The buyer of the five-star Thistle Johor Bahru is YTL Hotels & Properties, a subsidiary of YTL Corporation Bhd (KL:YTL), said GuocoLand in a Singapore Exchange filing on Monday.
The arbitration was brought against the subsidiary, GLM Emerald Hills (Cheras) Sdn Bhd (GLM EHills), by Barisan Performa Sdn Bhd, a company contracted to undertake site clearance, earthworks, and other preparatory work on a parcel of land before the contract was terminated.
The group said this in a bourse filing as it reported a 38.
The MOU covers UEM Sunrise’s select plots of land in Gerbang Nusajaya and Puteri Harbour within Iskandar Puteri, they said.
The company said it will focus on the timely completion of its on-going development projects, monetisation of its inventories and prudent financial management to navigate the evolving market environment.
Looking ahead, Guocoland flagged that the domestic property sector will remain challenging, because of elevated interest rates and rising construction costs.
He now holds a deemed stake of 850.
Looking ahead, the group acknowledged challenges in the domestic property sector due to higher interest rates, ongoing inflation and an oversupply of properties in different markets and segments.
The group in a filing with Bursa on Aug 18 said it also saw a lower share of results of associates and joint ventures in the current quarter, mainly due to a share of loss in an associated company resulting from fair value loss on its investment properties.
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