News by justin Lim

The acquisition is being undertaken via Philbeach Gardens Ltd (PGL), a wholly-owned unit of Advance Synergy's 65%-owned Posthotel Arosa AG.

The group is still considering various options.

“The MoU is to establish the principal supplier for the building materials for the construction of a mixed development known as Residensi Bandar Razak (RC Residences).”

The purchase, from Hwee Seng & Co Sdn Bhd, will be financed through a combination of internally-generated funds, fundraising exercise and bank borrowings, the group said.

To develop apartments for rent by Crescendo International College students.

Speaking on the group's outlook at the launch of Pantai Sentral Interchange, its chief executive officer (CEO) and managing director Datuk Soam Heng Choon said "this is time for consolidation", as the construction sector is facing slowdown due to fewer jobs from the government and the property market softens.

JAKS expects the growth as it recognises construction earnings from the engineering, procurement and construction (EPC) contract for its coal-fired thermal independent power plant project in Vietnam.

Planned launches comprise the Phase 1 of Damaisuria @ Subang, which carries an estimated GDV of RM180 million, Phase 2 of 3rdNvenue @ Embassy Row, which has an estimated GDV of RM338 million and Phase 1 of Riveria City @ KL Sentral, worth RM320 million.

The group is now eyeing a slice of the record RM11.91 billion budget the Sarawak state government is planning to spend, the bulk or some RM9.07 billion of it for development.

The project, also known as the Duta-Ulu Kelang Expressway (DUKE) Phase-3 project, is currently 50% complete, and the group is committed to complete the project as scheduled.