The group noted that though “revenue in the property development segment has declined by 16%, the contraction is partially offset by the impressive performance observed in our property investment segment which improved by 25%”.
Half of the units will be built under the first phase of the project, which is to be completed in 15 months from Feb 19, while the remaining units will be built under phase two and to take another 15 months, Haily said in a bourse filing.
Ho will continue to serve as executive director of the company until March 31, 2024 to facilitate a smooth transition.
The research house said that in view of the stock also breaking out from the one-month downward channel pattern last week, which coincides with its rising exponential moving average, the upward momentum may be present now.
W KL is a 25-storey hotel with 150 rooms.
Analysts were unperturbed by its poorer y-o-y performance, as the results mostly met their expectations, while its core net profit had swelled q-o-q thanks to higher share of results from joint ventures and improved contributions from its property investment segment.
Quarterly revenue slipped 6.
The purchase price of S$538 million (RM1.
In a note on Thursday, the research house said IOI Properties had in recent years embarked on vastly expanding its property investments and hotel assets.
With a total net lettable area of 98,000 sq ft, Sierra Fresco is fully managed by IOI Properties and hosts brands such as Village Grocer, The Coffee Bean & Tea Leaf, CU Mart, Anytime Fitness, Subway and A&W.
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