News by M

Property developer Ecofirst Consolidated Bhd (KL:ECOFIRS) said on Monday its net profit for the fourth quarter more than doubled from a year earlier thanks to higher sales conversion rate for the KL-48 project.

While the Federal Court last Friday (July 26) provided some clarity on the landmark Ang Ming Lee decision made in 2019 by ruling that it is only applicable prospectively, a lawyer has posed some queries on the limitation of filing a claim within six years and the rights of homebuyers.

S P Setia saw more than  5,000 visitors at the Oval Lawn, Setia City Convention Centre in Setia Alam on July 21 during its “Celebrating Spaces” birthday bash, marking the company’s golden jubilee.

Ekovest Bhd (KL:EKOVEST) said it has agreed to a further extension of time to discuss a merger between its wholly owned subsidiary Ekovest Construction Sdn Bhd (ECSB) and Knusford Bhd (KL:KNUSFOR).

Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM54.5 million contract to undertake the construction of 186 terrace houses in Rawang, Selangor.

The Federal Court’s latest ruling on Friday, that the Ang Ming Lee decision should be applied prospectively, is fair and balanced, said senior lawyer Leonard Yeoh, who is familiar with matters related to housing and developers.

On Nov 26, 2019, the Federal Court, which is Malaysia’s apex court, delivered a judgement to declare Regulation 11(3) of the Housing Development (Control and Licensing) Regulations 1989 as void in Ang Ming Lee & Ors vs Menteri Kesejahteraan Bandar, Perumahan dan Kerajaan Tempatan & Anor and other appeals (AML).

The Real Estate and Housing Developers’ Association (Rehda) Malaysia welcomed the Federal Court’s ruling on the cases involving Prema Bonanza Sdn Bhd and Sri Damansara Sdn Bhd on Friday, which removed the uncertainties in the determination of the delivery period of properties

S P Setia Bhd took home Gold and Silver awards for two developments — Essex Gardens in Setia Eco Templer and Setia City Mall, respectively — at The Edge Malaysia Best Managed & Sustainable Property Awards 2024 (BMSPA 2024) held at One World Hotel last week.

The Federal Court on Friday unanimously decided that the Ang Ming Lee decision made by the apex court in 2020, which has been bugging housing developers over the years despite gaining extension of time (EOT) prior to that landmark ruling, is applicable prospectively and not retrospectively.