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Wednesday, February 24, 2010

Most Malaysians think property prices will rise

Almost 60 per cent of Malaysians think property prices would rise this year, according to an online survey done by property website Malaysia.

“Most Malaysians feel strongly that 2010 will be a good year for investment.

A general sense of optimism has indeed prevailed in the market resulting in many more buyers and sellers than before,” Ken Tsurumaru, country manager of Malaysia said in a statement.

Based on the survey, 23 per cent think prices could rise between 10-39 per cent while another 34 per cent think prices could rise between 1-9 per cent this year.

By Business Times

E&O back in the black in Q3 as strategy pays off

PROPERTY developer Eastern & Oriental Bhd (E&O) has reversed a third-quarter loss, thanks to its effective pre-emptive balance sheet management strategy and higher contribution from the properties and hospitality divisions on the back of increased revenue and lower finance costs.

It posted a net profit of RM10.5 million in the three months ended December 31 2009, a reversal from a net loss of RM4.4 million a year ago.

Revenue increased 28 per cent to RM90 million for the quarter under review, from RM70.2 million.

"The balance sheet management strategy included a capital injection of RM236 million from the group's recently-completed irredeemable convertible secured loan stocks issue exercise," it said in a statement yesterday.
Net profit for the nine-month period through December 31 2009 increased nearly fourfold to RM27.1 million from RM6.9 million a year ago.

Revenue rose by 25 per cent to RM278.7 million, compared with RM222.8 million.

E&O said it will continue with several property launches this year.

In early February, E&O launched the first block of its landmark Quayside Seafront Resort Condominiums project in Seri Tanjung Pinang, Penang, achieving a take-up rate of more than 50 per cent of the total 298 units.

Buoyed by this encouraging response, the group plans to launch the second tower by the second quarter of 2010.

By Business Times

MRCB swings into profit in Q4 helped by construction business

Malaysian Resources Corp Bhd, a construction and property group, has swung to a fourth quarter profit as it made more money from its operations.

The group, a unit of the Employees Provident Fund, also turned profitable for the full year to December 31 2009, thanks to better margins from its engineering and construction businesses.

It expects to grow profits and revenue further in 2010 and it plans to invest in strategic new land to continue growing its business.

"2010 will see the group recognising a full year works of its massive ongoing construction projects and property development of more than 6 million square feet of hotel, retail and office space within Kuala Lumpur Sentral," MRCB said in a statement to Bursa Malaysia.

MRCB made a net profit of RM12.4 million for the quarter to December 31 2009. It made a loss of RM39.3 million in the same period last year.
Revenue was up 38 per cent to RM281.7 million.

For the full year, MRCB made a net profit of RM34.6 million as against a loss of RM56.6 million in 2008. The loss was mainly due to a big finance charge due to the early payment on a bond.

Revenue for the full year was up 17 per cent to RM921.6 million.

MRCB is also paying a gross dividend of one sen per share, which amounts to RM10.3 million based on the enlarged share capital after its rights issue.

This is about 30 per cent of its full year net profit, which is higher than its dividend policy of 20 per cent, MRCB said in a separate release.

"With the ongoing active progress works and order book, MRCB is confident the group's revenue will cross the RM1 billion mark for the first time with significant improvement in profitability in 2010," it said.

Shares of MRCB closed two sen lower to RM1.37 yesterday.

The group's flagship development is the Kuala Lumpur Sentral.

It is now constructing new buildings like the Shell headquarters at 348 Sentral, Nu Sentral mall and KL Sentral Park. All of them are being developed under the certification of Malaysia's Green Building Index, LEEDS and BCA Greenmark.

By Business Times

Hwang-DBS buys properties for RM46m

HWANG-DBS (Malaysia) Bhd has bought a three-storey office building and two-storey detached house annexed to a single-storey building in Ampang for RM45.7 million.

The properties will be used to house its operations in Kuala Lumpur.

Currently, the group runs its operations at Menara Keck Seng in Jalan Bukit Bintang.

Separately, it said wholly-owned unit HwangDBS Commercial Bank plc has formed an investment house in Cambodia known as HwangDBS Securities (Cambodia) plc.
The investment house aims to do stockbroking, corporate finance, underwriting, investment advisory and other related activities.

By Business Times