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Unsold commercial properties worrisome
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Property agents out to attract first-time home buyers
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KUALA LUMPUR (March 16): Melaka-based property developer Teladan Setia Group Bhd made a commendable debut on the ACE Market of Bursa Malaysia with a 12 sen or 25% premium over its initial public offering (IPO) price of 48 sen.
The counter, which opened at 60 sen, pared some of the gains to close at 57 sen for a first-day gain of nine sen or 18.75%, with a market capitalisation of RM459.02 million.
Teladan Setia, however, could not match the opening-day performance of two other recent ACE Market listings.
HPP Holdings Bhd, which began trading on Jan 20 as the year’s first listing, closed that day at 71 sen for a 97.22% premium over its IPO price of 36 sen.
Property sales
PETALING JAYA: Property developers are set to chart better sales performances in 2021, as market confidence is expected to grow with the commencement of the nationwide vaccine rollout.
TA Securities said in a report that the prolonged low-interest-rate environment, abundant market liquidity and supportive government measures will help spur demand for properties.
“Having said that, we expect better market sentiment along with stronger recovery in economic and business activities, which should contribute to better developers’ sales prospects ahead and eventually translate to stronger earnings, going forward.
“The positive sales momentum in the fourth quarter of 2020 and developers’ ambitious 2021 sales target have further reinforced our bullish view on the sector.”
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