News by M

Despite the expectation of a slimmer margin, IOI Properties chief executive officer Lee Yeow Seng said the group is confident of achieving its RM2 billion sales target for FY16.

It will definitely boost the land value of the areas along the line, says industry analyst

1MDB last week announced that the 60% stake in the 486-acre (197ha) piece of land was transacting at RM7.41 billion. However, CREC’s Hong Kong-listed parent, China Railway, announced that the cost was only RM5.28 billion

With an average unit price of RM460,000, Fortune Avenue has fewer facilities than First Residence, but is more strategically located, close to AEON Big Kepong and Kepong Metropolitan Lake Garden. The Fortune Perdana Lakeside Kepong development will be located in the adjacent plot. 

There is to be mixed-use development of commercial, tourism and residential projects. Four blocks of high-rise condominiums with a shopping plaza, business parks and an exhibition hall are included in the masterplan.

IOI Properties had said that the acquisition would enable the company to expand its land bank. The land is situated within IOI Resort City, fronting the entrance of Putrajaya, and next to the South Klang Valley Expressway.

The acquisition comes with a rental income guarantee of RM15 million or RM5 million per annum for the first three years. 

The Sungai Buloh-Kajang line should significantly shorten travelling times between Kepong, Kuala Lumpur city centre and Petaling Jaya.

The performance of the different segments — residential, commercial, retail, hospitality and industrial — across all the markets was mixed. The office segment in Hong Kong and China, for example, was vibrant due to foreign investment while in the UK, the commercial segment was strong.