KUALA LUMPUR: Hunza Properties Bhd profit before tax (PBT) for its third quarter ended Marach 31, 2010 (3Q2010) rose 62%, from RM8.99 million to RM14.76 million in the same period last year. The group’s revenue also increased by 216%, or RM58.53 million, compared to RM18.51 million in the same period last year.

KUALA LUMPUR: Property developer Magna Prima Bhd plans to start development work on its 6.95-acre land in Jalan Gasing, Petaling Jaya by next year.

Known as the Jalan Gasing project, Magna Prima has purchased the land for RM48.5 million cash from Petaling Garden Sdn Bhd.

KUALA LUMPUR: S P Setia Bhd subsidiary Setia (Hangzhou) Development Company Limited and its joint venture (JV) partner, Hangzhou Ju Shen Construction Engineering Limited have agreed to extend the precedent conditions fulfillment period set out in the JV contract between the two parties, by six months.

JELI (Kelantan): There are 1,673 abandoned projects under the Ninth Malaysia Plan and the government will be reviving them. "These projects were abandoned due mainly to contractorweaknesses, problems with building materials, techincal scope and the weather," said Works Minister Datuk Shaziman Abu Mansor.

PETALING JAYA:  Tower A of One Kiara, the luxury twin-tower condominium development by Monday-Off Development Sdn Bhd in Mont’Kiara, Kuala Lumpur has achieved 80% sales since its soft launch in early April.  This is despite concerns of an oversupply of high-end high-rise homes in the area.

MECCA: The SR18.4 billion (US$3.2 billion) Jabal Omar mixed property development project here offers potential for Malaysian investors especially in the real estate sector.

SunCity (RM3.90; Buy; Price Target: RM5.10; SCITY MK)
Sealing second venture in China

A step closer to second project in China

• SunCity took centre stage in April
The KL Property Index ended the month largely unchanged at +0.6%. Nevertheless, interests were seen in Sunway City which gained 17.8% last month as it gained further traction in its REIT listing.

Product differentiation separates one project from another, with high-end developers turning to art to enhance value.