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GRV Hotel Wants to Revive Age-old Floating Market in Sungai Kelantan

KOTA BAHARU: Once a tourist lure in Kelantan and a popular trading hub, the "floating market" is to be revived to bring back the "charm and glitter" to the domestic tourism industry.

Hotel GRV wants to revive the nostalgia of the floating market on Sungai Kelantannear the hotel at Jalan Post Office Lama.

"Synonymous with the hotel located by the riverside, we want to bring back the past glory of floating markets in the state," said the hotel's marketing director, Raja Rusmin Raja Mahmud.

He said the uniqueness of the floating market, a traditional market whose business is fully conducted on water using boats, ought to be commercialised to serve as a catalyst to the local people's socio-economic well-being but also to give "a shot-in-the-arm" for the domestic tourism.

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Kimlun Unit Gets RM51mil Job

PETALING JAYA: Kimlun Sdn Bhd, a subsidiary of Kimlun Corp Bhd, has accepted a letter of award from Nusajaya Lifestyle Sdn Bhd for the construction of a retail mall and ancillary buildings in Medini Iskandar, Johor Baru. The contract is worth RM51mil.

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Tune Hotels Offers Rooms for RM1

KUALA LUMPUR: Tune Hotels, the hospitality arm of Tune Group, is offering room rates for as low as RM1 per night for its hotel chain in Malaysia.

It is also offering rooms at 10,000 Indonesian rupiah per night in Bali, Indonesia, in conjunction with the Merdeka and Malaysia day celebration.

Tune Hotels in a statement Monday said bookings are open from tomorrow to Sept 30, on a first come, first served basis, for the staying period of June 1-Aug 31 next year

"The promotion is only valid for online booking at www.tunehotels.com and does not include Tune Hotels at KLIA-LCCT Airport in Sepang and Westminster, London" said group chief executive officer of Tune Hotels, Mark Lankester.

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Book Early, Rooms in Penang are Going Fast

Prospects for the year are looking rosy with 2011 expected to close at a 67 per cent occupancy and a record high hotel room rate of RM240.

Penang: Hotels in Penang are projecting a record year in 2011 as more rooms are filled and more money is made each night. And the outlook for 2012 is expected to be even better.

In the first seven months of this year, occupancy hit 65.7 per cent with an average room rate (ARR) of RM231. This compares to the first seven months of 2010 when average occupancy was at 59.3 per cent and an ARR at RM229.

"July 2011 posted the highest ever single month occupancy in the past five years, at 82 per cent," president for the Malaysian Association of Hotel (MAH) Penang Chapter Marco G. Battistotti said.

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Penang Catches Attention of Klang Valley Developers

Analysts think a trend may start where Klang Valley property developers look to buy a stake in real estate companies in Penang to take advantage of the state's booming sector.

CIMB Investment Bank Bhd research head Terence Wong said this is likely to happen over time.

"This could be continuing but not in a short time. It could happen once in a year," he said.

Investing in the property market in Penang is still a solid option.

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Citta Vendor Said Mulling Mall Sale for RM340m

Citta, the newly constructed suburban mall in Ara Damansara, has been put up for sale by the owners, sources say.

"The vendor is already in talks with interested parties," a source told Business Times.

The Citta Strip Mall - 70 per cent owned by German real estate fund SEB Asset Management and 30 per cent by property developer Puncakdana Group - is said to be looking at raking between RM700 per sq ft and RM800 per sq ft.

This open air shopping mall has some 424,467 sq ft of nett lettable space which means that the mall may fetch as high as RM340 million.

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UEM Land Climbs On on 'Buy' Call

UEM Land Holdings Bhd, a Malaysian developer, rose the most in two weeks in Kuala Lumpur trading after Hong Leong Bank Bhd analyst Sean Lim issued a report highlighting “strong” earnings upside on some projects.

It climbed 1.5 percent to RM2.01 at 9:12 a.m. local time, set for its biggest increase since Sept. 2.

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Kedah Government Losing Revenue Over Misuse of Category of Land Use - MB

ALOR SETAR: The Kedah government requires owners of agricultural land misused for other purposes to obtain a temporary permit pending application for conversion of the category of land use, Menteri Besar Datuk Seri Azizan Abdul Razak said Wednesday.

He said 76 such temporary permits had been issued up to last month since the requirement was gazetted on March 31 this year.

Azizan said the misuse of agricultural land had been going on for a long time and the state government was losing much revenue as a result.

"Under the National Land Code, not more than one-fifth of the total agricultural land area or two hectares, whichever is smaller, can be used to erect a building," he told reporters after chairing a meeting of the state executive council, here.

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Asia Offers Bright Prospects for Real Estate Investment, Say Industry Leaders

KUALA LUMPUR: Asia, including Malaysia, offers bright prospects for real estate investment and development, say industry leaders at the 11th Forbes Global CEO Conference.

Chairman of leading Taiwan developer, Farglory Group, Chao Teng-Hsiung, said real estate players were now focusing on Asia following the economic problems in the US and debt crisis in Europe.

He said the players were attracted by Asia's steady growth in gross domestic product.

"Asia offers good prospects for development and the future is bright," said Chao, who was one of the panelists at a session entitled, "Scouting locations", here yesterday.

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Property Sector Expected to Remain Buoyant Next Year

KUALA LUMPUR: Malaysia's property industry is expected to remain buoyant next year in tandem with the likely strong growth in the palm oil and oil and gas sectors.

Chief executive officer of Asian Strategy and Leadership Institute (ASLI), Datuk Michael Yeoh, said the underlying forces driving the Malaysian economy like the palm oil and oil and gas sectors were quite robust and strong.

"If these sectors continue to grow, the property sector is expected to remain buoyant next year," he told a media briefing at the two-day 14th National Housing and Property Summit organised by ASLI here yesterday.

Yeoh said the property market faced a number of challenges and the global economic crisis has led to uncertainties.

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