Property

NCT Alliance Bhd has officially launched the second phase of its NCT Smart Industrial Park (NSIP) in Sepang, Selangor, with a gross development value (GDV) of RM2.5 billion. Spanning 230.13 acres, Phase 2 will feature 241 industrial units, including detached, semi-detached, cluster and terraced factories, alongside industrial land parcels. Details on unit sizes and pricing will be announced later. The development is part of the larger RM10.2 billion NSIP project, which will be completed in six phases. Phase 1, covering 230.09 acres with 280 factory units, has achieved a 90% take-up rate, with keys handed over to buyers during the Phase 2 launch. Future phases will introduce additional industrial facilities and commercial developments, including petrol stations and shoplots. NCT Alliance executive director Yap Chun Theng said the industrial park has attracted businesses from various sectors, including technology, manufacturing, automotive, hospitality, ESG-related industries and small and medium enterprises (SMEs). He highlighted that NSIP supports Malaysia’s New Industrial Master Plan 2030, which focuses on high-value manufacturing, digitalisation and smart factory development. The project aims to move beyond traditional industrial parks by creating a modern, technology-driven industrial ecosystem with integrated management and services. Selangor Menteri Besar Datuk Seri Amiruddin Shari, who officiated the launch, said NSIP plays an important role in the Integrated Development Region in South Selangor (IDRISS) and the state’s industrial expansion. He expressed confidence that the development would attract high-value investments, create quality job opportunities and contribute to Selangor’s long-term economic growth. During the event, NCT Alliance also received a Master Services Agreement for the Managed Industrial Park (MIP) model from Majlis Perbandaran Kuala Langat. The MIP model combines centralised park management, security and digital services to improve business operations. It also includes the NCT G App, a digital platform that connects businesses and tenants directly with park management. Through these initiatives, NCT Alliance aims to establish NSIP as a modern, sustainable and well-managed industrial hub supporting Malaysia’s growing industrial sector.

QES Group Bhd is expanding its operations in Singapore with the acquisition of two office units worth S$5.47 million (approximately RM17.48 million). In a filing with Bursa Malaysia, the company announced that QES (Singapore) Pte Ltd, a 70%-owned subsidiary of QES (Asia-Pacific) Sdn Bhd, had signed a sale and purchase agreement with Singapore-based property developer JVA Nir Pte Ltd. The two freehold units are located at the Space Nova development along New Industrial Road in Singapore. Although classified for clean industrial (B1) use, the units will be used as office spaces to support QES Singapore’s business operations. The purchase price will be paid in cash through instalments based on construction progress, with vacant possession expected by 30 June 2029. QES Group plans to finance 90% of the acquisition, or approximately S$4.92 million, through bank borrowings. The remaining 10% will be funded using internally generated funds. The company has already paid a 5% deposit of approximately S$270,000 on 7 August 2026. According to QES Group, the acquisition is part of its strategy to support future business expansion in Singapore. Its existing premises have limited space for daily operations and product demonstrations. The new units will provide additional room for business activities, equipment demonstrations and customer visits. The acquisition is expected to increase the group’s gearing ratio from 0.31 times at the end of 2025 to 0.39 times. However, QES Group does not expect the purchase to have a significant impact on its earnings per share for the current financial year. The company indicated that the transaction is expected to be completed in the third quarter of 2026, while vacant possession of the units is scheduled for 2029. QES Group specialises in the sale and servicing of scientific instruments, industrial equipment and components. It also provides vision software solutions and engineering consultancy services. At the close of trading on Tuesday, QES Group shares fell two sen, or 3.4%, to 56.5 sen, giving the company a market capitalisation of approximately RM471.3 million. The property acquisition is expected to provide QES Singapore with additional space to support its operations and future business growth.

Centurion Corporation is expanding its presence in Malaysia with the acquisition of a workers’ accommodation facility in Pasir Gudang, Johor, for RM214.5 million (approximately S$67.2 million). The acquisition will increase the company’s accommodation capacity in Malaysia by approximately 20%, bringing its total to 43,980 beds across 14 properties. The newly acquired property is located on two adjoining parcels of leasehold land covering 9.73 acres, with leases expiring on 31 May 2069. The development consists of 444 apartment-style units across eight five-storey buildings, with a total built-up area of 749,358 sq ft and an approved capacity of 7,974 beds. The first section of the property is already operational and occupied by workers employed in nearby industrial areas. Tenants include companies involved in food manufacturing, chemicals, metals, logistics and other services. Meanwhile, construction of the second section has recently been completed, with leasing expected to begin progressively following the completion of the acquisition. The property is strategically located near Pasir Gudang’s established manufacturing and port facilities, and within five kilometres of the growing Tanjung Langsat heavy industrial corridor. Centurion Corporation CEO Kong Chee Min described the acquisition as an important milestone in strengthening the company’s Malaysian portfolio and supporting its investment commitment to the Johor-Singapore Special Economic Zone (JS-SEZ). “As more manufacturers establish operations in Johor, demand for compliant worker accommodation continues to grow. This asset complements our existing portfolio and positions us to meet that demand,” he said. The acquisition comes as Johor continues to attract manufacturing and industrial investments, creating growing demand for properly managed workers’ accommodation. Centurion Corporation shares closed at S$1.54 on 8 September, declining 1.91% for the day, although the stock had gained 12.41% year-to-date. The latest investment further strengthens Centurion’s position in Malaysia’s workers’ accommodation sector, particularly in Johor’s expanding industrial market.

The Penang state government plans to auction a six-acre plot of land along Gurney Drive in George Town, aiming to raise more than RM300 million to support the completion of the delayed Air Itam bypass project. The land, identified as Plot 7A in Tanjung Pinang Town, is located along Jalan Peter Paul Dason, connecting Gurney Drive to Andaman Island. According to the state government gazette, the public auction was scheduled for 7 October 2026 at Komtar, with a reserve price of RM1,200 per square foot. Vacant land in the surrounding area is currently valued at more than RM1,000 per square foot. Sources cited by The Edge indicated that the land sale could generate over RM300 million, with the proceeds expected to help project concessionaire Consortium Zenith Construction Sdn Bhd (CZC) complete the bypass. The RM851 million project, known as Package Two of Penang’s undersea tunnel and paired roads development, covers approximately six kilometres. It will connect Lebuhraya Thean Teik in Farlim to the Tun Dr Lim Chong Eu Expressway through elevated roads, tunnels and ground-level routes. Construction began in February 2021 after several years of planning and approvals, with the project initially targeted for completion in 2025. However, progress has been affected by land acquisition delays and financial challenges faced by the concessionaire. In May, Penang Chief Minister Chow Kon Yeow clarified that the construction contract was awarded in 2020 and that physical work only began in 2021, despite the project having been discussed since 2012. He also acknowledged that the concessionaire had experienced financial difficulties, which contributed to slower construction progress. Chow dismissed the Covid-19 pandemic as an ongoing justification for the delays, stressing that the project must move forward. The project was granted its first extension of time in 2023 due to land acquisition issues, moving the completion deadline to 31 October 2026. A second extension was subsequently approved, setting a new completion date of 12 April 2027. Penang state executive councillor and Paya Terubong assemblyman Wong Hon Wai recently reported that construction had reached 91% completion. In a Facebook post, Wong said the contractor had assured him that the project would be completed by April 2027. However, he also highlighted that progress at certain sections remained unsatisfactory and called for further intervention from the state government to ensure timely completion. The bypass forms part of a larger infrastructure initiative introduced in 2013, when CZC was selected through an open tender to develop an undersea tunnel and three major bypass roads on Penang Island. The consortium was established as a joint venture between Beijing Urban Construction Group and local company Zenith Construction Sdn Bhd. Under the original arrangement, the Penang government granted the consortium development rights over approximately 45 hectares of land at Gurney Bay in exchange for infrastructure construction, rather than financing the project through toll collection. Federal environmental approval for the three bypass roads was obtained in 2017, followed by an agreement for the second package of works in 2019. Although a groundbreaking ceremony was held in November 2019, actual construction only commenced in February 2021. Once completed, the bypass is expected to significantly improve connectivity between Air Itam and the coastal expressway, potentially reducing travel time to approximately five minutes. The proposed land auction represents another effort by the Penang government to address the project’s funding challenges and accelerate completion of the long-awaited road connection.

Southeast Asian private equity firm Creador, through its philanthropic arm Creador Foundation, has reportedly acquired two historic buildings in downtown Kuala Lumpur — the former RHB building along Jalan Tun H S Lee and Bangunan UOB in Medan Pasar. The acquisitions are part of Creador Foundation’s ongoing efforts to restore and revitalise Kuala Lumpur’s historic city centre. According to sources, the 13-storey RHB building at 75 Jalan Tun H S Lee was acquired for approximately RM30 million, close to its previously reported reserve price. The building holds significant historical value, having originally served as the headquarters of Kwong Yik Bank, Malaya’s first local bank, established in 1913. It was officially opened in 1965 by Malaysia’s first prime minister, Tunku Abdul Rahman Putra Al-Haj. The building later became part of RHB Bank’s history following the acquisition of Kwong Yik Bank by Rashid Hussain Bhd in 1996 and its subsequent merger with DCB Bank in 1997. RHB has announced that its branch at the location will close in January 2027. Meanwhile, Creador Foundation is understood to have purchased Bangunan UOB at 10–12 Medan Pasar, together with two neighbouring shophouses, for slightly less than RM40 million. Both properties are located within Kuala Lumpur’s historic commercial district, where Creador Foundation and its founders’ Alaka Holdings Trust have been actively involved in restoration projects. Sources indicate that Creador has acquired approximately 17 of the 27 buildings in the Medan Pasar area, while the remaining 10 are believed to be leased. The foundation’s revitalisation efforts have also received government support. On 13 August, Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh announced a collaboration between Kuala Lumpur City Hall (DBKL) and Creador Foundation to improve public spaces and rainwater management in Medan Pasar. Since 2024, Creador Foundation has been working to restore heritage buildings around Medan Pasar and Central Market, transforming previously vacant properties into new commercial, cultural and community spaces. Among its completed projects is the restoration of a row of historic shophouses in Medan Pasar, including the Sin Seng Nam corner building, which now houses KLCG Confectionery & Bakery. One of the foundation’s major upcoming developments is the Muara Arts Gallery, a 20,000 sq ft public gallery dedicated to modern and contemporary Malaysian and Southeast Asian art. Located across six restored Art Deco shophouses dating back to the 1930s, the gallery is scheduled to open in November 2026. The nearby Muara Arts Theatre is also under construction and is expected to be completed by 2029. Established in 2018, Creador Foundation was founded by Creador founder and CEO Brahmal Vasudevan and his wife, lawyer Shanthi Kandiah, who founded SK Chambers. Creador, established in 2011, is a Southeast Asian private equity firm known for its investments in companies such as MR DIY, Hock Kee Kopitiam and BIG Pharmacy. According to its website, the firm manages approximately US$3.1 billion (RM12.52 billion) in assets. The latest acquisitions further strengthen Creador Foundation’s role in preserving Kuala Lumpur’s architectural heritage while bringing new business, arts and cultural activities into the historic city centre.

The Penang state government will auction a six-acre parcel of land on Gurney Drive in George Town to raise more than RM300 million to help complete the long-delayed bypass road project linking Air Itam with the Tun Dr Lim Chong Eu Expressway. The land, known as Plot 7A in Tanjung Pinang Town in the northeast district, is located on Jalan Peter Paul Dason, which connects Gurney Drive with Andaman Island. According to the state government gazette, the site will be offered at public auction at 11am on Oct 7 at Komtar. The reserve price has been set at RM1,200 psf, while vacant land in the surrounding area is currently fetching more than RM1,000 psf on the open market. Sources tell The Edge that the sale could generate more than RM300 million, with the proceeds intended to help the project’s concessionaire, Consortium Zenith Construction Sdn Bhd (CZC), complete the bypass. The RM851 million bypass project, also known as Package Two of Penang’s undersea tunnel and paired roads project, stretches approximately 6km. It is intended to connect Lebuhraya Thean Teik in Farlim with the Tun Dr Lim Chong Eu Expressway through a combination of elevated viaducts, tunnels and ground-level roads. Construction began in February 2021 after years of planning and approvals, and was initially expected to be completed in 2025. The project is being undertaken by CZC under Penang Infrastructure Corp (PIC). For years, the promised five-minute commute between Air Itam and the coastal expressway remained just that — a promise. The bypass project has moved at a crawl, and Penangites are starting to suspect that the delays are not purely technical. In May, Penang Chief Minister Chow Kon Yeow denied that the project has been dragging since 2012. He said the contract was awarded only in 2020, before physical works started in 2021. Asked whether the concessionaire had run into financial difficulties due to the Covid-19 pandemic, he said the pandemic was long over. “Covid-19 has already passed. We cannot continue using the same excuse,” he said. Chow confirmed that the concessionaire had faced financial issues that slowed progress on the project. He stressed, however, that work was still ongoing and the completion deadline remained April next year. The project received its first extension of time (EOT) in 2023, after land acquisition processes affected key stretches of the alignment, extending the deadline to Oct 31 this year. A second EOT was approved in the middle of last year, pushing the completion date to April 12 next year. Penang state executive councillor and Paya Terubong assemblyman Wong Hon Wai said in a recent Facebook post that the project had reached 91% completion and remains on track to be completed next year. He said the contractor had assured him the project would be finished according to schedule on April 12, 2027. He noted, however, that progress at the other end remained far from satisfactory, adding that intervention from the state government was needed at this juncture. In 2013, CZC was selected through an open tender to construct an undersea tunnel and three main bypass roads on the island. The consortium, formed a year earlier, is a joint venture between Beijing Urban Construction Group — known for its work on venues for the 2008 Beijing Olympics — and local firm Zenith Construction Sdn Bhd. Instead of funding the project through tolls, the state government granted CZC exclusive development rights over roughly 45ha at Gurney Bay, in a deal that effectively swapped infrastructure for property development. Federal environmental approval for the three bypass roads came in 2017. Two years later, the Penang government signed an agreement for the second package of works, followed by a groundbreaking ceremony in November that year. Actual construction did not begin until 2021, with completion now targeted for 2026.

Private equity firm Creador, through its philanthropic arm Creador Foundation, has reportedly picked up two more buildings in downtown Kuala Lumpur — the historic RHB building on Jalan Tun H S Lee and Bangunan UOB on Medan Pasar — according to sources familiar with the deals. The RHB building, a 13-storey office block at 75 Jalan Tun H S Lee, had been listed earlier this year with a reserve price of RM30 million. Sources say it sold close to that figure. The building carries real history — it was once the headquarters of Kwong Yik Bank, Malaya’s first local bank, founded in 1913, and was officially opened in 1965 by then-prime minister Tunku Abdul Rahman. It later became linked to RHB Bank through a series of mergers in the 1990s. RHB has confirmed its branch there will close in January 2027. Fewer details are available on the Bangunan UOB deal, but sources say Creador Foundation bought the building along with two neighbouring shoplots for just under RM40 million. The property sits in the same historic banking district, just north of Dataran Merdeka. The area is clearly in transition — construction and restoration work is visibly underway. According to one source, Creador has now acquired 17 of the 27 buildings in the Medan Pasar area, with another 10 under lease. In August, the government announced a partnership between Kuala Lumpur City Hall and Creador Foundation to revamp the area’s public spaces and improve drainage. These latest purchases continue a heritage-restoration effort Creador Foundation has run since 2024, focused on Medan Pasar and the nearby Central Market district. Past projects include restoring a row of shophouses now home to KLCG Confectionery & Bakery. Its biggest undertaking so far is Muara Arts Gallery, a roughly 20,000 sq ft public art space set across six 1930s Art Deco shophouses, due to open in November. A companion performing arts theatre is under construction and expected to finish by 2029. Creador Foundation was founded in 2018 by Creador’s CEO Brahmal Vasudevan and his wife, lawyer Shanthi Kandiah. Creador itself, set up in 2011, is a well-known private equity investor in Southeast Asia — backing brands like MR DIY, Hock Kee Kopitiam and BIG Pharmacy — and manages about US$3.1 billion in assets.

LBS Bina Group Bhd has secured MYDIN as the anchor supermarket for its flagship KITA @ Cybersouth township in Dengkil, Selangor, strengthening the range of retail and everyday amenities available within the growing development. MYDIN will become the first supermarket to operate within KITA @ Cybersouth, occupying approximately 1.37 acres of land with a built-up area of about 24,000 sq ft. The supermarket will serve residents of the 633-acre Malay Reserve Land township as the community continues to expand. The addition of MYDIN forms part of LBS Bina’s efforts to develop KITA @ Cybersouth into a more self-sufficient township by providing residents with convenient access to groceries, household necessities and other daily essentials closer to home. From left: LBS group managing director and CEO Datuk Lim Hock Guan, LBS group executive chairman Tan Sri Lim Hock San, MYDIN managing director Datuk Ameer Ali Mydin and MYDIN executive director Ahimmat Mydin Mohamed (Pix by LBS Bina Group). The supermarket will also complement the ongoing development of KITA Avenue Square, the township’s commercial component. Shoplots within the development are currently under construction, with prices starting from RM1.39 million. LBS Group Managing Director and Chief Executive Officer Datuk Lim Hock Guan said the introduction of MYDIN reflects the developer’s focus on ensuring that amenities within the township grow alongside the needs of its residents. “As KITA @ Cybersouth continues to grow, it is important that the amenities and services within the township evolve in line with our residents’ needs. The introduction of MYDIN as the township’s first supermarket is another step towards creating a more complete community, where everyday essentials are within easy reach,” he said. KITA @ Cybersouth currently has an estimated population catchment of about 67,000 people, with younger homebuyers forming a significant proportion of the township’s demographic. Buyers aged 40 and below account for approximately 63% of the total, highlighting the development’s appeal among younger households and families. The township is planned to comprise approximately 16,000 units upon completion. Nearly 40% of the units have already been completed, while another 5% are currently under construction. The remaining 55% are at various stages of planning, providing further room for residential and commercial growth. MYDIN Managing Director Datuk Ameer Ali Mydin said the decision to establish a supermarket at KITA @ Cybersouth reflects the retailer’s confidence in the long-term growth potential of Cybersouth. He said the collaboration with LBS is significant given the property developer’s experience in developing established communities as well as emerging growth areas. “Our decision to open MYDIN as the first supermarket in KITA @ Cybersouth also reflects our confidence in the strong potential of Cybersouth, which is developing rapidly and attracting a growing number of residents, particularly young families,” he said. The partnership is expected to further strengthen KITA @ Cybersouth’s retail offering as the township’s population grows, while providing residents with greater convenience and supporting the development of a more integrated residential and commercial community.

Axis Real Estate Investment Trust is acquiring three adjoining parcels of industrial land with warehouse facilities in Taman Perindustrian Pulau Indah, Klang, for RM61 million. In a Bursa Malaysia filing on Wednesday, the REIT said its trustee, RHB Trustees Bhd, had entered into a sale and purchase agreement with Megalift Sdn Bhd, the owner of the properties, for the proposed acquisition. The 99-year leasehold land, spanning a total area of 29,101.59 sq m, houses three blocks of warehouses and ancillary buildings with a gross floor and net lettable area of approximately 16,856 sq m. The property is currently fully owner-occupied by Megalift and used for warehousing operations. Upon completion of the acquisition, Megalift will lease back the property under a five-year leaseback arrangement, providing Axis REIT with an initial monthly rental of RM316,826.90, subject to agreed rental increases over the course of the lease period. In a separate statement, Axis REIT Managers Bhd chief executive officer and executive director Leong Kit May said the proposed acquisition aligns with Axis REIT’s strategy of expanding its portfolio through industrial assets located in prominent areas. “The property is located within Taman Perindustrian Pulau Indah, an important industrial hub within Port Klang with access to major highways,” she said, adding that its close proximity to Northport, Westport and Southport — key shipping terminals serving Port Klang — further supports its strategic role in supply chain and distribution operations. The acquisition will be funded through Axis REIT’s existing bank facilities and is expected to be completed by the first quarter of 2027. Axis REIT units closed seven sen, or 3.7%, lower at RM1.85 on Wednesday, valuing the industrial-focused REIT at RM3.75 billion.

Matrix Concepts Holdings Bhd is targeting RM1.8 billion in new property sales for the financial year ending March 31, 2027 (FY2027), according to a press statement on Thursday. The property developer said the sales target represents a step up from the record RM1.5 billion achieved in FY2026, supported by RM2 billion worth of planned new project launches across Negeri Sembilan, the Klang Valley and Johor. In the first quarter ended June 30, 2026 (1QFY2027), group revenue grew 11% year-on-year to RM315.6 million, while new property sales rose 9.2% to RM416.7 million. As at June 30, 2026, unbilled sales stood at RM1.5 billion, providing earnings visibility over the next 15 to 18 months. “As we celebrate our 30th anniversary, FY2027 marks an important milestone in Matrix Concepts’ growth journey,” said chairman Datuk Mohamad Haslah Mohamad Amin. “Over the past several years, we have broadened our geographical footprint, enhanced our development capabilities and integrated complementary businesses around our core property operations,” he added. Mohamad Haslah said the group’s confidence is underpinned by its development pipeline and growing contributions from new and recurring income streams, as it moves towards the upper tier of Malaysia’s property development industry. Its Sendayan developments in Negeri Sembilan remain the group’s largest revenue contributor, supported by take-up rates exceeding 80%. Meanwhile, MVV City — a 2,382-acre integrated development jointly developed with the Negeri Sembilan government, with an estimated gross development value of RM15 billion — serves as a key catalyst for future growth. Initial focus will centre on its industrial precinct, MVV TechValley, before expanding into residential and commercial components. Outside Negeri Sembilan, the group is expanding its presence in the Klang Valley across Puchong, Kota Warisan, Sepang and Banting, a push that is projected to contribute 20% to 25% of group sales over time. Over the longer term, revenue contributions from outside Negeri Sembilan are expected to exceed 30%. Matrix Concepts is also widening its earnings base through recurring income initiatives, including its M333 St Kilda build-to-rent asset in Melbourne, Australia, which generates approximately A$2 million (RM5.83 million) in annual profit before tax. Non-property operations also include hospitality, education and healthcare initiatives, such as the planned Matrix Medical Centre Sendayan in 2027 and a 130-bed nursing care centre. For 1QFY2027, the group declared a first interim dividend of 1.40 sen per share, amounting to a total payout of RM26.3 million.