Sunway unit gets RM37.4m job to upgrade Ipoh airport
Sunway Holdings Bhd’s wholly-owned subsidiary Sunway Construction Sdn Bhd has secured a contract worth RM37.36 million from the Ministry of Transport for the proposed upgrading of the Sultan Abdul Aziz Shah Airport in Ipoh.
Sunway said on Feb 17 that the project was expected to commence in March, with a construction period of 72 weeks. The project is expected to contribute positively to the developer’s earnings in FY2011 ending Dec 31.
“The proposed project is subject to normal construction risk of materials price fluctuation. However, with the past experience and expertise of Sunway Construction in construction projects in Malaysia, this risk could be mitigated at this juncture,” Sunway noted.
MRT system to spark more JVs, M&A
The mass rapid transit (MRT) project is expect to spark more joint ventures and mergers and acquisitions (M&A) among property developers to secure strategic landbank near the lines, said HwangDBS Vickers Research’s associate director Yee Mei Hui.
Yee said on Feb 18 that companies without landbank near the proposed MRT stations are likely to start hunting for plots of land to benefit from having property projects near the massive public transport infrastructure.
“Those without landbank need to act quite fast,” she said at a press briefing on property plays related to the MRT project.
Ascott opens new KL property
The Ascott Ltd, CapitaLand Ltd’s wholly owned serviced residence business unit, announced on Feb 17 the opening of its new 207-unit serviced residence Somerset Ampang Kuala Lumpur, strengthening the brand’s presence in Malaysia.
Ascott’s country general manager for Malaysia Tony Ho said the company sees strong growth potential in Malaysia as the country grows economically and the arrival of expatriates for business and tourists for leisure or medical purposes continues to increase.
“Currently, our serviced residences in Malaysia are performing well with an occupancy rate of around 80%,” he added.
MMC records higher profit of RM344m
MMC Corp Bhd posted a net profit of RM344.94 million in FY2010 ended Dec 31 compared with a net profit of RM233.62 million a year ago.
Net profit for 4QFY2010 stood at RM104.60 million, down from RM108.60 million recorded a year ago.
Higher profit was recorded in the company’s energy and utilities division — RM30.5 million or up 4.2% — due to a larger volume of gas sold and contribution from foreign associates, and lower finance costs following the repayment of a loan during the period.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 847, Feb 28-Mar 6, 2011