KUALA LUMPUR: The proposed 5% real property gains tax (RPGT) from January next year is not expected to have an impact on the sales of Sunrise Bhd’s properties as the tax is not a substantial amount, said its executive chairman Tong Kooi Ong.

KUALA LUMPUR: Sunrise Bhd's net profit rose 24% to RM37.3 million from RM30.2 million a year ago as earnings were sustained by progress billings for its ongoing developments. The company said today that pre-tax profit rose 17% to RM50.2 million from RM42.8 million while revenue was RM190.3 million compared with RM198.2 million a year ago.

KUALA LUMPUR: The Nomad Group Bhd director and CEO Hew Thin Chay has retired effective Oct 31, 2009. Hew joined the board in 2002 and was later appointed CEO in November the same year. An accountant by profession, Hew has over 30 years experience in both private and public sectors.

KUALA LUMPUR: Property developer Sunrise Bhd reported an increase of 17% y-o-y in pre-tax profit for the quarter ended Sept 30, 2009, amounting to RM50.2 million (FYE June 2010). According to a statement released on Nov 2, net profit for the quarter increased 24% y-o-y to RM37.3 million on the back of turnover totalling RM190.3 million.

KUALA LUMPUR: OSK Property Holdings Bhd, the company tasked with the redevelopment of the Atria Shopping Centre in Damansara Jaya is going back to the drawing board.

The developer is working closely with a team of estate agents and consultants to examine market needs and conditions before deciding on concrete plans for the site, according to a source with OSK Property.

KUALA LUMPUR: Despite rising property prices in Australia, Raine & Horne International Zaki + Partners Sdn Bhd’s first Australian offering has received a warm response from prospective buyers.

SINGAPORE: CapitaLand Ltd, Southeast Asia’s largest developer, is seeking S$2.78 billion (RM6.79 billion) from the listing of its CapitaMalls Asia Ltd unit as it seeks to grow its retail mall business across the region.

SYDNEY: Australian house prices rose in the three months through September for a second quarter as government grants spurred demand among first-time buyers.

HONG KONG: Weekend home sales in Hong Kong dropped 30% as buyers bet prices will fall as the government steps up market-cooling measures, Centaline Property Agency Ltd said in a report.

Malaysia is increasingly on the radar screens of overseas property developers, especially from Australia and the UK. Its growing upper-middle population is seen as an uptapped market.