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When Mah Sing first announced it was buying the plots in January, it was going to pay RM40.

The group has been actively looking into investing in Perth for some time due to the city’s strong fundamentals underpinning the economy, a lower housing entry point and some of the best prospects for capital gains in Australia.

"The group has expressed interest in exploring global assets to add to its portfolio, but would prioritise improving the efficiency of its local operations first.

"These office assets continued to anchor the group’s stable performance, recording an increase in revenue and PBT of RM145.

Sunway through its wholly-owned unit Sunway City Sdn Bhd (SunCity) is buying over the stake from IASB, which is a wholly owned unit of Iskandar Investment Bhd — which is in turn 60% held by Khazanah Nasional Bhd — for RM770,450.

Imposing a vacancy tax on developers on these properties will not in any way help to resolve the problem and will only result in new houses being more expensive as developers will pass on the cost of any additional taxes to future launches.

Vacancies rose marginally by a quarter of a percentage point q-o-q to 13.

Kenanga said it favours EcoWorld because of its strong branding and mature townships, while IOI Properties is a top pick because of the hidden value of its prime investment properties in the Klang Valley, Singapore and China that could potentially be developed through a real estate investment trust.

US$26.

Sime Darby Property said demand for its landed property remains strong with an average take-up rate of 80% as of end-March 2023.