News by Justin Lim

S P Setia Bhd (KL:SPSETIA) says it has started pre-IPO (initial public offering) preparatory works to explore the establishment of a real estate investment trust that will have a diverse asset portfolio.

S P Setia Bhd (KL:SPSETIA), which previously failed to sell its 959.72-acre Tebrau land to Scientex Bhd (KL:SCIENTX) due to Bumiputera requirement issues, has finally sold the plot to a company linked to tycoon Tan Sri Syed Mokhtar Albukhary for RM564 million, cash.

Vizione Holdings Bhd (KL:VIZIONE) has bagged a RM250 million contract to construct apartments in Semenyih, Selangor, in a related-party transaction.

In view of the healthy take-up rate of its properties in Penang, Eastern & Oriental Bhd (KL:E&O) plans to launch three new projects in the state with an estimated gross development value (GDV) of RM1.63 billion in 2024 and 2025.

Kerjaya Prospek Property Bhd (KL:KPPROP) plans to launch two new residential projects in the Klang Valley with a combined gross development value (GDV) of RM395 million this year.

MKH Bhd (KL:MKH) said its net profit fell 17.23% to RM20.74 million for its second quarter ended March 31, 2024 (2QFY2024), from RM25.06 million a year earlier, dragged down by lower unrealised foreign exchange gains. Earnings per share dropped to 3.59 sen from 4.34 sen previously.

Construction outfit Fajarbaru Builder Group Bhd (KL:FAJAR) saw its net profit jumped more than 14 times to RM27.19 million for the third quarter ended March 31, 2024 (3QFY2024), from RM1.91 million a year earlier, mainly due to higher contribution from property development segment.

Amid challenges posed by rising construction material costs and potential fuel subsidy rationalisation, Sime Darby Property Bhd (KL:SIMEPROP) said it is confident of continuing to defend its profit margin via a strategic product mix.

LBS Bina Group Bhd’s (KL:LBS) net profit rose by a marginal 0.11% to RM30.53 million in the first quarter ended March 31, 2024 (1QFY2024), from RM30.5 million a year earlier, helped by increased contribution from its property development business. Earnings per share increased to 1.49 sen from 1.48 sen.

Net profit more than doubled to RM7.32 million for the third quarter ended March 31, 2024 from RM3.28 million a year earlier.