PETALING JAYA: Activities in the real estate sector will most likely be slow early next year with the imposition of a 5% real property gains tax (RPGT) from January 2010.

PETALING JAYA: Despite being a mature and one of the oldest residential areas in Petaling Jaya, landed properties in Section 5 have managed to retain their value. According to See Kok Loong, director of Metro Homes, the value of the properties has held steady over the years and sees an increase of 5% to 10% yearly.

KUALA LUMPUR: MTD Capital Bhd (MTD) on Nov 5 announced its sale and leaseback agreement with Haluan Gigih Sdn Bhd (HGSB) for its two properties in Selayang, Gombak in Selangor and Damansara Heights in Kuala Lumpur for RM70 million and RM105 million, respectively. HGSB is a wholly owned subsidiary of Alloy Consolidated Sdn Bhd, a major shareholder of MTD.

KUALA LUMPUR: Shangri-La Hotels (Malaysia) Bhd on Nov 5 posted a 16% decrease, or RM17.9 million in revenue for 3Q2009 compared with the preceding year’s corresponding period. Its cumulative 3Q2009 profit after tax is RM32.4 million, RM18.8 million less than 3Q2008.

KUALA LUMPUR: Developer LBS Bina Group Bhd (LBGB) on Nov 5 announced the disposal of a piece of leasehold land in Bandar Tanah Rata in Cameron Highlands, Pahang for a total cash consideration of RM2.5 million to Chem-Mech Eng. Corp Sdn Bhd (CMEC). The Conditional Sale and Purchase Agreement was through its subsidiary Mayang Jelatek Sdn Bhd.

KUALA LUMPUR: Malaysian Resources Corp Bhd plans to undertake a renounceable rights issue to raise up to RM566 million, of which RM380 million would be used as capital expenditure for future expansion.The company said on Thursday, Nov 5 the issue price would be RM1.172 per rights share, a discount of about 9.8% to the theoretical ex-rights price of MRCB shares of RM1.30,based on the three-month

KUALA LUMPUR: The recently completed Pavilion Residences Tower 1 in Bukit Bintang, Kuala Lumpur has already been 50% sold months prior to its launch on Nov 5. Comprising 163 serviced apartment units, Tower 1 offers 43 floors of 6-star living.

CYBERJAYA: The landowner of Cyberjaya, Cyberview Sdn Bhd, plans to invest RM58 million over the next two years to expand its district cooling system, said managing director Datuk Redza Rafiq.

NEW YORK: Store rents in Manhattan fell in the third quarter in seven of 10 districts as unemployment and the recession cut spending.

PETALING JAYA: The Penang state government is looking to invite proposals for the development of five parcels of land on the island and on the mainland, according to a CIMB Research report on Nov 5.