The group detailed that the first tranche of Islamic debt papers is secured and has a five-year tenure, maturing on Jan 23, 2029.

With a gross development value of RM600 million, GEM Residences sits on a 5.34-acre freehold land and consists of 978 units spread across four 38-storey towers. 

Loke also said signing the concession agreement early gives certainty to the private-sector operator to further invest in the infrastructure. 

Voon, 66, will replace Datuk Ho Hon Sang, who has been at the helm since 2016 and cited retirement as the reason for his resignation.

The 17.2-acre Elmina Lakeside Mall, which is the City of Elmina’s first mall, will have a gross floor area of approximately 400,000 sq ft and 712 car parks.

Under the new agreement, the government will stop paying ERL fees or charges from the collection of passenger service charges (PSCs) starting from 2029.

The research house maintained its “buy” call on Sime Darby Property and raised its target price by 29.63% to RM1.05, based on a 50% discount to the estimated revised net asset value of RM2.10. 

Rapid Synergy said the land in question is a freehold piece of land that was amalgamated from three parcels in Sri Hartamas here.

Bursa Securities previously freezed the lower limit for both Rapid Synergy and YNH Property last Wednesday.  

The significant earnings contraction was primarily due to impairments including investment loss of RM9.57 million, RM2.88 million for stock, RM3.1 million for retrenchment benefits, among others.