Land & General up 7% on better prospects

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KUALA LUMPUR (Sept 14): Land & General Bhd (L&G) rose as much as 1.5 sen or 7% after the property developer said the Malaysian real estate market is improving.

The better market sentiment has led to optimism in L&G's business prospects, L&G managing director Low Gay Teck said yesterday.

Today, L&G shares rose to their highest so far at 23.5 sen. At 10:14am, the stock pared gains at 23 sen with some 45 million shares traded. L&G was Bursa Malaysia's second most-active stock.

Yesterday, Low said L&G planned to launch some RM710 million worth of projects in current financial year ending March 31, 2018. He said the projects are located in Bandar Sri Damansara here and Senawang in Negeri Sembilan.

"Of course there is no doubt that it (property market) is not as buoyant as three years ago but it has improved from last year in terms of the interest from potential buyers and locked-in sales that we are achieving from our Astoria project," he told reporters after L&G's annual general meeting here.