News by Syafiqah Salim

Sunway Real Estate Investment Trust’s (Sunway REIT) net property income (NPI) increased by 6.6% to RM136.75 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM128.24 million a year earlier in line with higher revenue driven by sharp increase in hotel segment’s earnings.

Property developer Crescendo Corp Bhd (CCB) is stepping up its land sales in Pulai, Johor.

It will feature a mix of residential, commercial and retail elements.

Ibraco via its wholly owned unit Ibraco Construction Sdn Bhd (ICSB) together with China Railway units, China Railway Engineering Corp (M) Sdn Bhd and Nanyang Tunnel Engineering Sdn Bhd, won the tender for Blue Line Package 1 from Rembus to Stutong for the KUTS project from Sarawak Metro Sdn Bhd (SMSB).

Integrated construction and property firm PTT Synergy Bhd has secured a RM53.29 million contract for construction and completion of various works related to Phase A (Package 1) Elmina Business Park 2 in Rawang.

Permodalan Nasional Bhd (PNB) together with the Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) have co-invested in the Kulim II high-tech industrial asset, with a total investment value of RM2 billion.

Meta Bright Group Bhd has proposed to diversify into the building materials trade through the acquisition of a 70% stake in a ready-mixed concrete manufacturing business in Sabah for RM28.04 million.

CapitaLand Malaysia Trust’s (CLMT) net property income (NPI) climbed 52.6% to RM58.32 million for the third quarter ended Sept 30, 2023 (3QFY2023) from RM38.21 million a year earlier on higher revenue, boosted by income contributions from Queensbay Mall and more revenue contributions from its retail properties.

While lauding the proposed relaxation of the Malaysia My Second Home (MM2H) rules under Budget 2024, Glomac Bhd managing director and chief executive officer (CEO) Datuk Seri Fateh Iskandar Mansor (FD Iskandar) urged the government to consider imposing the flat 4% stamp duty on Memorandum of Transfer (MOT) documents on foreign property purchasers only after there is significant uptake of units in the local market.

Property developer Tropicana Corp Bhd has redeemed the second tranche of its sukuk wakalah programme worth RM179 million due on Friday.