Property

Careplus Group Bhd has entered into an agreement to dispose of a parcel of land in Pekan Bukit Kepayang, Negeri Sembilan, for RM42 million as part of its efforts to unlock the value of its property assets and strengthen its financial position. The land, measuring approximately 40,680 sq m, will be sold to Delloyd Asset Portfolio (M) Sdn Bhd. A purpose-built single-storey retail complex is currently situated on the property. In a filing with Bursa Malaysia, Careplus said the proposed disposal represents an opportunity for the group to monetise its investment in the property and realise value from the asset at an attractive consideration. The company expects the transaction to result in a pro forma gain of approximately RM2.09 million, which will contribute positively to its financial position upon completion of the disposal. Careplus said proceeds from the sale will be strategically utilised to support the group’s future growth initiatives, including the construction of a new energy vehicle (NEV) manufacturing hub, the acquisition of related equipment, as well as the repayment of existing bank borrowings. The company added that the disposal will allow it to reallocate capital towards its core expansion plans, particularly in strengthening its capabilities within the new energy vehicle manufacturing segment. Subject to the fulfilment of relevant conditions and barring any unforeseen circumstances, Careplus expects the proposed disposal to be completed by the end of the 2026 calendar year. The transaction forms part of the group’s ongoing strategy to optimise its asset portfolio while creating greater value for shareholders and supporting its long-term business growth objectives.

Sime Darby Property Bhd (SimeProp) is set to expand its presence in Kuala Lumpur’s prime property market after accepting a binding letter of offer from Permodalan Nasional Bhd (PNB) for the proposed acquisition of Wisma Universiti Tun Abdul Razak (Wisma UniRazak) for RM160 million. The acquisition involves a 1.46-acre freehold site strategically located along Jalan Tun Razak, one of Kuala Lumpur’s established commercial and residential corridors. The property currently comprises a 15-storey office building supported by a basement car park facility. Following the completion of the acquisition and subject to the necessary approvals for its development plans, SimeProp intends to transform the site into a premium mixed-use development with an estimated gross development value (GDV) of RM900 million. The proposed redevelopment is expected to introduce a new landmark project in the city centre, combining residential, commercial, and lifestyle elements to cater to the growing demand for well-connected urban developments. SimeProp plans to launch the project in 2028, with completion targeted within five years from the launch date. The property developer said the acquisition aligns with its strategy to strengthen its portfolio in high-value locations while capitalising on opportunities within Kuala Lumpur’s mature and strategic urban areas. SimeProp added that the development will build on the group’s track record in delivering premium projects in the city, including Jendela Residences and The Ophera at the Kuala Lumpur Golf and Country Club, further enhancing its position as a key player in the urban property development segment. The proposed acquisition remains subject to the fulfilment of relevant conditions, including approvals from the relevant authorities and completion of the transaction process.

Axis Real Estate Investment Trust (Axis-REIT) is acquiring a fully occupied distribution centre in Bandar Saujana Putra, Selangor, from City-Link Express (M) Sdn Bhd for RM128 million in cash. In a filing, Axis-REIT’s trustee RHB Trustees Bhd said it has entered into a sale and purchase agreement for the property, which consists of a distribution centre and ancillary buildings located on two contiguous leasehold commercial land parcels measuring a total of approximately 46,776 sq metres. The facility has a total lettable area of around 355,023 sq ft and currently serves as one of City-Link Express’ key distribution hubs, supporting its logistics and delivery operations. Axis-REIT said the acquisition is in line with its strategy to expand its portfolio of income-generating logistics assets, particularly in strategic locations within the Klang Valley. The transaction is expected to be completed in the fourth quarter of 2026. Upon completion, City-Link Express will enter into a 15-year leaseback arrangement, ensuring continued occupation of the facility while providing stable and long-term rental income for the REIT. Under the lease agreement, Axis-REIT will receive an initial monthly rental income of RM661,878, with provisions for periodic rental escalations throughout the lease tenure, enhancing the asset’s long-term income profile. Axis-REIT said the acquisition will be funded via existing bank borrowings and is expected to increase its gearing level to approximately 33.94% of audited total assets as at Dec 31, 2025. The property is strategically positioned near several major highways, including the ELITE, SKVE, West Coast Expressway (WCE) and KESAS, providing strong connectivity to key logistics and industrial corridors across the Klang Valley and supporting efficient distribution operations.

BDB Land Sdn Bhd (BDB Land), a wholly owned subsidiary of Bina Darulaman Bhd (BDB), is developing the Darulaman Commercial District (DCD), a new commercial centre with a gross development value (GDV) of RM41.5 million in Bandar Darulaman, Jitra. BDB group chief executive officer Che Abdul Khalid Md Din said the project spans 5.01 acres (2.02 hectares) and comprises 45 units of two- and three-storey shop offices, alongside a new BDB Land corporate office building. He said the development will function as a business hub and lifestyle destination serving the surrounding community. The project is strategically located next to the North-South Expressway (PLUS) and close to Darulaman Golf & Country Club (DGCC), Tasik Darulaman Park, and Fantasia Aquapark, all of which are BDB-owned assets, offering strong accessibility and potential economic spillover effects. “This strategic location will enhance the area’s economic connectivity by integrating residential, commercial, recreational, and tourism components into a complementary ecosystem, supporting Bandar Darulaman’s position as a key growth centre in the northern region,” he said in a statement. He added that the development is part of the group’s broader efforts to strengthen the property ecosystem within the 2,200-acre Bandar Darulaman township, which currently comprises more than 5,000 residential units and various mixed-development components. “This initiative also supports BDB’s long-term strategy to enhance the overall value of the township. DCD is designed to provide a more organised and modern business environment that meets the current and future needs of the business community and stimulates activity in retail, services, and entrepreneurship,” he said. He noted that preliminary works have already begun, including site clearing and land preparation ahead of the next construction phase. Che Abdul Khalid said BDB Land remains committed to ensuring that every development delivers long-term value to property owners and enhances community well-being in Bandar Darulaman, in line with the ESG principles upheld by the group. “Each development is not solely focused on physical infrastructure but also on social and governance aspects through more liveable urban planning that supports sustainable economic growth. This approach forms the foundation for a more organised, balanced, and high-quality environment for future generations,” he said. The project is now open for bookings. For more information, contact BDB Land at 04-919 9080 or 013-496 4288.

S P Setia Berhad (“Setia” or “the Group”) today broke ground on its 509-acre Setia Fontaines Industrial Park in Bertam, Kepala Batas, marking a major milestone in the Group’s growth strategy and reinforcing Penang’s position as a future-ready investment destination. The ceremony was graced by Prime Minister Datuk Seri Anwar Ibrahim and Penang Chief Minister Chow Kon Yeow. Groundbreaking Ceremony for Setia Fontaines Industrial Park S P Setia broke ground on the 509-acre Setia Fontaines Industrial Park in Bertam, Penang on 20 June 2026. The event was witnessed by Dato’ Seri Utama Anwar Ibrahim, Prime Minister of Malaysia, and Chow Kon Yeow, Chief Minister of Penang. From left: 1. Dato’ Dr Mohamad Abdul Hamid, Deputy Chief Minister I of Penang 2. Chow Kon Yeow, Chief Minister of Penang 3. Dato’ Seri Utama Anwar Ibrahim, Prime Minister of Malaysia 4. Datuk Ir. Khairil Anwar Ahmad, Senior Independent Non-Executive Director, S P Setia Bhd 5. Datuk Zaini Yusoff, President and Chief Executive Officer, S P Setia Bhd. The event also witnessed the exchange of a Memorandum of Collaboration (MoC) between Setia Fontaines and the Northern Corridor Implementation Authority (NCIA) to explore the supply of green energy to the park, enhancing its appeal as a sustainability-led destination for businesses and investors. Part of the 1,691-acre freehold Setia Fontaines township, the industrial park offers light industrial, medium industrial and commercial lots catering to a broad range of occupiers, from small and medium enterprises (SMEs) to larger corporations. The development enjoys strong connectivity to Penang Island, Bukit Mertajam, Seberang Jaya and Kulim, with direct access to the North-South Expressway. Datuk Zaini Yusoff, President and Chief Executive Officer of S P Setia, said, “The groundbreaking of Setia Fontaines Industrial Park is a landmark moment for S P Setia and a strong signal of our confidence in Penang’s future. More than an industrial development, it reflects our vision to build a next-generation economic hub with world-class infrastructure for advanced manufacturing, digital infrastructure and high-technology industries in the Northern Region. “More importantly, this development reflects Setia’s capacity to translate national aspirations into tangible outcomes on the ground. In advancing the aspirations of Ekonomi MADANI, Setia Fontaines Industrial Park is designed to support innovation-led growth, strengthen industrial competitiveness and create broader economic participation across the value chain. From SMEs to multinational corporations, this development opens up meaningful opportunities for businesses to grow within a sustainable, future-ready ecosystem, underscoring Setia’s commitment to shaping progress that is both high-value and inclusive,” he added. Ready Supply of Green Electricity Under the MoC, Setia Fontaines and NCIA will explore a Corporate Renewable Energy Supply Scheme (CRESS), enabling Setia Fontaines Industrial Park and its tenants to access green electricity via the national grid from regional renewable energy developers. The collaboration highlights the role of public-private partnerships in advancing sustainable industrial development, supporting Malaysia’s low-carbon ambitions and strengthening Penang’s attractiveness to high-value investors. Exchange of Memorandum of Collaboration (MoC) Between NCIA and Setia Fontaines Sdn Bhd   Datuk Zaini Yusoff, President and Chief Executive Officer of S P Setia Bhd (right), and Dato’ Mohamad Haris Kader Sultan, Chief Executive of the Northern Corridor Implementation Authority (NCIA), exchange a Memorandum of Collaboration (MoC) between NCIA and Setia Fontaines Sdn Bhd. Datuk Zaini said, “Demand across our industrial developments is increasingly shaped by occupiers’ sustainability requirements. This collaboration reflects Setia’s commitment to integrating sustainability into our industrial strategy while enhancing long-term competitiveness and value creation.” NCIA Chief Executive Datuk Mohamad Haris Kader Sultan said, “The Special Renewable Energy Economy Zone (SREEZ) under the Northern Corridor Economic Region (NCER) is a demand-driven ecosystem that integrates renewable energy supply with committed industrial offtake to support bankable green investments. “Our collaboration with S P Setia positions Setia Fontaines Industrial Park as an anchor green consumer, strengthening demand certainty and project viability. This enhances NCER’s attractiveness as a hub for sustainable industrial growth and supports the attraction of investments requiring low-carbon energy solutions,” he said. Pipeline of 640 Affordable Homes Setia Fontaines and the Penang State Housing Board (LPNPP) also exchanged Memorandum of Agreement (MoA) documents for Pangsapuri Pinang Setia, comprising 640 affordable homes targeted for completion in 2029. Each 650 sq ft unit will feature three bedrooms and two bathrooms, and will be priced at RM42,000. Pangsapuri Pinang Setia reflects Setia’s commitment to delivering sustainable communities and enriching lifestyles to more families across its townships. Residents will benefit from the wider Setia Fontaines ecosystem, including 37 acres of central parks and 63 acres of manmade lakes. The affordable homes will also enjoy proximity to educational institutions such as Pusat Kanser Tun Abdullah Ahmad Badawi Universiti Sains Malaysia (USM), Universiti Teknologi MARA (UiTM), Maktab Rendah Sains Mara (MRSM) and Kolej Matrikulasi Pulau Pinang. Expected to reach a population of 30,000 by 2041, Setia Fontaines aims to set a new benchmark for integrated development in northern Penang. The Prime Minister toured the township’s 100-acre Heritage Park, which features the largest Musical Fountain in Northern Malaysia, interconnected islands with jogging and cycling tracks, and a Waterfront Lifestyle Centre. Envisioned to drive socio-economic growth and create employment opportunities, Setia Fontaines is expected to contribute towards both state and national aspirations of positioning Penang as a hub for investment and sustainable development. With more than 50 years of experience in delivering quality developments, Setia remains committed to its purpose of building sustainable communities with enriching lifestyles through sustainable homes and expansive green spaces across its townships.

Propel Global Bhd is expanding into property development with the launch of a commercial project in Kuantan carrying an estimated gross development value (GDV) of RM64 million. The project, named Riverpoint, marks the group’s maiden venture into commercial property development and is part of its broader strategy to diversify beyond its core oil and gas and engineering-related businesses, the company said in a statement on Monday. Developed by its wholly owned subsidiary Propel Global Development Sdn Bhd, Riverpoint comprises 31 units of three-storey freehold shoplots located along Jalan Tanah Putih, next to the “Welcome to Kuantan” arch. “We aim to establish Riverpoint as a landmark commercial destination and a catalyst for the area’s continued commercial growth, while generating sustainable value for shareholders, business partners and the wider community,” said group chief executive officer Angeline Lee. The move into property comes as Propel Global continues to face an uneven earnings performance. The group slipped into the red for the financial year ended June 30, 2025 (FY2025), posting a net loss of RM22.79 million on revenue of RM111.48 million. For the first nine months of FY2026 ended March 31, it recorded a net loss of RM17.44 million on revenue of RM56.98 million. Prior to FY2025, the company was profitable in FY2023 and FY2024, after recording nine consecutive years of losses from FY2014 to FY2022. Its balance sheet remains geared, with cash and bank balances of RM14.01 million as at March 31, 2026, against short-term borrowings of RM9.06 million and long-term debt of RM24.99 million, resulting in a net debt position. Propel Global is primarily involved in oil and gas services, including pipe recovery and well intervention, as well as building technical services covering engineering, construction, project management and maintenance for commercial and industrial facilities. The group has also indicated plans to venture into sustainable development and digital technology as part of its longer-term shift towards a lower-carbon business model. Shares in Propel Global closed 0.5 sen or 8.3% higher at 6.5 sen on Monday, valuing the company at about RM54 million. The stock has declined 27.8% over the past year.

Kerjaya Prospek Group Bhd has secured a RM529.32 million contract from BRDB Developments Sdn Bhd to build a luxury residential project in Bukit Tunku, Kuala Lumpur. The contract, awarded to its wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd, involves the construction of eight villa residence blocks comprising 146 units, two car park blocks, two basement levels, a clubhouse and other common facilities at Jalan Gallagher, Taman Duta. Construction commenced on June 16, 2026, and is expected to be completed within 33 months. Kerjaya said the project will provide an additional revenue stream over the next three years and strengthen its order book. The contract is also expected to contribute positively to earnings from FY2026 to FY2029. Chief executive officer Tee Eng Tiong said the award reflects the group’s strong track record in delivering premium residential developments and the continued confidence placed in its execution capabilities. Including this latest contract, Kerjaya’s year-to-date job wins have reached approximately RM1.6 billion, while its outstanding order book stands at RM4.5 billion.

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.