News by Izzul Ikram

Property developer Lagenda Properties Bhd (KL:LAGENDA) logged record quarterly property sales of RM413.4 million in the second quarter, but net profit dropped 6.5% due to lower revenue and higher administrative expenses.

Al-Aqar Healthcare Real Estate Investment Trust (Al-Aqar REIT) (KL:ALAQAR), which owns and manages hospitals, wellness and health centres and health colleges, has reported a 2.5% year-on-year fall in its second-quarter net income.

Ivory Properties said Ivory Indah is not a major subsidiary, with its assets making up 15% of the group.

NCT Alliance Bhd (KL:NCT) is to acquire its major shareholders’ industrial park developer firm for RM490.26 million in shares and redeemable convertible preference shares (RCPS) to expand its development portfolio into industrial properties.

Paramount Corp Bhd (KL:PARAMON) has lowered its full-year sales target and scaled back its planned project launches, in a move reflecting the moderating economic outlook and persistent property market challenges, as its second-quarter net profit fell 10.15% year on year.

Maxim Global Bhd (KL:MAXIM) has secured RM126 million in banking facilities from Alliance Bank Malaysia Bhd (KL:ABMB) to fund a property development project in Kuala Lumpur.

The property developer said it had entered into agreements to acquire 95.02 acres in Sepang for RM206 million and 367 acres in Ujong Permatang, Kuala Selangor, for RM189 million.

A subsidiary of property developer EcoFirst Consolidated Bhd (KL:ECOFIRS) has been sued by purchasers of an apartment development in Seri Kembangan concerning an over-decade-long delay in obtaining strata titles.

Azam Jaya Bhd (KL:AZAMJAYA) has secured a three-year contract from the Ministry of Transport for upgrading works for Sabah’s Tawau Airport.

Magma Group Bhd's (KL:MAGMA) former executive chairman Datuk Seri Ismail @ Farouk Abdullah has ceased to be a substantial shareholder in the hotel management and property development company, following a stake trim.