Some RM500 million worth of properties from both local and foreign developers will be up for sale at the Malaysia Property Expo (Mapex) in October.
Mapex committee chairman Datuk Ng Seing Liong said over 50 developers have registered to take up 145 exhibition booths at the event where a total of 227 booths are expected to be set up.
"Though we have not finalised the total number of foreign participants attending this year's Mapex, we expect properties on sale to be around RM500 million," he told reporters on Thursday.
Mapex, a property exhibition event, is hosted by the Real Estate and Housing Developers' Association (Rehda).
This year's three-day Mapex will be held at the Mid Valley Convention Centre here from Oct 19.
Ng said Rehda is expecting at least 50,000 visitors to the exposition, which will also feature several talks by experts in the property investment and legal fields.
"Mapex is an ideal platform gathering of property developers, financiers, legal experts and also property consultants all under one roof to assist the home buying public in making informed decision in their property investment," he said.
He said over the years, Mapex has grown to become the signature property event of the country, receiving an average participation of about 80 developers in each exposition.
"Firmly established as the leading property exhibition in Malaysia since its inception in 2000, the latest edition of Mapex brings together property developers from all over Malaysia to offer a wide range of properties to prospective buyers and investors," he said.
Among the developers who have confirmed their participation are S P Setia Bhd, Sime Darby Properties Sdn Bhd, Perbadanan Kemajuan Negeri Selangor (PKNS), IJM Properties Sdn Bhd, Berjaya Land Bhd, I & P Group Sdn Bhd, Lebar Daun Sdn Bhd and Sunway Integrated Properties. (Bernama)
Thursday, July 26, 2012
Hong Kong’s Largest Bullion Vault Signals Rising Asia Wealth
Hong Kong’s largest gold-storage facility, which can hold about 22 percent of the bullion now in Fort Knox, will open in September to meet rising demand from banks and the wealthy, according to owner Malca-Amit Global Ltd. (3271)
The facility, located on the ground floor of a building within the international airport compound, has capacity for 1,000 metric tons, said Joshua Rotbart, general manager for the Hong Kong-based company’s Malca-Amit Precious Metals unit.
The U.S. Bullion Depository Fort Knox in Kentucky, held as an asset of the nation at book value of $42.22 an ounce, holds 147.3 million ounces (4,582 tons) at present, according to data on the U.S. Mint website. In total, U.S. holdings of gold amount to 8,133.5 tons, according to World Gold Council data.
China’s gross domestic product expanded 7.6 percent in the second quarter, the least in three years, a report showed on July 13. Gold demand in the country may increase 13 percent to 870 tons this year, according to a revised forecast this month from the WGC, which abandoned a target for usage to gain as much as 30 percent to 1,000 tons. Last year, demand in the world’s second-largest economy grew 20 percent to 769.8 tons.
(Bloomberg)
The facility, located on the ground floor of a building within the international airport compound, has capacity for 1,000 metric tons, said Joshua Rotbart, general manager for the Hong Kong-based company’s Malca-Amit Precious Metals unit.
11-Year Rally
Immediate-delivery gold rallied from 2001 to 2011 as investors sought protection from weaker currencies and the risk of inflation, and central banks boosted holdings. The metal traded at $1,605.93 an ounce at 3:04 p.m. in Hong Kong today, 2.7 percent higher this year. It rose 10 percent in 2011. Gold held in exchange-traded funds reached a record 2,413.61 tons on July 5, according to data tracked by Bloomberg.The U.S. Bullion Depository Fort Knox in Kentucky, held as an asset of the nation at book value of $42.22 an ounce, holds 147.3 million ounces (4,582 tons) at present, according to data on the U.S. Mint website. In total, U.S. holdings of gold amount to 8,133.5 tons, according to World Gold Council data.
China’s gross domestic product expanded 7.6 percent in the second quarter, the least in three years, a report showed on July 13. Gold demand in the country may increase 13 percent to 870 tons this year, according to a revised forecast this month from the WGC, which abandoned a target for usage to gain as much as 30 percent to 1,000 tons. Last year, demand in the world’s second-largest economy grew 20 percent to 769.8 tons.
Increasing Wealth
Asia-Pacific millionaires outnumbered those in North America for the first time last year, according to Capgemini SA and Royal Bank of Canada’s wealth-management unit. The number of individuals in the region with at least $1 million in investable assets rose 1.6 percent to 3.37 million, helped by increases in China and Indonesia, according to the firms’ World Wealth Report, released last month. So-called high-net-worth individuals in North America dropped 1.1 percent to 3.35 million.Singapore’s Push
Singapore is also among economies in Asia vying for a greater share of the bullion trade. In February, the government announced a plan to exempt investment-grade gold, silver and platinum from a goods and services tax, starting from October. The aim is to raise the city-state’s share of the global gold trade to as much as 15 percent in five to 10 years from about 2 percent, according to IE Singapore, the external trade agency.(Bloomberg)
Saturday, March 10, 2012
Commodities: Gold , Oil end up on US jobs data
Oil ended up for a third straight day on Friday despite a strong dollar as positive U.S. jobs data inspired hopes for more energy demand, and soybeans hit 5-1/2 month highs on lower-than-expected crop forecasts before easing on profit-taking.
Solid growth in American employment for a third month in a row indicated less need for monetary stimulus from the Federal Reserve, helping the dollar notch its biggest gain against the euro since January. U.S. stocks also rallied, to near 4-year highs. A strong dollar is usually a negative for commodities as it eases upward pressure on prices.
But Friday's session in oil, grains and metals were influenced more by optimism that the U.S. economy could pull away from other struggling regions of the world.
That could boost demand for raw materials, given the relative size of U.S. consumption versus other nations, analysts say. Even gold, which traded in opposite direction to the dollar at one time, rose with oil and other commodities. U.S. gold futures benchmark April contract settled up $12.80 at $1,711.50 an ounce. Gold is showing a lot of resiliency, precious metals attributing it partly to "firm oil prices". Crude oil was headed for a weekly gain after a three-day rally made up for Tuesday's price tumble caused by worries over Greece debt and shaky European economic data.
U.S. crude rose 82 cents for the session and 70 cents for the week, finishing at $107.40 a barrel. London's Brent rose 54 cents on the day and $2.33 on the week, closing at $125.98 In copper, aside from the growing confidence over the U.S. economy, investors were heartened by data indicating that China may soon be resorting to monetary easing that could work up demand for the base metal. China is the world's top consumer for copper, accounting for as much as 40 percent of total demand.
China's annual consumer inflation slowed sharply to a 20-month low at 3.2 percent in February, and factory output and retail sales also cooled more than forecast, giving policymakers ample room to further loosen monetary policy to support flagging growth.
Benchmark copper on the London Metal Exchange (LME) closed at $8,490, up almost 2 percent from a close of $8,330 on Thursday. For the week, however, it was down nearly 1 percent, after accounting for Tuesday's tumble of 2.5 percent.
Soybean prices rose to their highest level in 5-1/2 months on lower-than-expected South American crop estimates, before turning lower on profit-taking. Dry weather reduced the soy crop in Brazil, the world's No. 1 exporter, by 9 percent in three months and the crop in Argentina by 11 percent, the U.S. Department of Agriculture said on Friday.
The cuts in crop estimates by the USDA were much larger than traders had expected. May soybeans on the Chicago Board of Trade settled three quarters of a cent down for the session at $13.37-3/4 a bushel. For the week, it rose 4.25 cents. Its peak for Friday was $13.54 -- a high since Sept. 21.
Aside from profit-taking, soy was also pressured down by "spreading activity" in grains, which meant traders selling soybeans to buy corn and wheat. May corn ended at $6.45 a bushel, up 9-1/2 cents on the day and down 10 cents on the week.
May wheat finished at $6.43, up 8-1/4 cents for the session and off 31.5 cents on the week. (Reuters)
Solid growth in American employment for a third month in a row indicated less need for monetary stimulus from the Federal Reserve, helping the dollar notch its biggest gain against the euro since January. U.S. stocks also rallied, to near 4-year highs. A strong dollar is usually a negative for commodities as it eases upward pressure on prices.
But Friday's session in oil, grains and metals were influenced more by optimism that the U.S. economy could pull away from other struggling regions of the world.
That could boost demand for raw materials, given the relative size of U.S. consumption versus other nations, analysts say. Even gold, which traded in opposite direction to the dollar at one time, rose with oil and other commodities. U.S. gold futures benchmark April contract settled up $12.80 at $1,711.50 an ounce. Gold is showing a lot of resiliency, precious metals attributing it partly to "firm oil prices". Crude oil was headed for a weekly gain after a three-day rally made up for Tuesday's price tumble caused by worries over Greece debt and shaky European economic data.
U.S. crude rose 82 cents for the session and 70 cents for the week, finishing at $107.40 a barrel. London's Brent rose 54 cents on the day and $2.33 on the week, closing at $125.98 In copper, aside from the growing confidence over the U.S. economy, investors were heartened by data indicating that China may soon be resorting to monetary easing that could work up demand for the base metal. China is the world's top consumer for copper, accounting for as much as 40 percent of total demand.
China's annual consumer inflation slowed sharply to a 20-month low at 3.2 percent in February, and factory output and retail sales also cooled more than forecast, giving policymakers ample room to further loosen monetary policy to support flagging growth.
Benchmark copper on the London Metal Exchange (LME) closed at $8,490, up almost 2 percent from a close of $8,330 on Thursday. For the week, however, it was down nearly 1 percent, after accounting for Tuesday's tumble of 2.5 percent.
Soybean prices rose to their highest level in 5-1/2 months on lower-than-expected South American crop estimates, before turning lower on profit-taking. Dry weather reduced the soy crop in Brazil, the world's No. 1 exporter, by 9 percent in three months and the crop in Argentina by 11 percent, the U.S. Department of Agriculture said on Friday.
The cuts in crop estimates by the USDA were much larger than traders had expected. May soybeans on the Chicago Board of Trade settled three quarters of a cent down for the session at $13.37-3/4 a bushel. For the week, it rose 4.25 cents. Its peak for Friday was $13.54 -- a high since Sept. 21.
Aside from profit-taking, soy was also pressured down by "spreading activity" in grains, which meant traders selling soybeans to buy corn and wheat. May corn ended at $6.45 a bushel, up 9-1/2 cents on the day and down 10 cents on the week.
May wheat finished at $6.43, up 8-1/4 cents for the session and off 31.5 cents on the week. (Reuters)
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