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IGB third-quarter earnings nearly doubled

PETALING JAYA: IGB Bhd’s earnings almost doubled for the third quarter ended Sept 30, 2018 (3Q18) from a year ago, thanks to higher contributions from its property development and investments in both retail and commercial projects.

IGB said its property development and investment divisions are expected to continue facing challenging and difficult market conditions due to weak market sentiment, as well as the scheduled increase in the supply of new retail space and slower demand for office space in Kuala Lumpur.  “However, with the prime location of the group’s retail malls and office buildings, the board expects contribution from this segment to be satisfactory,” IGB said.

Matrix chalks up RM898mil property sales in the first half

PETALING JAYA: Matrix Concepts Holdings Bhd scaled a new peak in property sales to a record RM898.6mil in the first half ended Sept 30, 2018 (1H19), surging 39.4% year-on-year (y-o-y) on resilient demand for landed and affordable-premium property segment despite prevailing market conditions.

In a press release, the Negri Sembilan-based property developer said the robust sales performance, which included RM92.4mil from M. Carnegie, saw the group surpass its 1H19 sales target by 50%.

HK property market cools

HONG KONG: Potential homebuyers priced out of Hong Kong’s stratospheric property market may now feel more hopeful as housing prices finally begin to cool after a bullish stampede lasting more than two years.

In contrast to the past two years when new and existing flats would normally be snapped up, agents say residential property has switched to a buyer’s market, with more room to negotiate prices

SunCon unit secures RM352mil construction job

KUALA LUMPUR: Sunway Construction Group Bhd’s (SunCon) unit, Sunway Construction Sdn Bhd, has bagged construction works worth RM352.05mil from Akitek Akiprima Sdn Bhd on behalf of Sunway Velocity Two Sdn Bhd (SVTSB).

In a filing with Bursa Malaysia, SunCon said the job entailed works for the main building and associated external works for the proposed Sunway Velocity Two commercial development comprising serviced apartments, podium car park and office block at Jalan Peel, Kuala Lumpur.