News by theedgemalaysia.com

The Malaysian REIT Managers Association (MRMA) has appealed for the continuation of the withholding tax framework for real estate investment trusts (REITs), calling it a critical support mechanism as the sector enters a new growth phase.

Property developer Sunsuria Bhd (KL:SUNSURIA) reported sharp drops in its first quarter net profit and revenue, primarily due to lower progressive profit recognition from its completed property projects.

TXCD Bhd (KL:TXCD), a construction and property development player formerly known as Ageson Bhd and a Practice Note 17 (PN17) company, announced it has secured subcontracts valued at RM119.14 million for construction work in Kuala Lumpur from Vestland Bhd (KL:VLB).

Country Heights Holdings Bhd (KL:CHHB) said it has postponed its extraordinary general meeting (EGM), which sought shareholders’ approval to commence legal action against the liquidator of Mines Waterfront Business Park Sdn Bhd (MWBP), in order to allow further review of its circular by shareholders.

In a landmark judgement last week involving a property development project in Penang, the Court of Appeal (COA) ruled that for mixed developments, a single joint management body (JMB) should operate, and there should not be different managements for commercial and residential properties in the running of maintenance and management of the development.

The High Court has ordered developer Segi Objektif (M) Sdn Bhd to facilitate the issuance of strata titles within 12 months to purchasers and the joint management body (JMB) of Suria Lake Town A and B at Bukit Merah Laketown Resort.

Exsim Hospitality Bhd (KL:EXSIMHB) has proposed to diversify into construction works as well as centralised procurement of building materials and household appliances, a move that the company expects to contribute at least 25% of its net profit in the future.

Iskandar Waterfront City Bhd (KL:IWCITY) is disposing of a parcel of vacant land measuring 16.43 acres in Plentong, Johor Bahru, for RM71.55 million.

Rahim & Co International Property Consultants Sdn Bhd has entered into a strategic affiliation with UK-based global real estate consultancy Chestertons Global, as both firms look to strengthen their cross-border advisory capabilities.

The ceremony also saw the announcement of Riverwell Resources Sdn Bhd, the wholly owned subsidiary of Teladan Group, appointed as the master developer for Phase 1, while MCorp will be the exclusive partner to promote and market 22 plots for purpose-built and built-to-suit facilities in Phase 1.