S P Setia yesterday signed a memorandum of collaboration (MoC) with the Penang Development Corp (PDC) to jointly develop approximately 350 acres of land within Setia Fontaines into a mixed and/or industrial development.
Noteworthy:
When: January 2025
The list of non-core assets includes the Mercure KL Glenmarie hotel and the Petaling Jaya office building Ashwood ATWATER.
The company had a remaining GDV of RM5.5 billion as at end-2024, from its 369.4-acre undeveloped land and unsold units in launched projects.
Currently, 62.9% of LTAT’s portfolio consists of strategic assets.
The property developer is pivoting towards “sustainable, quality growth” going forward after years of aggressive revenue and earnings growth.
All five contracts are deemed recurrent related-party transactions, as Exsim Hospitality’s major shareholders — Lim Aik Hoe, Lim Aik Kiat and Lim Aik Fu — who collectively hold a 70.5% indirect interest in the company, also control substantial stakes in the awarding entities through Exsim Development Sdn Bhd.
The mixed-use development project includes commercial lots and approximately 480 serviced apartments units with an estimated GDV of RM211.7 million and gross development cost of RM174.3 million.
Paradigm REIT will debut with an initial fund size of 1.6 billion units and a portfolio of three properties valued at RM2.44 billion.
The contract, awarded by AFA Construction and Engineering Sdn Bhd (AFACE) to UEM Edgenta’s wholly-owned Edgenta Propel Bhd (EPB), is considered a related-party transaction because UEM Edgenta's independent, non-executive chairman Tan Sri Dr Azmil Khalili Khalid is the sole owner and director of AFACE’s parent company, AFA Infrastructure and Development Sdn Bhd,
The only property app you need. More than 200,000
sale/rent listings and daily property news.
