Property News Archives

Blow for YNH as MARC Ratings downgrades bond programme

Jan 18, 2024

YNH’s share price has plunged by 71.3% since the start of the year, wiping RM1.6 billion off its market capitalisation. PETALING JAYA: YNH Property Bhd suffered yet another blow today when MARC Ratings Bhd downgraded its rating on the property developer’s Islamic Medium-Term Notes Programme (Sukuk Wakalah) to BBBIS from AIS, and placed the rating…
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EPU urged to seek ‘win-win’ solutions with developers over Bumiputera policy

Jan 18, 2024

Scientex’s property division aims to deliver 50,000 units of affordable homes by 2028. (Scientex Bhd pic) PETALING JAYA: The federal government and Economic Planning Unit (EPU) should actively engage with property developers to ensure that property projects are not derailed over the issue of Bumiputera equity policy compliance, say property consultants. KGVI International Property Consultants…
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Aerotrain win takes value of IJM’s jobs secured to 75% of FY2024’s RM4b target, says RHB Research

Jan 18, 2024

KUALA LUMPUR (Jan 18): RHB Research said IJM Corp Bhd has secured RM2.9 billion worth of jobs year-to-date for the financial year ended March 31, 2024 (FY2024), compared with its job replenishment assumption of RM4 billion for the period, after its joint venture (JV) company secured a RM176 million job for the automated people mover…
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MARC downgrades YNH’s programme rating to BBBIS amid liquidity concerns and asset sale delays

Jan 18, 2024

KUALA LUMPUR (Jan 18): MARC Ratings has downgraded its rating on YNH Property Bhd’s Islamic Medium-Term Notes Programme (Sukuk Wakalah) to BBBIS from AIS and concurrently placed the rating on MARCWatch Negative. This downgrade reflects growing concerns over YNH’s weak liquidity position and further delays in the sale of assets, which is much-needed for cash…
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Gagasan Nadi partners Kwasa Land to develop affordable houses in Kwasa Damansara at a cost of RM750 mil

Jan 18, 2024

KUALA LUMPUR (Jan 18): Builder Gagasan Nadi Cergas Bhd has bagged a contract from Kwasa Land Sdn Bhd, a wholly owned subsidiary of the Employees Provident Fund, to jointly develop affordable houses on a parcel of land in Kwasa Damansara township, Selangor at a cost of RM750 million. Spanning 34.86 acres, the proposed development will…
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Yu Kuan Chon sees RM858m loss as associated shares plummet; seller and shareholding changes unknown

Jan 17, 2024

KUALA LUMPUR (Jan 17): Stocks associated with businessman Datuk Dr Yu Kuan Chon continued to endure selling pressure, with both Rapid Synergy Bhd and YNH Property Bhd hitting limit down once again shortly after Wednesday’s trading began. At the time of writing, Rapid Synergy shares plummeted by RM1.69 or 29.91% to RM3.96 from its previous…
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IQI moves into new ‘Asia Pacific Command Centre’

Jan 17, 2024

KUALA LUMPUR (Jan 17): Global real estate agency network IQI and a member of Juwai IQI, celebrated its move into its newly constructed offices at Millerz Square on Old Klang Road with a grand opening ceremony yesterday. The new facility will be known as “Asia Pacific Command Centre” and the new global technology hub. Millerz…
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Advancecon secures RM21m subcontract from CCC-ECRL

Jan 17, 2024

KUALA LUMPUR (Jan 17): Advancecon Holdings Bhd has secured RM21.19 million in subcontract work from China Communications Construction (ECRL) Sdn Bhd (CCC-ECRL). The group’s 51%-owned indirect unit Spring Energy Sdn Bhd accepted the subcontract from CCC-ECRL on Wednesday for the construction and completion of subgrade works, Section 8 from CH518+388.00 to CH519+000.00, according to a…
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Promising outlook for property market in 2024

Jan 16, 2024

The housing and local government ministry said that as of Sept 2023, a total of 301 projects or 38,752 housing units with a gross development value of RM28.88 billion have been revived. PETALING JAYA: The property market in the country will continue to strive and see more positive outcomes in 2024, said the Malaysian…
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EVD’s unit faces lawsuit from subcontractor

Jan 16, 2024

KUALA LUMPUR (Jan 16): EVD Bhd on Monday said its wholly-owned unit, EVD Engineering Sdn Bhd (EVDE), is being sued over a claim of RM600,292 by a subcontractor for the supply of civil and structural building works. This comes after EVD announced on Jan 11 that the subcontractor, North Line Eng (M) Sdn Bhd, had…
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