Country Garden launching phase two of Diamond City

Country Gardens Properties (M) Sdn Bhd will be launching the first parcel of phase two of Diamond City township development in Semenyih Selangor. It comprises 60 units of 2-storey terraced houses with built-ups ranging from 1,862sf to 2,097sf. The price starts from RM618,688. The house comes with four bedrooms and three bathrooms and set for completion in 2019.

(The edge property, 29/04/2016)

Redevelopment work on Plaza Rakyat expected to start in June 2017

The Plaza Rakyat project was abandoned in 1997 during the Asia-Pacific financial crisis and after the developer Plaza Rakyat Sdn Bhd ran into financial problems. The redevelopment by Profit Consortium Sdn Bhd will commence in June next year. The depositors or beneficiaries can make the claims by producing the sale and purchase agreement of the business lots.

(The edge property, 29/04/2016)

PNB to build a 118-storey skyscraper

Merdeka PNB118, the 452m tall tower is expected to become not only the highest building in the country but in the entire ASEAN region when it is completed by 2020. The upcoming tower with the GDV of RM5 billion will contain around 1.7 million square feet of office space upon completion, adding to the 4.8 million square feet of office space coming from other developments which will be ready by 2019. The existing office oversupply condition would be worsened in 2019.

(Property Guru, 29/04/2016)

Ireka’s 23% associate sells Aloft KL for RM418.7 million

Aseana Properties Ltd, a London-listed property developer in which Ireka Group Bhd has a 23% stake, is selling the Aloft Kuala Lumpur Sentral Hotel to Prosper Group Holdings Ltd for RM418.7 million (US$104.6 million). At current exchange rates, Aseana will record a gain approximately RM138.72 million from the proposed disposal. The transaction is targeted to complete by 3Q 2016.

(The edge property, 01/04/2016)

Gabungan AQRS’s unit to sell land in Selangor for RM50.38 million

Gabungan AQRS Bhd’s 52% owned unit, Prestige Field Development Sdn Bhd (PFDSB), has entered into a sale and purchase agreement with Stratmont Development Sdn Bhd for a proposed disposal of a 7.977 acre (3.228 hectare) leasehold land in Selangor for RM50.38 million. The expected gain from the proposed disposal of the land is about RM14.70 million. It is expected to be completed by the financial year ending December 31, 2016.

(iProperty, 07/04/2016)

Sale of Sky Express Hotel

The conditional period for the sale of Sky Express Hotel has been extended for a further one month for the purchaser to fulfil the last remaining condition precedent, which is to obtain written approval or confirmation from the Economic Planning Unit for the acquisition. The disposal is expected to be completed in the second quarter of 2016.

(The edge property, 12/04/2016)

Tropicana’s sale of Dijaya Plaza goes unconditional

Tropicana is selling the Dijaya Plaza office building to Kenanga Investment Bank Bhd for RM140 million cash. The disposal consists of 3,674 sq meter of freehold land together with an en-bloc 19-storey office tower and 322 parking bays over two levels of basement. The conditions precedent for the proposed disposal has been satisfied and the disposal is expected to be completed in second quarter this year.

(The edge property, 12/04/2016)

KWAP outlines investment moves

Retirement Fund Inc (KWAP) is finalising the acquisition of an office tower in Kuala Lumpur’s Golden Triangle for RM580 million. The office tower will be the second building that KWAP owns in the Klang Valley. As end of March, KWAP had RM122 billion in assets.

(New straits times, 13/04/2016)