Property

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.

Mah Sing Group Bhd is set to strengthen its industrial property portfolio with the development of MS Industrial Park @ Kulai, a large-scale integrated industrial development in Johor with an estimated gross development value (GDV) of RM2.26 billion. The project marks a significant expansion for the property developer following the approval by shareholders at the group’s Extraordinary General Meeting (EGM) for the proposed acquisition of 169.63 hectares (approximately 419 acres) of freehold land in Kulai, Johor. In a statement, Mah Sing said the strategic development is expected to position the group to capitalise on growing demand for industrial spaces driven by the expansion of advanced manufacturing, logistics, technology, semiconductor-related industries, and digital infrastructure sectors. The development is also aligned with the growth potential of the Johor-Singapore Special Economic Zone (JS-SEZ), which aims to enhance cross-border economic collaboration, attract high-value investments and strengthen Johor’s position as a regional business and industrial hub. MS Industrial Park @ Kulai will be undertaken by M Industrial Development Sdn Bhd, a subsidiary in which Mah Sing holds a 60% equity interest, while KLK Land Sdn Bhd will hold the remaining 40% stake. The partnership is expected to leverage the strengths and expertise of both parties in developing a strategic industrial ecosystem in Johor. The approved land acquisition, valued at RM273.87 million, was completed on a willing buyer-willing seller basis and reflects the fair market value of the land. The transaction was supported by an independent valuation of RM274 million conducted by Knight Frank Malaysia Sdn Bhd. With the addition of MS Industrial Park @ Kulai, Mah Sing’s total landbank will increase to approximately 1,085.57 hectares, providing the group with a stronger foundation to pursue future growth opportunities across both the industrial and residential property segments. Subject to obtaining the necessary regulatory approvals, the industrial park is planned to feature a diverse range of industrial offerings, including cluster factories, semi-detached factories and detached factories, catering to the evolving needs of local and international businesses seeking strategic locations in Johor. Located within one of Malaysia’s fastest-growing economic corridors, MS Industrial Park @ Kulai is expected to benefit from Johor’s improving connectivity, proximity to Singapore, and increasing attractiveness as a destination for investment, manufacturing and supply chain activities. The development reinforces Mah Sing’s strategy to expand beyond residential projects and establish a stronger presence in Malaysia’s industrial property sector.

AME Elite Consortium Bhd and KLK Land Sdn Bhd have officially launched i-Park@Coalfields, a RM1.3 billion integrated industrial park development in Coalfields, Selangor, marking a significant expansion of their industrial property footprint in the Klang Valley. In a statement, the companies said the 151.2-acre freehold development will be undertaken by Central Gateway Development Sdn Bhd, a 60:40 joint venture between AME Elite and KLK Land. The project carries an estimated gross development value (GDV) of RM1.3 billion. (From left) Central Gateway Development Sdn Bhd directors Alfred Lee Chun Kiat, Eric Kang Koh Wei, Dylan Tan Teck Eng, Lee Wen Ling and Raymond Kok Thean Long at an event that saw AME Elite Consortium Bhd and KLK Land Sdn Bhd previewing i-Park@Coalfields — a RM1.3bil, 151.2-acre industrial park in Selangor. Central Gateway Development is a 60:40 joint venture between AME Elite and KLK Land. The new industrial park combines AME Elite’s expertise in developing integrated industrial parks with KLK Land’s experience in township planning, creating a modern industrial hub strategically located adjacent to the established Coalfields township. Situated along the Kuala Lumpur–Kuala Selangor Expressway (LATAR), i-Park@Coalfields enjoys excellent connectivity to key transportation networks, including the North-South Expressway and the West Coast Expressway. The development is also located within a 30-kilometre radius of Port Klang and Sultan Abdul Aziz Shah Airport (Subang Airport), providing businesses with convenient access to major logistics and export gateways. The strategic location positions the development within the rapidly growing northern industrial corridor of the Klang Valley, making it an attractive destination for manufacturers, logistics operators, and multinational corporations seeking high-quality industrial facilities. According to Central Gateway Development director Dylan Tan Teck Eng, the project is designed to become a premier industrial destination for companies operating in high-value sectors, including advanced manufacturing, semiconductors and electronics, automotive, medical and pharmaceutical industries, technology-driven businesses, and logistics. He said the development builds on AME Elite’s successful industrial park model in Johor and Penang, with the company now bringing its flagship concept to Selangor to meet growing demand for well-planned, strategically located industrial developments. The launch of i-Park@Coalfields further strengthens both AME Elite’s and KLK Land’s presence in Malaysia’s industrial property sector while supporting the country’s manufacturing and investment ecosystem through the development of modern, sustainable industrial infrastructure.

Mah Sing Group Bhd has secured shareholders’ approval to proceed with the acquisition of approximately 419.17 acres of freehold land in Kulai, Johor, paving the way for the development of its RM2.26 billion gross development value (GDV) MS Industrial Park @ Kulai project within the Johor-Singapore Special Economic Zone (JS-SEZ). The property developer said the proposed acquisition received overwhelming support from shareholders, with 99.9% of votes cast in favour during an extraordinary general meeting held on Wednesday morning. From left: Mah Sing Group Bhd group CEO and executive director Datuk Voon Tin Yow, chairman/independent non-executive director Admiral (R) Tan Sri Abu Bakar Abdul Jamal, deputy group CEO and executive director Lionel Leong Jihn Haur, executive director Datuk Steven Ng Poh Seng, and founder and group MD Tan Sri Leong Hoy Kum. The land will be acquired from Kuala Lumpur Kepong Bhd’s (KLK) wholly owned subsidiary, Aura Muhibah Sdn Bhd, for RM273.87 million. Mah Sing said the purchase consideration was arrived at based on a willing buyer-willing seller basis and is supported by an independent valuation of RM274 million conducted by Knight Frank Malaysia Sdn Bhd. The acquisition is expected to be completed in the fourth quarter of 2026, after which development works for MS Industrial Park @ Kulai are scheduled to commence. The industrial park development will be undertaken by M Industrial Development Sdn Bhd, a joint venture company between Mah Sing and KLK Land Sdn Bhd. Mah Sing will hold a 60% stake in the joint venture, while KLK Land, a wholly owned subsidiary of KLK, will own the remaining 40%. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the strong shareholder support reflects confidence in the strategic importance of the project, which is expected to strengthen the group’s industrial property portfolio and create long-term value for shareholders. The MS Industrial Park @ Kulai is designed to support key growth sectors including advanced manufacturing, logistics, technology and digital infrastructure. Strategically located within Iskandar Malaysia, the development is situated close to major connectivity hubs such as Senai International Airport, Port of Tanjung Pelepas, Johor Port, the North-South Expressway, Senai-Desaru Expressway and the Second Link connecting Malaysia and Singapore. The project will feature a mix of industrial offerings, including cluster factories, semi-detached factories, detached factories and industrial land parcels ranging from one to eight acres. These parcels are expected to cater to customised industrial facilities, logistics operations and potential data centre developments. Upon completion of the acquisition, Mah Sing’s total land bank will increase to approximately 2,682.51 acres, providing the group with greater opportunities to expand its residential and industrial development pipeline. Mah Sing noted that it has established a presence in Johor since 2000, having completed various residential townships and industrial developments in the state with a combined GDV of approximately RM4.47 billion. The group’s ongoing and upcoming Johor projects, including M Grand Minori, M Minori, Meridin East, M Tiara 2 and Tiara Hills, collectively carry an estimated development value of RM11.62 billion. Mah Sing first announced the MS Industrial Park @ Kulai project through a joint venture signing ceremony with KLK on Dec 19, 2025. Under the arrangement, Mah Sing will oversee the planning, development and execution of the industrial park through a project management agreement. The latest development marks another step in Mah Sing’s strategy to expand its industrial property portfolio amid growing demand for manufacturing, logistics and technology-related infrastructure in the Johor region.

Geohan Corp Bhd has strengthened its project pipeline after securing a contract worth RM40.9 million from China State Construction Engineering (M) Sdn Bhd to undertake construction works for a mixed development project in Kuala Lumpur. In a statement, the foundation and geotechnical specialist said the contract covers key construction activities for a prestigious development located along Persiaran KLCC, Kuala Lumpur. The project comprises two 65-storey serviced apartment towers with a combined total of 850 residential units. Under the awarded contract, Geohan’s scope of works includes bored piling works, reinforced concrete works and basement wall construction, which form critical components of the development’s foundation and structural requirements. The company said the construction works are expected to be completed by early June 2027, contributing to the group’s ongoing efforts to maintain a healthy project pipeline and reinforce its position within the construction and infrastructure sector. Geohan added that the latest contract win comes shortly after the group secured another major project, namely the RM28 million Xintiandi development project located in Genting Permai, where construction activities commenced in May 2026. The two recent project awards have helped sustain Geohan’s order book at approximately RM420 million, supported by a diversified portfolio comprising residential developments, mixed-use projects and infrastructure-related works across Peninsular Malaysia. The group said these project wins reflect continued confidence from industry players in Geohan’s technical capabilities and execution expertise, particularly in foundation engineering and complex construction works.