News about property

The opening of The Exchange TRX retail and TRX City Park recently sparked a frenzy nationwide and both continue to be mainstays on the digital sphere.

"The first nine months of 2023 recorded among the highest numbers in transactions countrywide for the same period since 2011/2012’s peak point, indicating a sustained market momentum from 2022.

YNH had previously inked an agreement in November 2022 to sell the mall for RM270.

Separately, the company announced last Friday that no professional firm had been appointed for an independent review of its joint venture (JV) and turnkey construction agreements.

KLCCP said it has entered into a share purchase agreement with Ocmador (Malaysia) City Retail Centre Sdn Bhd, Port Moresby Investments Ltd and Bold Peak Sdn Bhd for the proposed acquisition.

In a company update note on Friday, the research house expressed pleasant surprise at this development, considering it as yet another effort by SimeProp to activate its non-core land bank.

Sime Darby Property’s group managing director Datuk Azmir Merican said the partnership will serve as a vehicle to commercially develop affordable homes to provide greater access to homeownership for a wide range of customers.

YNH, however, did not reveal the indicative price range or materiality of the disposal, though Bursa had, in its request for more information issued on Jan 19, also asked for that, besides the indicative timeline to finalise the disposals, current stage of negotiation, and identity of the property or properties, including location and land size.

Some of the brands are Jaya Grocer, Harvey Norman, The Coffee Bean & Tea Leaf, Nak Nak, Inside Scoop, Kenny Hills Bakers, Jibby & Co, Chica Bonita, Sushi Zanmai, Para Thai, Super Saigon, Dolly Dim Sum, Watsons, Toys“R”Us, Twigs Bookshop, Lavender Bakery, Nyonya Colors, Ali, Muthu & Ah Hock, The Bike Artisan, Pets Wonderland and Happy Fish.

“Landed residential is Sime Darby Property’s forte.