Author name: exchangemsia_admin

Oriental Holdings Bhd’s unit, Melaka Straits Medical Centre Sdn Bhd (MSMC), has entered into a joint venture with Ideal Hasrat Bumiraya Sdn Bhd, a company under Ideal Property Group, to develop a tertiary medical centre known as the Ideal Oriental Medical Centre. In a statement on Friday, MSMC said the collaboration formalised on Thursday marks a step towards strengthening healthcare delivery in northern Peninsular Malaysia through an integrated medical ecosystem combining advanced tertiary care, technology-driven services, and urban connectivity. The proposed medical centre will be developed on a 0.7689-hectare site within the Queens Waterfront master plan in Penang and is expected to be completed by end-2030. The facility is intended to serve residents in areas such as Gelugor, Bayan Baru, and Bayan Lepas, as well as the wider industrial workforce in the Bayan Lepas manufacturing corridor. MSMC said the project is also positioned to support Penang’s medical tourism sector, catering to both local and international patients seeking specialised healthcare services. The development is expected to further strengthen Penang’s position as a regional healthcare hub, while contributing to the state’s long-term goals in healthcare excellence, medical tourism, and sustainable urban growth.

IJM Corporation Bhd is selling a hypermarket building in Sandakan, Sabah, to its tenant, supermarket operator Econsave, for RM47.5 million. In a Bursa filing on Friday, IJM said its unit IJM Properties Sdn Bhd has signed a sale and purchase agreement with Coupang Sdn Bhd, the asset-holding company of Econsave Cash & Carry Sdn Bhd, for the disposal of the single-storey hypermarket located on a 2.35-acre site (9,518.4 sq m). The group said the disposal allows it to unlock asset value and optimise capital allocation in line with its strategic objectives. From the proceeds, RM46 million will be used for working capital, while the remainder will cover transaction-related expenses. IJM expects to record a gain of about RM34 million from the disposal, compared with the property’s audited net book value of RM12.02 million as at end-March 2025. The transaction is classified as a related-party deal, as IJM independent non-executive director Tan Ting Min is deemed interested due to her spouse Lai Sia Ling being a major shareholder of Coupang. She has abstained and will continue to abstain from board deliberations and voting on the matter, IJM said. The property is currently leased to supermarket chain Bataras Sdn Bhd, which was acquired by Econsave in May 2025. Econsave is owned by the Lai family, with Lai Sia Ling and his siblings each holding equal stakes. The group expects the disposal to be completed by the third quarter. IJM shares closed nine sen higher at RM2.26, valuing the company at RM8.26 billion.

Tanco Holdings Bhd is proposing up to RM250 million in financial assistance for its joint venture with Menteri Besar Negeri Sembilan (Incorporated) (MBINS) to support the acquisition of land and development of an industrial park in Port Dickson. According to a filing with Bursa Malaysia, the proposed funding includes RM88.5 million for land acquisition, RM4.64 million for incidental costs, RM150 million for first-phase development, and RM6.87 million for contingencies. In October 2024, Tanco announced that its 80 per cent indirect subsidiary, Tanco Land Sdn Bhd (TLSB), had entered into an 80:20 joint venture with MBINS to develop the Port Dickson Free Zone (PDFZ). The industrial park will be developed on approximately 575 acres of land currently owned by SD Guthrie Bhd, and will feature warehouses, factories, and supporting infrastructure, to be developed in phases. In June 2025, MBINS entered into an agreement with SD Guthrie to acquire the land for RM88.5 million. Under the arrangement, MBINS will temporarily hold the land on behalf of the joint venture company, PDFZ Sdn Bhd, before transferring ownership upon completion. TLSB will be primarily responsible for arranging financing for both the land acquisition and project development. Tanco said the financial assistance will be provided through a combination of shareholder advances and corporate guarantees for bank borrowings, depending on the project’s financing requirements. The company noted that the funding is intended to avoid delays and ensure the timely completion of the project’s first phase, which is expected to contribute positively to future earnings. The proposal remains subject to shareholders’ approval at an extraordinary general meeting (EGM). Subject to approvals, the land acquisition is expected to be completed in the second half of 2026. On Friday, Tanco shares rose one sen, or 0.6 per cent, to RM1.75, valuing the company at approximately RM10.7 billion.

Property developer Thriven Global Bhd has placed its 1.99-acre land in Section 13, Petaling Jaya, on the market through an expression of interest (EOI) exercise, with an asking price of approximately RM54 million, or RM625 per sq ft (psf). The site, known as Lot 53, is located along Jalan Professor Khoo Kay Kim (formerly Jalan Semangat), with the EOI exercise set to close on July 8. The land previously housed the corporate office of Mudajaya Group Bhd, but is currently occupied by Flour, Fire & Stone café and pickleball club Pickle Park, both operated by Kenny Hills Hospitality Group. In 2018, Thriven — then known as Mulpha Land Bhd — had planned a RM317 million mixed development, known as Lumi Section 13, comprising a 42-storey residential tower with 310 serviced units. However, the project was later shelved. The sale is being exclusively marketed by Zerin Properties. Section 13’s Urban Transformation Located near mature neighbourhoods such as SS2, SS19, SEA Park, and Taman Paramount, Section 13 has gradually transformed from an industrial district into a mixed-use residential and commercial area. Industry observers say redevelopment efforts have been supported by rezoning initiatives from the Petaling Jaya City Council (MBPJ), encouraging developers to acquire former industrial land for new projects. According to market experts, former factory sites in the area have been redeveloped into projects including Jaya 33, Plaza 33, Atwater, Ryan & Miho, Pacific Tower, and Pacific 63 Residence. The precinct is also seeing increased activity from upcoming developments, including redevelopment of the former Dutch Lady factory, the old Kickapoo bottling plant, and land linked to Tan Chong. Recent land transactions in the area have reportedly ranged between RM515 and RM650 psf, reflecting continued investor interest. Industry players say Section 13 remains attractive due to its central Petaling Jaya location, highway accessibility, and growing mix of residential, commercial, lifestyle, and digital infrastructure developments. At RM625 psf, Thriven’s asking price is considered within the upper range of recent comparable transactions in the area. Shares in Thriven Global closed at seven sen last Thursday, valuing the company at approximately RM38.29 million.