S P Setia

Still going strong

• We are maintaining our BUY rating on SP Setia Bhd with our fair value unchanged at RM6.80/share, based on a 5% discount to our fully-diluted (FD) NAV estimate of RM7.16/share.

KUALA LUMPUR: The HIA National Outlook, a quarterly report card on Australia's housing industry, is signaling a soft residential building market for 2011.

Following a reasonable 2010, indications are that the new home building recovery will reverse in 2011, says the Housing Industry Association (HIA) in a statement on Dec 16.

KUALA LUMPUR: Mitrajaya Holdings Bhd — through its wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd — will construct the remaining of Block C5-2, C5-3, Surau and Rubbish Chambers at Precinct 8 in Putrajaya.

The developer received the Letter of Award (LoA) from HLP Bina Sdn Bhd for RM14 million.

KUALA LUMPUR: LBS Bina Group Bhd has been issued a public reprimand by Bursa Securities for a 39.4% deviation in its net profits from its unaudited and audited financial results for the financial year ended Dec 31, 2008.

KUALA LUMPUR: YNH Property Bhd has lined up some RM3.7 billion worth of upmarket real estate launches in the coming financial year and plans to increase property sales by 20% a year over the next three fiscal years.

KUALA LUMPUR: GTower Sdn Bhd's GTower Hotel has bagged six awards at the recent Hospitality Asia Platinum Awards 2010-2012 (HAPA) and two awards at the Malaysia Interior Design Awards 2010 (MIDA) recently.

KUALA LUMPUR: Prinsiptek Corp Bhd — through its wholly-owned subsidiary Gabungan Sanjung Sdn Bhd — has acquired a 4.5-acre leasehold tract in Section 7, Shah Alam from Satriadesa Corporation Sdn Bhd for RM15 million.

KUALA LUMPUR: Naza TTDI has launched its latest residential product called Viola at its township TTDI Alam Impian in Shah Alam.

In a press release on Monday, Dec 13, over 95% of 2-storey terraced houses have been booked when it was launched. Viola is the second residential development phase in Alam Impian and it aims to provide an urban living experience for families.

KUALA LUMPUR: Hua Yang Bhd — in partnership with the Majlis Bandaraya Shah Alam (MBSA) — launched Oasis 9, a 2-storey commercial complex in Section 9, Shah Alam recently.

The 30,000 sq ft complex, just five minutes from the Concorde Hotel in Shah Alam, is already 100% tenanted with shops such as boutiques, hair salons, optical shops, and mini kiosks. It also has a food court.  

TORONTO: The Canadian residential housing sector is landing safely after a wild ride over the past three years, Toronto-Dominion Bank said in a report last Thursday, Dec 9.