Property

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.

Axis Real Estate Investment Trust’s (Axis-REIT) trustee, RHB Trustees Bhd, has entered into a sale and purchase agreement with Megalift Sdn Bhd to acquire three adjoining warehouse facilities located in Taman Perindustrian Pulau Indah, Klang, for a total cash consideration of RM61 million. In a statement, Axis-REIT said the proposed acquisition comprises three adjoining parcels of leasehold industrial land, with a total land area of 29,101.59 sq m, on which three blocks of warehouses, including ancillary buildings, have been erected. “The property is currently fully owner-occupied by Megalift and utilised for warehousing operations,” the statement said. Upon completion of the acquisition, which is targeted for the first quarter of 2027, Megalift will lease back the property under a five-year leaseback arrangement, providing Axis-REIT with an initial monthly rental of RM316,826.90. This rental amount is subject to step-up increases over the course of the lease period. The proposed acquisition will be funded through Axis-REIT’s existing bank facilities and is expected to raise the trust’s financing ratio to approximately 33.12% of its audited total assets as at Dec 31, 2025. Commenting on the proposed acquisition, Axis REIT Managers Bhd chief executive officer and executive director Leong Kit May said the deal further emphasises the trust’s strategy of expanding its portfolio through industrial assets situated in prominent locations. “The property is located within Taman Perindustrian Pulau Indah, an important industrial hub within Port Klang with access to major highways. These include the Pulau Indah Highway, New Klang Valley Expressway, Shah Alam Expressway, South Klang Valley Expressway and North-South Expressway,” she said. She added that the property’s close proximity to Northport, Westport and Southport — key shipping terminals serving Port Klang — further supports its strategic role in supply chain and distribution operations, reinforcing the appeal of the asset within Axis-REIT’s broader industrial portfolio strategy.

FBG Holdings Bhd is seeking to end its collaboration with Penang Development Corporation (PDC) on the proposed MediCity joint development project in Batu Kawan, Penang. In a filing with Bursa Malaysia today, FBG said its wholly owned subsidiary, FBG Land Sdn Bhd (FBL), had written to PDC on Aug 21, 2026, regarding the Master Purchase and Development Agreement (PDA) previously entered into by FBG, FBL and PDC for the project. “FBG is proposing that the parties discuss an orderly conclusion of the existing collaboration under the PDA,” the company said in the filing. The construction and property development group said discussions between FBL and PDC on the proposed cessation are currently ongoing, adding that further announcements would be made upon any material development, or once the parties reach an agreement on the terms and conditions surrounding the termination of the collaboration. FBG and FBL had originally entered into the PDA with PDC on Jan 20, 2025, laying the groundwork for what was envisioned as a significant healthcare and mixed-use development in the region. Under the agreement, FBG had anticipated that the first phase of the Penang Medi-City project would carry a gross development value (GDV) of RM2 billion, positioning it as a major project within the group’s development pipeline. About 30% of the phase one development was planned to comprise medical components, including a 200-bed specialist hospital, a wellness centre, and a healthcare complex, reflecting the project’s original ambition to establish a comprehensive medical hub within Penang. Phase one was also expected to include the construction of FBG Global Park, which was intended to serve as a commercial area, alongside an international school and residential components comprising serviced apartments and villas, rounding out what was envisioned as an integrated township development combining healthcare, education, commerce and residential living. The proposed cessation of the collaboration raises questions over the future direction of the MediCity project and what it could mean for FBG’s broader development plans in the Batu Kawan area moving forward.

Mah Sing Group Bhd is disposing of approximately 78.8 acres of its Mah Sing DC Hub @ Southville City land for RM617.9 million, as part of its strategy to move further up the digital infrastructure value chain. The group said it has, through its wholly-owned subsidiary Southville City Sdn Bhd, proposed to dispose of the commercial land to WG Malaysia X Sdn Bhd, a wholly-owned subsidiary of an established international digital infrastructure group. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum. In a statement, Mah Sing said the transaction marks a significant monetisation of its development-ready digital infrastructure landbank, allowing it to recycle capital into higher-value opportunities. The move represents a key milestone in the company’s strategic transformation from a property developer into an integrated digital and artificial intelligence (AI) infrastructure developer. “Digital infrastructure represents a natural extension of our development capabilities, and we intend to build this into a meaningful second growth engine for Mah Sing over time,” said Tan Sri Leong Hoy Kum, Mah Sing’s founder and group managing director. The group’s digital infrastructure strategy is driven by a “monetise, develop and own” approach, involving three complementary pathways: the selective monetisation of development-ready land, the development of enabling infrastructure and core-and-shell facilities, and the ownership of income-generating digital infrastructure assets in partnership with experienced operators. While property development remains Mah Sing’s core strength, the group said it is leveraging its capabilities in landbanking, development, infrastructure delivery and strategic partnerships to expand into the digital infrastructure sector. Through this second growth engine, the group aims to unlock capital from its landbank, progressively build recurring-income opportunities and establish long-term ownership of digital infrastructure assets, broadening its earnings base and creating sustainable long-term value for shareholders. Mah Sing also said it is in the preliminary stages of plans to develop a colocation data centre within Mah Sing DC Hub @ Southville City, in partnership with an experienced colocation operator. Beyond this, the group said it also sees further opportunities at Meridin East in Johor Baru and MS Industrial Park @ Kulai within the Johor-Singapore Special Economic Zone, which could potentially support multiple phases of hyperscale, AI and colocation development. “AI is reshaping the global digital infrastructure landscape, and Malaysia is well positioned to capture a meaningful share of this growth,” Leong said. “Our ambition is to build Mah Sing into a company that can participate not only in property development, but also in the infrastructure supporting the next generation of AI and digital services.”

Sime Darby Property Bhd is acquiring 225.39 hectares of freehold land in Kulai, Johor, from SD Guthrie Bhd for RM418.5 million. The land, located along Jalan Kulai-Kota Tinggi within Flagship Zone F of the Johor-Singapore Special Economic Zone (JS-SEZ), will be developed into a township with an estimated gross development value of RM3 billion. Sime Darby Property Bhd is acquiring 225.39 hectares of freehold land in Kulai, Johor, from SD Guthrie Bhd for RM418.5 million to develop a township with an estimated gross development value of RM3 billion. The acquisition is being made through Sime Darby Property (Kulai) Sdn Bhd, which has signed an agreement with SD Guthrie. The planned township will include landed residential and commercial properties, with the first phase expected to be launched in 2028. The entire development is expected to take 10 to 15 years to complete. Sime Darby Property group managing director and CEO Datuk Seri Azmir Merican said the acquisition would strengthen the company’s presence in Johor and expand its development portfolio. He said the site’s location within the JS-SEZ provides an opportunity to develop a sustainable township that supports growing market demand, economic activity and job creation. The acquisition will add to Sime Darby Property’s existing Johor developments, including Bandar Universiti Pagoh and Taman Pasir Putih in Pasir Gudang. The company said the purchase would also diversify its earnings beyond the Klang Valley and Negri Sembilan while strengthening its long-term development pipeline.

IOI Properties Group Bhd (IOIPG) has received approval from the Securities Commission Malaysia (SC) for the establishment and proposed listing of its IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) on Bursa Malaysia’s Main Market. IOIPG said the Reit will have an initial fund size of 5.5 billion units and acquire a portfolio of properties for a total purchase consideration of RM7.57 billion. The proposed REIT will have an initial fund size of 5.5 billion units and will acquire a portfolio of properties from IOIPG with a total purchase consideration of RM7.57 billion. The acquisition will be funded through a combination of units issued to IOIPG and cash. Under the proposal, 5.5 billion REIT units will be issued at 90 sen per unit, while the remaining RM2.65 billion will be paid in cash. The cash portion will be funded through the issuance of sukuk. The portfolio to be transferred to the REIT comprises several prominent commercial, hospitality and mixed-use properties across Malaysia. These include IOI City Mall, IOI City Towers and PFCC Towers, alongside a number of established hotels such as Putrajaya Marriott Hotel, Le Méridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang. The proposed listing is expected to provide IOIPG with a platform to unlock value from its existing property assets while allowing the group to retain an interest in a diversified portfolio of income-generating properties. For investors, the REIT will provide exposure to a portfolio spanning retail, office and hospitality assets located in established commercial and tourism destinations. As part of the proposed offering, approximately 715.61 million units will be made available to retail investors, while up to 1.48 billion units will be offered to institutional and selected investors. The proposed establishment and listing of IOIPG REIT marks another step in IOIPG’s efforts to optimise its property portfolio and create a dedicated investment vehicle for its income-generating assets. The listing remains subject to the fulfilment of the relevant conditions and requirements set by the authorities.

Malaysian Resources Corp Bhd (MRCB) is set to sell a parcel of land in Cyberjaya for RM419.05 million cash as part of its ongoing asset monetisation strategy. The disposal will be carried out through MRCB’s indirect wholly owned subsidiary, Subang Sentral Sdn Bhd (SSSB), which has entered into a conditional Sale and Purchase Agreement (SPA) with Digital Cosmos Malaysia Sdn Bhd for the sale of seven land parcels. The land parcels, which currently span approximately 36.66 acres, will be consolidated into a single title following the surrender and re-alienation process, resulting in a larger combined tract measuring about 45.81 acres. In a filing with Bursa Malaysia, MRCB said the land is strategically located within Cyberjaya City Centre, an area positioned as a key technology and business hub. An independent valuation conducted by Raine & Horne International Zaki + Partners Sdn Bhd valued the land at RM419.1 million, equivalent to approximately RM210 per square foot, which is in line with the proposed disposal consideration. MRCB expects the transaction to generate a pro forma gain of approximately RM81.4 million, strengthening the group’s financial position while unlocking value from its existing property assets. The company said the proceeds from the disposal will primarily be used to support its financial management initiatives. Approximately RM350 million from the proceeds will be allocated towards the repayment of its Sukuk Murabahah financing due within the next 12 months. Based on the prevailing interest rate of 4.24% per annum, MRCB expects the repayment of borrowings to generate estimated gross interest cost savings of RM14.84 million annually. The remaining RM31.12 million will be utilised to support the group’s working capital requirements, including its ongoing construction and property development activities. MRCB said the proposed disposal aligns with its strategy of actively managing its asset portfolio, improving capital efficiency and strengthening its financial flexibility to support future growth opportunities.

OCR Group Bhd is set to expand its property-related capabilities through a proposed acquisition of a 49% equity interest in Chester Properties Sdn Bhd for RM19.6 million, as part of the group’s strategy to enhance its property marketing and sales operations. In a filing with Bursa Malaysia, OCR Group said it has entered into a conditional share sale agreement with Datuk Howard Chew Si Hoo to acquire the stake in Chester Properties, with the purchase consideration to be fully satisfied through the issuance of 478.05 million new OCR Group shares at an issue price of 4.1 sen per share. Chew, 42, is among the shareholders of Chester Properties, a Malaysian property agency company principally involved in providing property sales and marketing services across the country. Established as a growing player in the property agency sector, Chester Properties currently operates 11 branches nationwide, with a presence in several key property markets including Kuala Lumpur, Selangor, Melaka, Sarawak and Johor. The company is supported by a network of approximately 4,000 property agents, providing extensive market reach and sales capabilities. OCR Group said the proposed acquisition will enable the company to tap into Chester Properties’ established expertise, industry knowledge and nationwide sales network to strengthen its property development activities. “Upon completion of the proposed acquisition, the group intends to leverage on the expertise of the existing management team as well as the established sales channels and network of Chester Properties to enhance the effectiveness of its project marketing and sales activities,” OCR said. The partnership is expected to create greater synergies between OCR Group’s property development business and Chester Properties’ agency platform, allowing the group to improve customer outreach, optimise project sales strategies and enhance its ability to market future developments. Through the acquisition, OCR aims to build a more integrated property ecosystem by combining its development capabilities with a wider property sales network, positioning the group for stronger growth opportunities within Malaysia’s competitive real estate sector.

MyNews Holdings to Acquire RM24.7 Million Industrial Land in Rawang for New Distribution Centre Expansion MyNews Holdings Bhd is set to strengthen its logistics and supply chain capabilities through a proposed acquisition of a 13.5-acre leasehold industrial land in Rawang, Selangor, valued at RM24.7 million. In a filing with Bursa Malaysia, the convenience retail operator said the proposed acquisition from Thung Hing Metal Industry Sdn Bhd represents a strategic investment that supports the group’s long-term operational expansion plans. The company said the acquisition is primarily aimed at facilitating the development of a new distribution centre to support its growing business needs. MyNews’ existing distribution centre is currently operating at constrained capacity, limiting its ability to accommodate future expansion and increasing operational requirements. By securing the new industrial site, MyNews will be able to proceed with the construction of a larger and more efficient distribution facility, which is expected to improve its supply chain management, enhance operational flexibility and support the continued growth of its nationwide convenience retail network. The group highlighted that acquiring the land at this stage would also allow it to mitigate potential challenges arising from rising property prices and the limited availability of suitable industrial sites in strategic locations. The proposed new distribution centre is expected to provide additional capacity for inventory management, logistics coordination and distribution activities, enabling MyNews to better serve its expanding store network while improving overall efficiency across its operations. The Rawang location is also expected to offer strategic advantages due to its connectivity and accessibility to key industrial and commercial areas within the Klang Valley, further supporting the company’s distribution and logistics requirements. MyNews said the proposed acquisition aligns with its broader strategy of investing in infrastructure and capabilities that will strengthen its business resilience and position the group for sustainable long-term growth.