News by Syafiqah Salim

UEM Sunrise Bhd (KL:UEMS) no longer plans to build a data centre at the 74-acre site of its botched Logos Infrastructure Holdco Pte Ltd deal, with officer-in-charge and chief financial officer Hafizuddin Sulaiman saying that it is in talks to sell the land.

UEM Sunrise Bhd (KL:UEMS) expects little impact from the expanded Sales and Service Tax (SST) as most of its new projects are residential and mostly exempt from the 6% tax on construction services, said its officer-in-charge and chief financial officer Hafizuddin Sulaiman.

UEM Edgenta Bhd (KL:EDGENTA) has formed a joint venture (JV) company in Dubai, United Arab Emirates, to manage large-scale real estate projects there, marking a strategic expansion into the region.

“We can explore opportunities in different regions as well,” Chua said.

Paradigm Real Estate Investment Trust (KL:PARADIGM) made a flat Main Market debut on Tuesday, as it closed at RM1, unchanged from its initial public offering price amid a softer broader market.

Pavilion Real Estate Investment Trust (KL:PAVREIT) raised about RM360 million from a private placement of shares priced at RM1.40 per unit.

The exercise involves the issuance of up to 435.4 million new units, or approximately 14.9% of its total issued units.

Mah Sing Group Bhd (KL:MAHSING) announced on Friday that it is seeking new partners to develop data centre facilities on 17.55 acres of freehold land in Southville City, Bangi, after talks with Bridge Data Centres lapsed.

IGB Bhd (KL:IGBB) reported a 51.94% decline in net profit to RM89.07 million for the first quarter ended March 31, 2025 (1QFY2025), compared to RM185.34 million in the same period last year.

Malaysia’s property transaction value fell 8.9% in the first quarter of 2025 (1Q2025) to RM51.42 billion, compared to RM56.47 billion a year earlier, according to the latest data from the National Property Information Centre (Napic).