Summary: Casino proposed for forest city in Malaysia
forest city malaysia

Malaysian government hopes casino will bring greenery to Forest City

Malaysia’s prime minister wants to persuade some patriotic bigwigs to open a casino in Johor to revive his ill-fated country garden project, and that’s the story in today’s Mintyandi was at the head of the headline round-up. India’s Embassy Group also aims to list WeWork India within 18 months, and Singapore-listed Suntech REIT’s DPU has fallen by 13%, making it on the list.

Malaysia in talks with big-name financiers over casino for $100 billion Forest City revitalization

Malaysia is in early talks with tycoons about opening a casino in Forest City in a bid to revive a stalled $100 billion real estate project in which the king is one of the shareholders, according to people familiar with the matter. It is said that they are conducting

Prime Minister Anwar Ibrahim last week met Berjaya Corporation founder Vincent Tan and Genting Group’s Lim Kok at the China Country Garden development on Malaysia’s south coast near Singapore, officials said. The person requested anonymity to meet with Mr. Tai and discuss personal information. Sources said King Ibrahim Iskandar also attended as a representative. Read more>>

Indian Embassy Group aims to list WeWork India

Embassy Group will acquire co-working office platform WeWork India within 18 months after acquiring a 27% stake in US-based WeWork’s Indian unit for approximately 7 billion rupees ($84 million). The company is considering listing on a domestic stock exchange, two people with direct knowledge of India said. problem.

Following the acquisition, the Bangalore-based development company will own 100% stake in WeWork India. The embassy plans to sell a 40% stake to Enum Group, A91 Partners, Caratlane founder Mithun Sacheti and others for 12 billion rupees, according to the people cited. Read more>>

Suntech REIT Q1 distribution down 13% with no capital distribution

Suntec REIT’s distribution per unit in the first quarter was S$0.01511, down 13% year-on-year, due to the absence of capital distributions from the Singapore Listed Trust, which ended at the end of 2023.

Distributions will be paid to unitholders on May 30th after the record date of May 6th. Distribution for the quarter was S$44 million ($32.3 million), down 12.5% ​​year-on-year. Read more>>

Money laundering suspect’s Singapore property remains unsold at auction

A vacant Sentosa Cove plot acquired in 2021 by one of the 10 foreigners arrested in a S$3 billion ($2.2 billion) money laundering case had no buyers as of the end of the auction on Wednesday. There wasn’t.

Ten parties have registered for the auction of 69 Ocean Drive. The Sentosa Cove site, which has a 99-year leasehold, was advertised at an indicative price of S$27.1 million, or S$1,386 per square foot, and was put on the block by OCBC. Su Baorin received a loan from a bank to purchase a house in 2021. Read more>>

Singapore industrial land rents rise 1.7% in Q1 due to lower occupancy rates and falling prices

Industrial land rents in Singapore will continue to rise in the first quarter of 2024 despite lower occupancy rates and prices falling for the first time in three years, according to JTC’s quarterly market report released on Thursday. Ta.

Rents rose 1.7%, and were up 7.8% year over year, in line with the pace in Q4 2023. Single-user factory and business park rents rose the most, increasing by 2.1%. Meanwhile, warehouses increased by 2% and multi-user factories recorded a 1.3% quarter-on-quarter change. Read more>>

Singapore condominium resale volume recovers in March

Singapore’s condominium resales volume rebounded 17.4% in March to a seven-month high as buyers returned to the market after a seasonal lull in February.

According to preliminary data from SRX and released on Thursday, 883 cars were resold in March, compared to 752 cars that changed hands in February. Read more>>

Indian macrotech developer’s net profit falls by 10.6%

Macrotech Developers reported a 10.6% decline in consolidated net income for the quarter ended March 31.

Profit after tax was 6.67 billion rupees ($80 million), compared with 7.46 billion rupees a year earlier, the company said in a BSE filing. Net consolidated gross profit stood at Rs 40.8 billion, an increase of 24.8% year-on-year. Read more>>

No tenants found for Vietnam resort property in Da Nang

According to real estate consultancy DKRA Vietnam, no beach villas, townhouses or condotels were sold in Da Nang in the first quarter.

The company said in its first quarter report that the resort real estate sector in the city and surrounding areas was nearly “frozen”. It added that no new projects have been launched. Read more>>

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