Magna City project to be downsized
By THE STARPETALING JAYA: Magna Prima Bhd has downsized its Magna City project in Kuala Lumpur to RM600mil from RM1.1bil in gross development value (GDV) due to slowing growth, according to chief executive officer Lim Ching Choy. “In view of the slowing economy, we reposition our development to suit the market demands,” Lim told StarBiz. [...]
Magna Prima cuts target
By BLOOMBERGMAGNA Prima Bhd (7617) , whose luxury homes fetched record prices last year, slashed by almost half projected revenue from its biggest development as the global recession cuts demand for retail property.Magna Prima will remove a mall and hotel from its Magna City project in northern Kuala Lumpur and focus on apartments, shops and [...]
‘Property downturn not as bad as in 1997′
By BUSINESS TIMESWith the exception of luxury condominiums, correction of capital values and rental of properties should be moderate, says ECM Libra Capital THE current down cycle in the property market is not as bad as the 1997 Asian financial crisis, said ECM Libra Capital …
Investors scour Asian property marts for bargains
By REUTERS HONG KONG: Asia’s battered property markets are starting to attract strong interest from investors, with Japan, Australia, China, Hong Kong and Singapore among their top picks in the region.Property fund manager LaSalle Investment Management, which raised a US$3 billion (US$1 = RM3.63) fund in August, expects Hong Kong and Singapore to recover first [...]
Funds look to investing in China property
By REUTERSHONG KONG: Property investors are pencilling “second half, 2009” in their diaries as the likely time to start pouring money into China again as they search for bargains in its ailing real estate market. But they are wary of slowing economic growth, overbuilding in some areas, difficult partnerships with developers and red tape. Private [...]
Contruction boom is over for Dubai
By REUTERSDUBAI:The United Arab Emirates (UAE) began to bail out and consolidate Dubai’s rattled banking sector and curb a building frenzy yesterday as the former boomtown started cutting state spending in the face of the global crisis.In a major policy shift, the federal government will inject capital into Emirates Development Bank, a newly created rescue [...]
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