KUALA LUMPUR: Grand Central Enterprises Bhd's provision of limousine services and hotel management services recorded a second quarter net profit of RM1.1 million, dropping 64% compared to RM3.2 million recorded for the same period last year. The drop was due to lower occupancy rates in its hotels.

KUALA LUMPUR: The five-star business class Seri Pacific Hotel Kuala Lumpur has undergone a RM42 million facelift, its general manager Hadi Yusuf said on Tuesday, Aug 10.

The hotel, located next to the Putra World Trade Centre, took three years to complete the refurbishment process, he said.

KUALA TERENGGANU: The Terengganu Islamic Religious Council and Malay Customs (Maidam) has marked another milestone with its venture into the hotel business which is expected to generate good income for the agency.

Its Chief, Datuk Mazlan Hashim said Maidam would be joining forces with the private sector to set up two mid-level hotels for a total of RM54 million.

KUALA LUMPUR: Swiss-Garden International Sdn Bhd is looking to develop more hotels in Malaysia.

Its vice-president of business development, Lily Chiok, said the group was expecting fast expansion in the next three years.

The group was also looking to sign hotel management contracts, she said.

KUALA LUMPUR: The proposal to set up the Kampung Baru Land Trust based on the concept of the real estate investment trust (REIT) is nothing new, said the Secretary-General of the Ministry of Federal Territories and Urban Wellbeing, Datuk Ahmad Phesal Talib.

KUALA LUMPUR: The GreenBuild Asia 2011 will be a timely event for the local construction industry to attract foreign investments, especially in green building, says the Construction Industry Development Board (CIDB).

KUALA LUMPUR: UK house prices are expected to grow 4% in 2010, moderating to 2% in 2011, according to a residential property forecast report released by real estate consultancy Cluttons UK released in August 2010.

“The start of a steady rise in interest rates and a fall in public sector jobs, leading to stagnant employment growth, are expected to hold back values,” it said.

KUALA LUMPUR: Property prices in China at a slower pace in July from the previous month, government data showed on Tuesday, Aug 10,  as efforts to curb speculative investment in the real estate sector started to bite.

Housing prices in 70 major cities rose 10.3% on year in July, the National Bureau of Statistics said, down from 11.4% in June.

HONG KONG: Almost 1,350 hectares of rural land next to or surrounded by country parks in Hong Kong — some already in the hands of developers — has no zoning protection.

It means owners can build whatever they want within the limits of the land lease.

KUALA LUMPUR: AMDB Bhd’s first quarter result for financial year ending March 31, 2011 (1QFYE11) saw a decline in net profit by 23% to RM3.09 million from RM4.02 million in the corresponding quarter last year due higher finance costs and taxation from the property division.