Aeon seen using land purchase consideration as capex
The group is seeking a refund totalling RM5.4 million from Ireka Engineering & Construction.
Bina Puri yet to announce new construction jobs
Excluding the share of loss from reclassification of holding in KL-Kuala Selangor Expressway Sdn Bhd from investment to associate, Bina Puri Holdings Bhd’s first financial quarter ended March 31, 2016 (1QFY16) core net profit of RM2.3 million came in below expectations, accounting for 17.5% of our full-year forecast. The variance was mainly due to slower-than-expected construction and property development progress and lower-than-expected property margin.
Gamuda’s JV likely to secure MRT Line 2 package
Quarter-on-quarter, Gamuda’s net profit was almost unchanged at RM160.1 million as lower profits before tax in the construction division (7.4% lower) and property division (8.1% lesser) were offset by a better performance of its concession division (up 7.1%).
Selangor freezes applications for serviced apartment, Soho and Sovo
This move has caught us by surprise. We believe the decision was made to prevent excessive supply of serviced apartment, Soho and Sovo amid the gloomy outlook plaguing the sector. According to statistics compiled by the National Property Information Centre, Selangor had 4,302 units of serviced apartment yet to be sold in the fourth quarter of 2015 (4Q15), with an incoming supply of 33,647 units. As for Soho, Selangor had 2,731 units unsold with an incoming supply of 9,623 units in 4Q15. Planned supply (projects with building plan approval but yet to be constructed) for serviced apartment and Soho stood at 7,692 units and 3,446 units respectively.
Eversendai eyes steel works job of KL118 tower
The 118-storey skyscraper with a height of over 600m will be the tallest building in Southeast Asia upon completion by 2019.
Scientex’s 1QFY16 core net profit comes above expectations
Growth in the property segment was largely driven by strong sales from The Garden Residences in Taman Mutiara, Skudai, Johor in addition to stable demand for other developments in Pasir Gudang, Kulai, Senai and Melaka.
Iris Corp’s property division to become more prominent
Its property development division will play a prominent role in its future plans. Undoubtedly, contributions from this segment could potentially fill the gap left by the loss of its passport project.
S P Setia’s leadership uncertainty is over
Going into 2016, we see S P Setia growing on a stronger footing with the top management and the middle management team filled up.
IOI Properties’ earnings to be diluted post acquisition
The proposed acquisitions will be funded via a combination of cash and new IOI Property Group shares at an issue price of RM2.21 per share.
Bina Puri’s 2015 order book at RM2.7 bil, three times 2014 construction revenue
The order book replenishment has been encouraging with a total of RM932.9 million new orders secured year to date.
