GEORGE TOWN: The Penang chief minister's office has denied press reports that the Pakatan Rakyat state government had granted approvals for reclamation or hill development projects on the island.

In a statement, Chief Minister Lim Guan Eng's press secretary Cheong Yin Fan said such approvals had been granted by the previous Barisan Nasional state government.

The market is abuzz with the recent announcement of the imposition of a 5% real property gains tax (RPGT) from Jan 1, 2010.

She is only 23 and the youngest in the family, but with youth comes enthusiasm and fresh ideas. Nur Nadia SM Nasimuddin leads Naza Group’s hospitality division, and since coming on board not too long ago, has already drawn up a growth strategy for the group’s hotel business for the next five years.

Though it is one of the older residential areas of Petaling Jaya, Section 5 retains a certain attraction and is still very much a coveted address. It is not hard to see its appeal after a drive round the neighbourhood. Bungalows sit on either side of hilly two-lane roads, cooled by the shade of the surrounding trees, giving it the quaint feel of a bygone era.

For many years, a “Home Sweet Home” sign could not be hung up in the apartments of Subang USJ19’s Rhythm Avenue as the development was abandoned in 2001. The project was 90% complete, but the financial woes of the then developer Sanjung Utama Sdn Bhd caused work to stop.

There is a saying that goes: invest in property investment stocks during a downturn and property development stocks during an upturn. While the general consensus is that the worst is over for the property market, which property stocks are analysts’ picks?

There is a new but not unfamiliar name this year at the No 1 spot of The Edge Top Property Developers Awards 2009. Sime Darby Property Bhd (SDP), the property division of Sime Darby Bhd, wrested the top spot from S P Setia Bhd, which had held the position the past four consecutive years. SDP, which did not feature in the ranking last year, certainly made its presence felt this year.

Bashed by impact of the global financial crisis, property stocks were bad news last year. There was no running away from the close link between the economy and the property market. Neither has Malaysia decoupled from the rest of the world as some quarters had earlier touted.

Sime Darby Property Bhd clinches the top spot in The Edge Top Property Developers Awards 2009, proving that size does matter if you want to stay ahead of the competition.

A different S P Setia is set to emerge with a three-pronged strategy designed to see the company through the current crisis. Its long-term goal is to grow into a regional and international property player.