the group's gearing. — Bernama

KUALA TERENGGANU: MIDF Property Berhad, a wholly owned subsidiary of Permodalan Nasional Berhad, plans to set up a biotechnology park on a 320-hectare site in Lembah Perasing in Jabor, Kemaman.

Chairman Datuk Kalsom Abdul Rahman said the park was in line with the federal government's East Coast Economic Region development programme.

KUALA LUMPUR: Magna Prima Bhd says it is expecting to launch a series of property projects between now and the end of 2011, including the upcoming Alam d'16, a low-density community on one of the last landed residential property parcels in Shah Alam.

KOTA BAHARU: Bandar Tasek Raja, a new commercial centre being developed in the Pasir Mas district near here, has been touted to reactivate the district and bring back its business and commercial potential.

The township development project valued at RM151 million is a public-private joint venture between the Kelantan state government and Eastern Biscuit Factory Sdn Bhd.