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Thursday, October 15, 2009

Property development division lifts Guocoland Q1 net profit

PETALING JAYA: GuocoLand (M) Bhd’s net profit for the first quarter ended Sept 30 almost doubled to RM6.67mil from RM3.4mil in the previous corresponding quarter, as revenue jumped 133% to RM42.75mil.

The better results were attributed to higher contribution from the “property development division compared with the previous year,” it said in a statement to Bursa Malaysia yesterday.

The company sees a “challenging” year ahead, but expects its performance this year “to be satisfactory.” GuocoLand is a company under the Hong Leong group.

By The Star

Emkay sees 8pc rental yield from building

EMKAY Group is confident of achieving an eight per cent rental yield from its Menara Mustapha Kamal starting next year, its chairman Tan Sri Mustapha Kamal Abdul Abu Bakar said today.

He said the yield was achievable following expectation of a full occupancy rate by middle of next year.

"The group is now in the midst of discussions with potential tenants such as multinational companies (MNCs)," he told reporters at the handing over of Menara Mustapha Kamal to the group by developer Tujuan Gemilang Sdn Bhd.

According to Mustapha Kamal, some of the MNCs were preparing to move in by next year.
"They are now waiting to complete the rental contracts at their existing premises before moving into our building," he said.

Mustapha Kamal said the building's rental offering of RM4 per square feet was considered attractive as other areas in the Klang Valley were offering RM8 per square feet.

The eight per cent yield target was also due to the group's plan to list the building under real estate investment trust (REIT) in the next two to three years, he said.

The building, he added, was purchased from Tujuan Gemilang at RM85 million but the market value was said to be at RM120 million.

Mustapha Kamal said the group was occupying 43,000 sq ft on six levels of the building while the remaining 160,000 sq ft were available for rental.

He said the project, which includes the PJ Trade Centre, started in 2006.

By Bernama

Magna Prima buys land in Selayang

MAGNA Prima Bhd has bought a plot of land in Selayang, Selangor, from Muafakat Kekal Sdn Bhd for RM16.5 million.

Muafakat is being paid with 8.25 million new Magna Prima shares, or at RM2 a share, Magna Prima said in a filing to Bursa Malaysia yesterday.

By Business Times