News by Emir Zainul

SkyWorld Development Bhd (KL:SKYWLD) is acquiring a 25.9-acre parcel of land in Batu Kawan, Penang, for RM48.51 million as part of a previously announced joint development to build affordable housing units in the state.

The first contract, worth RM30.49 million, was for alteration, underpinning, and structural strengthening works at the proposed Oasis Ara development in Ara Damansara.

At the time, the land, measuring 40,467 sq m and located in Mukim Petaling, had an estimated value of RM70 million.

The Port Klang Free Zone (PKFZ) has unveiled the highlights of its PKFZ 2.0 Masterplan, a roadmap aimed at transforming the free zone into a next-generation logistics and industrial ecosystem, integrating sustainability, technology and investor-oriented services to enhance Malaysia’s standing in regional trade and supply chains.

Pavilion Real Estate Investment Trust (Pavilion REIT) (KL:PAVREIT) reported a 5% rise in net property income (NPI) to RM142.75 million for the first quarter ended March 31, 2025 (1QFY2025)—from RM136.02 million a year earlier—driven by higher rental income from Pavilion Bukit Jalil and Elite Pavilion Mall.

Malaysia's central bank has kept the overnight policy rate (OPR) unchanged at 3%, as expected, while flagging rising downside risks to economic growth.

The Malaysian Institute of Property and Facility Managers (MIPFM) has submitted a formal appeal to the Ministry of Finance (MOF) and the Royal Malaysian Customs Department to reconsider and exempt maintenance fees and sinking fund contributions for stratified commercial properties from sales and service tax (SST), over a year after its implementation.

Jiankun International Bhd (KL:JIANKUN) is taking legal action against two directors of a property developer for failing to complete the share transfer under a RM9.5 million acquisition deal.

The temporary closure of KL Tower — the first since it began operations — has not calmed the dispute between the government and former operator Menara Kuala Lumpur Sdn Bhd (MKLSB).

Paramount Corp Bhd (KL:PARAMON) said its 70%-owned unit, Tanah Bayumas Sdn Bhd (TBSB), and two others are being sued over its RM145 million purchase of a luxury condominium site in Taman U-Thant.