Friday, January 27, 2012

DRB-Hicom plans RM8b residential project in Johor

Business Times: Fri, Jan 27
MALAYSIAN conglomerate DRB-Hicom has announced plans to commence work on a 485ha property project in Johor by the middle of this year, adding to the large number of developments already there.

Its proposed development comes amid clear signs of weakening property sales in the southern state and the possibility of an overhang because of the number of developments in the pipeline to capitalise on Iskandar Malaysia's prospects.

According to Johor Real Estate and Housing Developers Association (Rehda) branch chairman, Simon Heng, a four-day property exhibition in November netted RM256 million (S$105 million), significantly lower than the RM384 million chalked up in a similar expo in May 2011 or another in November 2010 of RM331 million...

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