Property

Mycron Steel Bhd’s wholly owned subsidiary, Melewar Steel Tube Sdn Bhd, has signed a conditional sale and purchase agreement with Melewar Industrial Group Bhd to acquire a leasehold industrial property in Shah Alam, Selangor, for RM30 million in cash. In a filing with Bursa Malaysia, Mycron said the property comprises an industrial land parcel with a single-storey detached factory, a single-storey annexed office, and several supporting ancillary buildings. The steel manufacturer said the acquisition is expected to strengthen the group’s operational flexibility, allowing it to better plan and support future business expansion while reducing rental-related costs. The company added that the property’s strategic location in Shah Alam would help minimise operational disruptions and may also offer long-term value appreciation. The proposed acquisition remains subject to several conditions, including shareholder approval at the company’s upcoming extraordinary general meeting (EGM). Barring unforeseen circumstances and pending all necessary approvals, the deal is expected to be completed in the fourth quarter of 2026. Kenanga Investment Bank Bhd has been appointed as the principal adviser for the proposed acquisition.

Varia Bhd has announced a partnership with a Johor-based property developer to jointly develop a medium-cost residential project in Bandar Seri Alam, Johor Bahru, with an estimated gross development value (GDV) of about RM250 million. In a filing with Bursa Malaysia, the group said its wholly owned subsidiary, Varia Southrise Sdn Bhd, has entered into a collaboration agreement with Seri Alam Properties Sdn Bhd for the development. Under the agreement, both parties will jointly develop a 43,810 sq m freehold parcel in Mukim Plentong into a stratified medium-cost residential scheme comprising 645 apartment units. Varia Southrise will hold the exclusive rights to undertake the development, subject to approvals from the relevant authorities. The company said that while the development order and building plans have already been approved, it is still awaiting the issuance of the advertising permit and developer’s licence. The project is expected to be launched later this year, pending final regulatory approvals. Funding for the project will primarily be sourced through project financing at the company level, supplemented by initial advances under the collaboration agreement. Any additional funding requirements will be shared equally between both parties. Varia said the collaboration aligns with its strategy to expand its property development segment through partnerships with established landowners in key growth corridors, while unlocking value from its strategic landbank and delivering sustainable long-term returns. On the market front, Varia shares closed one sen or 1.1% lower at 87 sen, giving the group a market capitalisation of approximately RM376.3 million.

Malton Bhd’s wholly owned subsidiary, Bukit Rimau Development Sdn Bhd, has proposed to acquire a 1.5-hectare freehold land parcel in Johor Bahru for RM97.23 million as part of its strategy to strengthen its development pipeline and expand its land bank. In a filing with Bursa Malaysia, the property developer said its subsidiary has entered into a conditional sale and purchase agreement with Tanjung Nakhoda (M) Sdn Bhd for the acquisition of the land, which is strategically located next to the Johor Golf and Country Club and within the integrated commercial development known as W City Larkinton. Malton said the acquisition presents an opportunity to secure a prime development site in Johor Bahru, a market that has experienced increasing property development activity in recent years. The company noted that several major developers have already acquired land and launched projects within the surrounding area, reflecting growing confidence in the locality’s long-term growth prospects. Based on a preliminary assessment, the group plans to develop residential service apartments on the site and estimates that the project could generate a gross development value (GDV) of approximately RM950 million. The estimate was derived after evaluating the development potential of the land and prevailing market prices for comparable service apartment projects in the vicinity. However, Malton said the detailed development plans have yet to be finalised. Key aspects including the project’s name, number of units, total development cost, funding structure, as well as the targeted commencement and completion dates, will only be determined after obtaining the necessary approvals from the relevant authorities. The proposed acquisition forms part of the group’s ongoing land banking strategy aimed at ensuring a sustainable pipeline of future developments. Malton said the initiative is particularly important following the recent completion and handover of its Mutiara Hilltop development in Puchong, Selangor, as well as several project launches this year, including Nova Business Hub in Sungai Buloh, Mutiara Lake Puchong, Mutiara Kempas in Johor Bahru, and The Hill Residences in Seremban. The group is also preparing for the upcoming launch of its Ukay Spring development in Ampang. “With the group’s recent project completions and ongoing launches, it is crucial to undertake land banking exercises to maintain a healthy land reserve and support the long-term sustainability of our property development business,” the company said. Malton added that the acquisition would further strengthen its development land bank and provide greater flexibility to pursue future growth opportunities. The group also expressed confidence in the development potential of the Johor Bahru market, citing the strong performance of Mutiara Kempas, its first service apartment project in the city, which achieved a 70% take-up rate since its preview launch in April this year. Subject to regulatory approvals and the fulfilment of agreed conditions, the proposed acquisition is expected to be completed by the first quarter of 2027.

MISC Bhd has secured a long-term tenancy agreement with Petroliam Nasional Bhd (PETRONAS) for office space at Menara Dayabumi in Kuala Lumpur, with the arrangement estimated to be worth RM433 million over a 15-year period. In a filing with Bursa Malaysia, the energy-related maritime group said the renewed lease reinforces its long-standing presence in one of Kuala Lumpur’s most recognisable commercial landmarks while strengthening the company’s corporate identity and brand visibility. The company noted that the agreement reflects its continued commitment to Menara Dayabumi and supports efforts to preserve buildings of historical significance within the capital city. Under the agreement, the tenancy will commence with an initial three-year term, followed by four automatic renewal periods of three years each, bringing the total tenure to 15 years. As part of the arrangement, PETRONAS has committed to undertaking extensive upgrades to the building’s common areas and facilities. The enhancement works are aimed at improving operational efficiency, elevating the overall user experience and ensuring the property meets current safety, environmental and sustainability standards. MISC said the planned improvements will contribute to maintaining Menara Dayabumi’s position as a prominent and modern commercial building while enhancing its long-term value and functionality for tenants. The company also disclosed that several recurrent transactions involving PETRONAS and MISC were carried out during the 12 months preceding the announcement, with a combined transaction value of RM65.81 million. The latest lease renewal provides MISC with long-term occupancy certainty at its corporate headquarters while reinforcing its strategic relationship with PETRONAS, one of its key stakeholders and business partners.

Malaysia’s home improvement sector has evolved significantly over the past decade. Rising homeownership aspirations, increasing consumer sophistication, and growing demand for quality living environments have transformed what was once a product-driven industry into one where experience, trust, and informed decision-making play an increasingly important role. Against this backdrop, Leonfast Group has built its business around a simple but often overlooked reality: customers are not merely purchasing bathroom fittings, kitchen solutions, or home improvement products—they are making long-term investment decisions that directly impact how they live, work, and experience their homes. Through its portfolio of brands, including Big Bath, the Group has established itself as a trusted player within Malaysia’s home living landscape by focusing not only on product accessibility, but also on customer confidence, education, and experience. Today, Leonfast Group operates across multiple segments within the home and living industry, spanning bathroom, kitchen, water heating, water filtration, and home improvement solutions. Serving homeowners, interior designers, contractors, and commercial projects nationwide, the company continues to expand its footprint while pursuing a broader ambition—to build an integrated ecosystem that simplifies decision-making and enhances the overall home improvement journey. At a time when consumers are increasingly seeking both functionality and value from their living spaces, Leonfast Group has distinguished itself by recognising that the future of home improvement extends beyond products alone. Success lies in creating meaningful experiences, building trust, and helping customers navigate complex purchasing decisions with greater confidence. Mun Phang Yew Sam, CEO, Leonfast Sdn Bhd. For many homeowners, renovation and home improvement projects can be overwhelming. Product choices are vast, technical specifications can be confusing, and the long-term implications of making the wrong decision can be costly. Leonfast Group recognised this challenge early in its growth journey. Rather than simply focusing on selling products, the company positioned itself as a facilitator of informed decision-making. Through brands such as Big Bath, Leonfast invested heavily in creating showroom environments where customers can physically experience products, compare options, seek professional guidance, and better understand what solutions are best suited to their individual lifestyles and requirements. This approach stems from a fundamental belief that customer confidence is one of the most valuable assets any business can build. As consumers become increasingly design-conscious and quality-focused, they are no longer looking solely for products—they are looking for assurance that the decisions they make today will continue to serve them well for years to come. When Leonfast first entered the market, the company identified a gap that many businesses had overlooked. While the industry was largely focused on product transactions, customers often needed something more valuable: education, consultation, comparison, and hands-on experience before making significant home investments. Bathrooms and kitchens are among the most frequently used spaces in any home. Decisions involving fixtures, fittings, water systems, and appliances often remain with homeowners for many years. Recognising this, Leonfast sought to create a more experiential retail environment where customers could make informed decisions rather than rushed purchases. As the industry matured, customer expectations evolved alongside it. Today’s consumers expect greater convenience, transparency, responsiveness, and service quality. In response, Leonfast continuously refined not only its product portfolio but also its operational systems, digital capabilities, customer journey, and showroom experience. This customer-centric philosophy continues to shape the Group’s strategic direction today. At the core of Leonfast’s growth strategy is the ambition to build a stronger ecosystem-driven business. The company has invested significantly in enhancing showroom experiences, accelerating digital transformation initiatives, strengthening collaborations with interior designers and contractors, and improving customer engagement and after-sales support. Digitalisation has become a key component of this strategy. Through enhanced systems and platforms, customers and business partners can access real-time stock availability, filter products based on specific requirements, and generate quotations more efficiently. These improvements streamline decision-making while improving operational efficiency for both retail and B2B customers. However, despite increasing digital adoption across industries, Leonfast remains committed to the importance of physical experiences. The company believes that home improvement remains a category where customers continue to value the ability to see, touch, test, and evaluate products before making purchasing decisions. This balance between technology and physical engagement reflects the Group’s broader philosophy of combining convenience with confidence. When evaluating where to allocate resources and capital, Leonfast consistently returns to a simple question: will this improve customer confidence and strengthen long-term trust? That principle has become a guiding framework for decision-making throughout the organisation. Importantly, Leonfast views growth through a different lens than many businesses. While expansion, revenue growth, and market share remain important metrics, the company believes true growth extends beyond financial performance alone. For Leonfast Group, growth means building stronger systems, developing stronger teams, deepening customer trust, and fostering long-term relationships with both homeowners and business partners. The objective is not simply to increase sales, but to create brands that customers remember for the quality of experience they received and the confidence they gained throughout their journey. Equally significant is what the company chooses not to pursue. Rather than competing solely on price, Leonfast focuses on delivering value through reliability, service, expertise, and customer experience. The Group recognises that home improvement products are long-term investments, and that customers ultimately place greater importance on durability, trust, and support than on short-term cost savings alone. As the organisation continues to scale, new challenges inevitably emerge. Interestingly, Leonfast believes that expanding product categories or opening new locations is often the easier aspect of growth. The more difficult challenge lies in maintaining consistency. Ensuring that customers receive the same level of service, guidance, and experience across multiple locations requires a disciplined approach to leadership and operations. To address this, the company has evolved from relying heavily on individual expertise towards building stronger systems, standard operating procedures, leadership structures, and communication frameworks. Developing future leaders has also become a critical priority. As the organisation grows, Leonfast understands that preserving its culture and customer-centric philosophy requires capable leaders who can carry these values forward across every level of the business. For the leadership team, this represents an important shift—from

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.

Mah Sing Group Berhad (Mah Sing) continued to demonstrate a resilient performance supported by solid operational execution and a strong financial position. With approximately RM1 billion in cash and bank balances, Mah Sing remains well-positioned to pursue strategic landbank expansion and sustain long-term growth momentum. The Group also recorded its highest dividend payout ratio in two decades, at close to 50%, reinforcing its 20-year track record of uninterrupted dividend payouts. The Group secured RM978 million in new property sales in the first five months of 2026. This strong momentum positions the Group well to pursue its full-year sales target of RM2.76 billion, supported by sustained domestic demand, particularly in the affordable and mid-market segments, alongside a well-timed pipeline of property launches. “Mah Sing continues to see sustained demand across its M Series developments, supported by encouraging take-up from recent launches including M Aria in Sentul and M Aurora in Old Klang Road. This positive momentum is expected to continue through the remainder of 2026, underpinned by an approximately RM2.06 billion pipeline of new residential and industrial offerings, as well as our growing focus on data centre-related opportunities. Backed by unbilled sales of RM3.33 billion, the Group remains well-positioned to deliver stronger earnings in 2026,” said Mah Sing’s Group Chief Executive Officer and Executive Director, Dato’ Voon Tin Yow. Upcoming launches include M Mira in Setapak; M Hana in Puchong; M Amaya and M Cora in Penang, as well as M Tiara 2 and MS Industrial Park @ Kulai in Johor. The pipeline is further reinforced by new phases of existing projects, namely M Legasi in Semenyih; M Sinar Tower B in Southville City, Bangi; M Grand Minori and Meridin East in Johor. Beyond the M Series, the Group adopts a market-driven approach by aligning its product offerings with the unique characteristics and demand dynamics of each location and catchment. In prime city centre locations such as the landmark Corus Hotel site in Kuala Lumpur, Mah Sing is strategically introducing luxury developments targeted at both local and foreign markets, while continuing to unlock long-term value from its premium landbanks. Strong Cash Flow to Support Strategic Landbank Expansion On the financial front, the Group’s balance sheet remains healthy, with cash and bank balances and investments in short-term funds of approximately RM1 billion, and a net gearing of 0.39x as at 31 March 2026. With more than RM430 million in vacant possession funds expected over the next few months, the Group’s gearing position is anticipated to improve further. This strong financial position provides the Group with flexibility to pursue strategic landbank expansion and selective acquisitions in high-growth locations, while maintaining disciplined capital allocation. On 26 May 2026, Mah Sing paid approximately RM128 million dividend to shareholders, representing close to a 50% payout ratio, the highest in two decades and well above the Group’s minimum dividend payout policy of 40%. Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum, said, “Our focus remains on building a resilient and future-ready business underpinned by disciplined execution, strong financial management and sustainable growth strategies. Mah Sing will continue to leverage its diversified development pipeline and strategic market position to capture opportunities across resilient segments. We also remain actively focused on securing strategic landbank opportunities to strengthen our development pipeline in line with future growth opportunities.” Disciplined and timely project execution, coupled with steady construction progress, continued to support the Group’s revenue, earnings and cash flow generation. The Group recently delivered vacant possession of M Astra in Setapak, which was completed 15 months ahead of schedule. Upon completion, M Astra achieved an 89% score under the Quality Assessment System in Construction (QLASSIC), the highest score recorded for a high-rise development in Malaysia. Upcoming property completions in 2026 include M Nova in Kepong; Phase 3A and 3B landed link homes of M Senyum in Salak Tinggi; Phase 2 of M Panora in Rawang, and Parcel 4A1 and 4A2 of Meridin East in Johor Bahru. These completions are expected to generate more than RM430 million in vacant possession funds, further strengthening the Group’s liquidity position. Financial Performance for Q1 2026 The Group recorded a profit after tax (“PAT”) of RM68.1 million for the quarter ended 31 March 2026, representing a 3% increase compared to the preceding year’s corresponding quarter. Revenue from property development was RM460.6 million compared to RM521.0 million in the previous year’s corresponding quarter, while operating profit was RM108.6 million as compared to RM103.4 million in the previous year’s corresponding quarter. The performance was mainly attributable to a higher proportion of sales secured from new projects, where revenue contribution is expected to pick up as construction progresses beyond the initial stages. Operating profit was also strengthened by the finalisation of construction costs for certain contracts nearing completion. The development projects that were key earnings contributors include M Nova and M Zenya in Kepong; M Astra in Setapak; M Legasi in Semenyih; M Senyum in Salak Tinggi, as well as Meridin East, M Tiara and M Minori in Johor Bahru. Other projects that also contributed include M Azura in Setapak; M Aspira in Taman Desa; M Terra in Puchong; Southville City in Bangi; and M Panora in Rawang. Mah Sing 1-2-3 Campaign Launched recently, the Mah Sing 1-2-3 Campaign is a homeownership programme designed to provide added value and greater ease of ownership for homebuyers. The campaign runs from 18 May 2026 to 31 October 2026. Customers who purchase any of the 12 participating Mah Sing projects across Klang Valley, Johor and Penang will automatically qualify for this campaign. The Mah Sing 1-2-3 Campaign offers homebuyers three incentives with a single purchase: a one-year homeownership booster, up to two years of free maintenance fees, and a RM3,000 gold coin reward for eligible units in participating projects, subject to terms and conditions