HONG KONG: Mainland developer Longfor Properties has seen its contract sales drop by 40% to 1.5 billion yuan (RM716.7 million) so far this month from April as buying interest is dampened by central government efforts to cool the market. The firm has sold 2.5 billion yuan worth of properties in April.

HONG KONG: The poor response from bidders to the last two land auctions has convinced analysts they were correct to change their forecasts for the outlook for home prices by the end of the year from positive to zero growth.

KUALA LUMPUR: London’s prime residential markets – Central, South-West and East – are keeping their heads above the water amidst economic and political challenges.

KUALA LUMPUR: The One Tower commercial building along Sheikh Zayed Road in Dubai is inching past the 22nd floor as it climbs its way to the 47th floor. This iconic building is being built by Al Yasat Holdings LLC, one of the region’s leading real-estate developers.

KUALA LUMPUR: The fate of Petaling Jaya City Council (MBPJ) staff members who reportedly own low-cost housing units remains in limbo pending the completion of investigations into the matter and a final decision on the issue.

WASHINGTON: Sales of new US homes scaled their highest level in nearly two years in April, while orders for long-lasting manufactured goods surged, giving the economy a firmer foundation to resist possible contagion from Europe's debt crisis.

Below Expection
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•  Valuation: We are recommending Outperform with our target price at RM2.00 pegged to forward PER of 16X and EPS of 12.6sen.

Sustainable revenue growth
Highlights:

•  Outperform: IJM Land currently sits on a well diversified landbank of 7446 acres with a gross development value (GDV) of RM24.0bn. We are recommending Outperform with target price of RM pegged by EPS of 17.7sen and forward PER of 16X.

Mah Sing Group
Spot-on 1Q10

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