Going forward, Hua Yang is “optimistic” of an improvement in the property sector, but cautioned that the continuation of global geopolitical tensions and inflationary pressure on construction costs continues to challenge business operations.
The disposal was arrived at a willing buyer-willing seller basis and will generate surplus cash of approximately RM80.
GEM Residences also consists of 15 commercial units on the ground floor which are to be leased out.
On Jan 3, Kerjaya Prospek announced a contract worth RM170.
In a brief Facebook statement on Thursday, Penang Chief Minister Chow Kon Yeow said that Tan Sri Tan Kok Ping had used his capacity as the Penang Chinese Chamber of Commerce's life honorary president to have a press conference on an agreement for a proposed development project between Penang Development Corp (PDC) and Umech Land Sdn Bhd.
Jiankun said the proposed acquisition is expected to provide the group an opportunity to venture into property development in the northern part of Peninsular Malaysia and contribute positively to the group's revenue and profitability.
The precision engineering parts maker, which is currently operating in six factories across Penang and Kedah, said it is buying the land to consolidate its production operations in Penang into a single premise for enhanced efficiency and potential cost savings.
CapitaLand Malaysia said the facility marks its largest loan facility to-date and is linked to the sustainability performance targets of Queensbay Mall.
As part of the deal, Chin Hin Group will award construction works of the development to a member company of the Ivory group as the turkey builder.
Citing its statement on Wednesday, the “tragic incident” involved foreign construction workers, however, the property developer did not disclose the details of the workers.
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