Closing in to RM1 billion AUM

* We maintain our BUY rating on Axis REIT (Axis) with our fair value unchanged at RM2.37/unit. This is after applying 5% discount to our DCF valuation of RM2.49/unit.

KUALA LUMPUR: Quill Capita Trust’s net profit for 1Q ended March 31, 2010, rose 1.7% to RM7.48 million from RM7.35 million a year ago, driven by higher income contribution from properties and lower borrowing costs.

KUALA LUMPUR: SHL Consolidated Bhd has secured majority ownership of Wisma Sin Heap Lee, a prime commercial entity within the Jalan Tun Razak and Jalan Ampang intersection. This follows SHL's acquisition of a 60% stake in Goodstock Land Sdn Bhd for RM25.56 million.

HONG KONG: Recent statistics, though far from accurate, unambiguously show an overheating Chinese economy as well as a speculative bubble. The economy is rising at a double-digit rate. So, too, are property prices, according to official statistics (or, at more than 50%, according to the property service industry). Property investment has risen by a third.

KUALA LUMPUR: Axis Real Estate Investment Trust (Axis REIT) will acquire a leasehold industrial property within Johor's Port of Tanjung Pelepas enclave from Zone Capacity Sdn Bhd for RM30 million.

In a statement to the exchange on Tuesday, April 20, Axis REIT said the property comprises a 6.12 acre site which accommodates a 1-storey warehouse and 2-storey office.

HONG KONG: Homes here are the least affordable among the world's major cities and are rapidly becoming less affordable — a fact buyers may find to their cost when interest rates rise.

This is shown by an international comparison conducted by a US consultancy at the request of the South China Morning Post, and Hong Kong government figures.

ABU DHABI: Kuwaiti developer, National Real Estate Company (NREC) has announced the development of Reem Mall on Al Reem Island, its first retail project in the United Arab Emirates, according to a press release on Cityscape Abu Dhabi’s website.

ABU DHABI: The world’s tallest building Burj Khalifa clinched the “Mixed Use Project” award at the Cityscape Awards for Real Estate in the Middle East and North Africa, held on April 18 here.

PETALING JAYA: The Master Builders Association Malaysia (MBAM) has urged the International Federation of Asian and Western Pacific Contractors’ Association (IFAWPCA) to produce a guide on “Construction for a Greener World” to help its members adopt green construction principles into their business.

IPOH: Some 36,000 Class F contractors nationwide may have to close shop due to lack of business as government projects have been slow in coming.

Perak Malay Contractors Association president Datuk Jamaludin Abdul Rahim said the 2,800 Class F contractors in the state were fully dependent on the government for construction jobs.