News about property

More than a dozen analysts covering the stock raised their target prices to also account for the stronger-than-expected results announced on Tuesday.

But the declines in topline contribution were offset by higher year-on-year revenue across the group’s other segments, led by the road maintenance and property development divisions.

Its group managing director Datuk Azmir Merican Azmi Merican said the group’s financial result for the first quarter ended March 31, 2024 (1QFY2024) serves as a strong testament to the effectiveness of having a good product mix as a tool to fortify margins.

The data centre in Malaysia will be situated on a 49-acre (19.

Core net profit for the first three months ended March 31, 2024 (1QFY2024) accounted for 29% of consensus’ full-year estimates, which was above expectations, as analysts noted that SimeProp usually reports stronger results in the second half.

Property sales rose 38.

The report also highlighted that due to significant immigration inflows into major cities in the region, home prices and rent have risen materially.

Among Southeast Asian cities, Manila had the second highest average office fit out cost at S$129 psf, followed by Bangkok at S$144 psf.

Shares of S P Setia has surged 95% so far this year, significantly outperforming the property sector’s 25% year-to-date increase, due to the slew of one-off gains.

The main crux of the concerns centres around the issue of the “consent threshold” to be gathered from property owners before a development is redeveloped under the new law.