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South Korea imposes tougher taxes on properties

SEOUL: South Korea laid out plans to impose tougher taxes on property ownership to rein in owners of expensive homes blamed for stoking a speculative housing bubble in the main regions across the nation.

Kim: The government is imposing more taxes for multiple home owners. — AP

Westports buys undersea land from PKNS for RM116mil

KUALA LUMPUR: Westports Holdings Bhd's wholly-owned subsidiary, Wesports Malaysia Sdn Bhd (WMSB), is acquiring 154.2 ha of undersea land in Pulau Indah, Selangor from the Selangor State Development Corp (PKNS) for RM116.185mil cash.

Westports said the land would be used to expand the container terminals, as the current preliminary port design for Container Terminal 10 to Container Terminal 19 required additional land acreage to accommodate new wharf and container yard space to facilitate effective operations of the new container terminals.

Country Garden: More S’porean, M’sian buyers due to marketing efforts

PETALING JAYA: Country Garden Pacificview Sdn Bhd (CGPV), the master developer of Forest City in Iskandar Malaysia, has clarified that the development has seen a significant increase in Singaporean and Malaysian buyers due to marketing efforts through the company’s sales galleries across Singapore and Malaysia.

In a statement yesterday, the company said the project’s marketing efforts have started to target other countries, namely Hong Kong, Macau, Taiwan, Indonesia, Thailand, Laos, Myanmar, the Philippines, Japan, and also Dubai.

More greenfield and brownfield projects for REITs

PETALING JAYA: Real estate investment trusts (REITs) are expected to participate in greenfield and brownfield projects more actively to further add value to their portfolios, according to MIDF Research.

MIDF Research noted that Axis REIT has handed over Axis Mega Distribution Centre to Nestle and is now working on the Axis Aerotech Center@Subang with a development cost of RM74.2mil, expected to be completed by the fourth quarter of this year.

Sunway bags RM817mil Singapore condo project

PETALING JAYA: Property and construction company Sunway Bhd has bagged an award for an executive condominium housing development worth S$271mil (RM817.17mil) in Sembawang, Singapore

In a filing with Bursa Malaysia, Sunway said Hoi Hup Realty Pte Ltd and wholly owned Sunway Developments Pte Ltd (SDPL) were awarded a 4.46-acre plot of land at Canberra Link for the 99-year lease project, following a successful joint tender bid.

Samsung opens its biggest store

MUMBAI: Samsung Electronics Co Ltd opened its biggest mobile store in the world in India yesterday as it tries to take pole position in the world’s second-biggest smartphone market amid fierce competition from Chinese brands.

Visitors and staff interact at Samsung's aorld's largest mobile experience centre "Samsung Opera House" after its inauguration in Bangalore on September 11, 2018. - AFP