Conglomerate Sunway Bhd (KL:SUNWAY) reported a 21.6% year-on-year increase in its first-quarter net profit, driven mainly by stronger performance from the property development and healthcare segments.
Sime Darby Property Bhd (KL:SIMEPROP) reported that its first quarter net profit doubled year-on-year, as the property developer saw its quarterly revenue hit a record high on higher sales and successful project executions.
Lagenda Properties Bhd (KL:LAGENDA) said it is buying 855 acres of freehold land in Kuala Muda, Kedah for RM148.98 million to capitalise on the demand for affordable housing.
Noteworthy:
When: February 2024
In its recently issued 2024 Asia Pacific Home Attainability Index report, the three current key property trends are: renting has increased in cities, young people are not able to own their own homes, and developers are encountering financial difficulty.
The former executive director of engineering construction firm Ageson Bhd sold the stake comprising 33.73 million shares on May 16 in a direct business transaction.
Loke said The Logg is the company’s first mixed development project, and is also its first joint development project with Lembaga Pembangunan Perumahan dan Bandar, the state agency in Sabah.
Trading in the stock was also more active than usual, with volume nearly four times its 200-day moving average.
The share disposal slashed Tan’s total stake in Binastra to 57.3%.
Net profit more than doubled to RM7.32 million for the third quarter ended March 31, 2024 from RM3.28 million a year earlier.
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