Latest news with #RM4.2
The Sun
5 days ago
- Business
- The Sun
Work on US$1b Trump Tower Vietnam may start next year
HANOI: Investment in a planned Trump Tower in Vietnam is estimated at around US$1 billion (RM4.2 billion) and construction of the at least 60-storey skyscraper could start next year, a person familiar with the discussions told Reuters. The building, for which plans are still preliminary, would be the second major project the Trump Organisation, US President Donald Trump's family business, is reviewing in Vietnam. The Southeast Asian country is currently in trade talks with Washington to avoid crippling 46% tariffs. Eric Trump, senior vice-president of the Trump Organisation, visited Vietnam last week to survey the site for the tower in the country's southern business hub of Ho Chi Minh City and to attend the groundbreaking for a golf resort in northern Vietnam. The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities. The Trump Organisation would operate the golf club, while its Vietnamese partner, real estate firm Kinhbac City, would focus on developing it with an estimated investment of US$1.5 billion, the source said. The division of work had not been previously reported. A similar arrangement is likely to be agreed for the Trump Tower, with the investment expected to come mostly from local partners, the source said, declining to be named because the information is not public. The Trump Organisation did not reply to a request for comment. Kinhbac City, a leading industrial real estate developer in Vietnam, did not respond to a request for comment. When it announced its collaboration with the Trump Organisation in October, the company said the venture 'will focus on developing 5-star hotels, championship-style golf courses, and luxurious residential estates and unparalleled amenities in Vietnam.' During his visit last week, Eric Trump toured the site where the skyscraper would be built and met local officials, the source said. That was in line with the schedule of his engagements with the city's authorities, according to a Vietnamese document seen by Reuters. The tower would be built in Thu Thiem, an area under development in central Ho Chi Minh City where a new financial centre is planned to be built, the document from the city's authorities showed. At the groundbreaking for the golf resort, Eric Trump said the projects to be developed in Vietnam would be 'the envy of all of Asia and of the entire world', adding he would visit the country frequently to further the company's plans. Approvals for the tower project are still being sought and no final decision had been made about when construction will start, the source said, adding that the aim was to have the groundbreaking next year. The investment could be larger than US$1 billion if permits are obtained for a building with more than 60 floors, the person said. The Trump Organisation operates several towers in the US and across the world, but does not own all of them. The flagship Trump Tower in the Manhattan neighbourhood of New York City was built in the 1980s. Others have since been built in Chicago, Florida and abroad, including in Turkey and the Philippines. – Reuters
New Straits Times
6 days ago
- Business
- New Straits Times
Hektar Reit posts 8.9pct higher income in Q1
KUALA LUMPUR: Hektar Real Estate Investment Trust (Hektar Reit) posted RM30.9 million revenue in the first quarter of financial year 2025 (Q1 FY25), up 8.9 per cent from RM28.4 million a year earlier. This was driven by income contributions from the newly-acquired Kolej Yayasan Saad (KYS) education asset and improved performance from Hektar Reit's retail properties. Its net property income rose 4.4 per cent to RM15 million, while net realised income stood at RM4.2 million, lower than the RM5.1 million in the same quarter last year. This was due to the absence of one-off fund placement income recognised in prior period and slightly higher administrative and financing expenses. In line with its environmental, social and governance (ESG) ambitions, Hektar Reit partnered with Samaiden Group Bhd to implement solar project at five of its shopping centres. The initiative is projected to deliver long-term energy cost savings of about RM2.05 million annually or RM41.3 million over 20 years. The Reit's manager Hektar Asset Management Sdn Bhd, said in a statement that a comprehensive asset enhancement initiative is underway at Subang Parade, with the first phase of interior upgrades targeted for completion by the first quarter of 2026. Hektar Asset executive director and chief executive officer Zainal Iskandar said the positive start to the Reit's financial year is encouraging, supported by the strategic diversification of portfolio and prudent cost management. "Our retail assets are now consistently recording positive rental reversions, while our education asset continues to provide consistent income. "These results reflect our continued discipline in maintaining stable returns and strengthening the resilience of our portfolio," he added, The company remains optimistic on the value enhancements to be generated by its retail assets upon completion of asset enhancement initiatives and strategic leasing initiatives. It noted that early gains are already seen in elevated occupancy rate which currently stands at 85.6 per cent, positive rental reversions and higher footfall, boosting yields across Hektar malls. It added that the acquisition of a 15-year master-leased industrial asset in Bayan Lepas Free Industrial Zone is progressing as planned and is poised to further diversify and strengthen the Reit's income profile. Hektar Reit's total assets stood at RM1.44 billion as at March 31, 2025, while the net asset value per unit was RM1.0396. Hektar Reit's portfolio of diversified properties includes Subang Parade in Selangor, Mahkota Parade and Kolej Yayasan Saad in Melaka, Wetex Parade & Classic Hotel and Segamat Central in Johor, as well as Central Square and Kulim Central in Kedah.
The Star
13-05-2025
- Business
- The Star
Malaysia's wholesale, retail trade records RM154bil sales in March 2025
KUALA LUMPUR: Malaysia's wholesale and retail trade sector recorded total sales of RM154 billion in March 2025, marking a year-on-year (y-o-y) growth of 5.7 per cent, said the Department of Statistics Malaysia (DOSM). Chief statistician Datuk Seri Mohd Uzir Mahidin said the growth was driven by the retail trade and wholesale trade sub-sectors. "Retail trade recorded total sales of RM67 billion, an increase of RM4.2 billion or 6.6 per cent y-o-y. Wholesale trade registered total sales of RM67.8 billion in sales, up RM3.7 billion or 5.7 per cent y-o-y. "During the same period, the motor vehicles sub-sector posted sales of RM19.2 billion, reflecting a 2.3 per cent increase from a year ago," he said in a statement today. Mohd Uzir also emphasised that the growth in the retail trade sub-sector was supported by strong performance across various categories, spurred by festive season preparations and increased spending during Ramadan. He noted that the disbursement of Special Aidilfitri Assistance, along with RM1.7 billion under the Sumbangan Tunai Rahmah (STR), significantly boosted consumer activity. "This led to higher consumer traffic in supermarkets, shopping malls, and other retail outlets," he added. In March 2025, Mohd Uzir said the wholesale trade remained resilient, underpinned by strong domestic demand for household goods and food items, in conjunction with the festive season. Sales in the wholesale of household goods rose 7.6 per cent to RM14.5 billion, supported by higher demand in categories such as pharmaceutical and medical goods, perfumeries, cosmetics, toiletries, and jewellery. "The wholesale of food, beverages and tobacco also saw a 7.7 per cent increase, reaching RM14 billion," he said. Meanwhile, the motor vehicles sub-sector recorded growth compared to March last year, led by a 4.1 per cent rise in sales of motor vehicle parts and accessories to RM5.2 billion, followed by a 1.5 per cent increase in motor vehicle sales to RM10.1 billion. DOSM also reported that online retail sales rose by 7.1 per cent y-o-y in March, driven by festive promotions. "In terms of volume index, the wholesale and retail trade increased by five per cent y-o-y. This growth was mainly driven by the wholesale trade sub-sector, which rose by 6.3 per cent, followed by retail trade with a 4.9 per cent increase," it added. - Bernama
Malay Mail
05-05-2025
- Malay Mail
Kidnapped and mutilated: French police rescue crypto millionaire's father, arrest seven
PARIS, May 5 — French police have arrested seven people after a weekend raid to free a man who was kidnapped in Paris to force his crypto-millionaire son to pay a ransom, prosecutors said. The man, whose identity was not disclosed, was traced to an address in the Essonne department south of Paris that police raided late on Saturday, the prosecutors' office said in a statement. He had been abducted in Paris's southern 14th arrondissement mid-morning on Thursday. One police officer, speaking to AFP on condition of anonymity, said four men wearing ski masks bundled him into a delivery van as passers-by looked on. 'The victim appears to be the father of a man who made his fortune in cryptocurrencies, with the crime involving a ransom demand,' the prosecutors' statement said. Prosecutors gave no indication of the size of the ransom demanded, but Le Parisien newspaper reported that the kidnappers had asked for €5 million to €7 million (RM24.02 million to RM33.63 million). No payment was made, officials said. A source close to the investigation told AFP that one of the father's fingers had been chopped off. 'There were fears of other mutilations' if police had not raided the property, the source said. French Interior Minister Bruno Retailleau hailed the 'decisive' police operation to free the man, in a message on X. Kidnapping, torture, blackmail The victim's wife told investigators that her husband and the wealthy son — who both owned a crypto marketing firm in Malta — had been targeted by threats in the past, a police source said. Backed up by the French police's cybercrimes unit, anti-gang investigators are probing the suspects for conspiracy to commit unlawful imprisonment, kidnapping, torture, blackmail and armed extortion. The kidnapping followed a similar abduction on January 21 of a French crypto boss and his partner. That victim, David Balland, had co-founded a crypto firm, Ledger, valued at the time at more than US$1 billion (RM4.2 billion). Balland's finger was cut off by his kidnappers, who had demanded a hefty ransom. He was freed the next day, and his girlfriend was found tied up in the boot of a car in the Paris suburb of Essonne. None of the suspects is under criminal investigation in that case, including the suspected ringleader, a 26-year-old with a police record for a previous kidnapping. Earlier in January, a 56-year-old man was found in the boot of a car near the city of Mans, with several media outlets reporting he was the father of a crypto-influencer based in Dubai who boasted online of his profits. — AFP
