IOIProp to gain from higher wages

HLIB Research said the 32.5% on-year increase in inbound tourist numbers in the first quarter of this year would also boost IOIProp’s hotel occupancy rates.

PETALING JAYA: The higher remuneration for the civil service and increased inbound tourist numbers could benefit IOI Properties Group Bhd’s (IOIProp) prospects.

Hong Leong Investment Bank Research (HLIB Research) noted the proposed 13% increase in the remuneration of civil servants and the raising of the minimum wage to RM2,000 a month from December 2024 onwards would benefit IOIProp’s residential and commercial property business, especially around Putrajaya.