Property

KUALA LUMPUR, Mah Sing Group Bhd has acquired a 111.29-hectare freehold parcel adjacent to its existing 202.34-hectare M Legasi township in Semenyih for RM273.5 million. In a statement, the property developer said the acquisition paves the way for M Legasi 2, an integrated township featuring a mix of residential units and commercial spaces tailored to modern lifestyle needs. The sale and purchase agreements were signed with Petaling Garden Sdn Bhd, a subsidiary of SP Setia Bhd. “The newly acquired land enjoys existing road access, providing immediate connectivity and supporting faster project readiness. The development is planned over eight years, with registration of interest set for 2026 and project launch targeted for 2027,” the company said. The acquisition involves two adjoining freehold parcels in Semenyih, with a total gross area of about 123.43 hectares — of which 111.29 hectares are net developable. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the move reinforces the group’s confidence in Semenyih’s growth potential as an emerging residential and commercial hub. This marks Mah Sing’s third land deal in 2025, following the acquisitions of M Aria, a 1.12-hectare prime site in Sentul with a GDV of RM283 million, and another 0.59-hectare parcel in Kuala Lumpur City Centre, valued at RM1.28 billion in GDV.

PETALING JAYA, Pelaburan Hartanah Bhd (PHB) is charting a new course in its growth strategy by broadening its property portfolio beyond traditional office and retail assets, venturing into emerging, high-growth sectors, and upgrading its existing properties to meet modern sustainability and tenant requirements. The property investment firm, which manages assets valued at nearly RM11 billion, is also diversifying geographically — expanding beyond the Klang Valley into growth regions such as Kedah, Johor, and Terengganu, with plans to enter Sabah and Sarawak to align with Malaysia’s next phase of economic development. Pelaburan Hartanah Bhd group managing director and chief executive officer Mohamad Damshal Awang Damit. Established to enhance bumiputra participation in commercial real estate, PHB manages the Amanah Hartanah Bumiputra (AHB) fund via its subsidiary, PHB Asset Management Bhd. AHB — a syariah-compliant unit trust — allows bumiputra investors nationwide to invest in income-generating properties for as little as RM1 per unit. AHB’s portfolio includes notable assets such as Menara Prisma in Putrajaya, NU Sentral Shopping Centre, Gleneagles Hospital (Block B) in Kuala Lumpur, CP Tower in Petaling Jaya, One Precinct in Penang, and The Shore Shopping Gallery in Melaka. PHB group managing director and chief executive officer Mohamad Damshal Awang Damit said the group aims to build a “balanced, resilient and future-ready” portfolio that supports long-term growth while protecting unitholder value. “While our assets have traditionally been concentrated in offices and retail, we’re shifting towards sectors tied to structural trends that will shape Malaysia’s future,” he told StarBiz. “Healthcare is a key example — as Malaysia approaches aged-nation status by 2040, there will be growing demand for hospitals, specialist centres, and aged-care facilities.” He added that industrial real estate is another strategic focus area. “With the rapid rise of eCommerce, AI, and cloud computing, the demand for advanced logistics hubs, smart warehouses, and data centres is accelerating. PHB is actively exploring investments in these segments as part of a long-term transformation strategy.” As of August, PHB’s portfolio comprised 38% office assets, 20% retail, 13% land, 10% industrial, and 8% healthcare properties. Nearly 77% of the group’s assets are completed and income-generating, with the remainder consisting of development projects and strategically located land banks. PHB recently acquired two industrial assets — one in Kulim Hi-Tech Park, Kedah, and another near the Port of Tanjung Pelepas, Johor — worth a combined RM247 million. The Kedah property, spanning 12 acres, is fully leased to Schott Glass, a global leader in specialty glass, while the Johor site is occupied by global logistics giant Maersk. “These investments provide long-term, stable income streams from world-class tenants and strengthen PHB’s foothold in Malaysia’s key industrial and logistics corridors,” Mohamad Damshal said. He noted that both Kedah and Johor are among Malaysia’s top five states for approved investments, driven by global supply chain shifts and nearshoring trends. PHB also continues to expand along the east coast, with the opening of Mayang Mall in Kuala Terengganu last December, which has achieved an 84% occupancy rate. In June, PHB reopened 300 million new AHB units for bumiputra investors. Since AHB’s inception in 2010, it has attracted over 82,000 individual investors and 19 institutional investors, with a cumulative RM2.43 billion in income distributed to date. For the six months ended Sept 30, 2025, PHB declared a total income distribution of 2.5 sen per unit, inclusive of a 0.4 sen bonus for the first one million units held by each investor. Looking ahead, Mohamad Damshal said PHB aims to expand further into high-potential regions such as Sabah and Sarawak, targeting sectors like green energy, logistics, and sustainable development. “We are taking a disciplined approach to portfolio rebalancing — divesting mature assets when appropriate and reinvesting in higher-yielding, future-focused properties,” he said. He also noted that tenant demand is evolving toward environmental, social and governance (ESG)-compliant buildings. “The definition of quality has changed. Tenants are no longer looking just at rent or location — they want sustainability, flexibility, and strong governance. PHB is investing in precisely these areas.” PHB currently holds a AAA stable credit rating from RAM Ratings and a Gold3 sustainability rating, underscoring its strong financial discipline and ESG leadership. “These recognitions affirm PHB’s commitment to financial resilience and responsible growth,” Mohamad Damshal said. “Ultimately, every step we take — from acquiring strategic assets to expanding AHB — supports our mission to grow bumiputra ownership in commercial real estate and strengthen bumiputra economic participation.” PHB posted a net profit of RM117.2 million in the previous financial year.

KUALA LUMPUR, Sarawak Consolidated Industries Bhd has accepted a second revised contract worth RM172.4 million from Perbadanan PR1MA Malaysia (PR1MA) for the construction of affordable housing in Kota Bharu, Kelantan. In a filing with Bursa Malaysia, the construction and precast concrete specialist said its wholly owned subsidiary had received the updated Letter of Award from PR1MA, marking another adjustment to the project’s value and scope. Originally awarded in May 2021, the contract involved the development of 632 residential units valued at RM120 million. It was first revised in April 2024 to RM162 million, with a 36-month completion period and a 24-month defect liability period upon issuance of the certificate of completion and compliance for each section. Under the latest revision, SCIB said the contract value had increased by an additional RM9.95 million to reflect updated project requirements, scope adjustments, preliminary works, and value-engineering efforts. Despite the higher value, the completion timeline remains unchanged at 36 months. The project will continue to cover the full engineering, procurement, construction and commissioning (EPCC) scope, underscoring SCIB’s expertise in large-scale housing development. “Our ongoing collaboration with PR1MA highlights SCIB’s proven track record in executing nationwide affordable housing projects that align with the government’s vision of accessible homeownership,” said SCIB executive chairman Datuk Chong Loong Men. He added that the company remains committed to pursuing new project opportunities while seeking professional advice before submitting the revised agreement for final board approval. At market close on Friday, SCIB’s shares slipped half a sen or 2% to 24.5 sen, valuing the company at RM171.3 million.

KUALA LUMPUR, Sunway Real Estate Investment Trust (KL) has agreed to sell its Penang asset, Sunway Hotel Seberang Jaya, to its parent company Sunway Bhd (KL) for RM60 million. The move is part of a capital recycling initiative to fund new developments in Seberang Perai. In a Bursa Malaysia filing on Tuesday, Sunway REIT said the conditional sale and purchase agreement (SPA) was signed with Sunway Medical Centre Penang Sdn Bhd — a subsidiary of Sunway Healthcare Holdings Bhd, which is 84%-owned by Sunway City Sdn Bhd, a wholly-owned unit of Sunway Bhd. The disposal price represents a 9.1% premium to the property’s market value of RM55 million, based on a valuation in July 2025, and is expected to generate a disposal gain of RM4 million. Sunway REIT said proceeds from the sale will be channelled toward the construction of a new hotel above Sunway Carnival Mall in Seberang Perai, instead of refurbishing the ageing Seberang Jaya property. “The proposed disposal forms part of our strategic capital recycling initiative to optimise our portfolio and fund higher-growth assets,” it said. Sunway REIT originally purchased the Seberang Jaya hotel from Sunway Hotel (Seberang Jaya) Sdn Bhd in 2010 for RM51.9 million. The hotel has been under a 10-year master lease agreement since 2020, which will be terminated upon completion of the sale. The transaction, deemed a related-party deal, involves overlapping interests between Sunway’s executive chairman Tan Sri Jeffrey Cheah Fook Ling and his daughter, Datin Paduka Sarena Cheah Yean Tih, who are major shareholders in both Sunway and Sunway REIT. Completion is targeted for the fourth quarter of 2027. Separately, Sunway REIT said the new hotel at Sunway Carnival Mall is expected to cost RM140 million, while another redevelopment project at Sunway Pier in Port Klang carries an estimated cost of RM462 million. At market close on Tuesday, Sunway REIT units gained one sen or 0.46% to RM2.20, valuing the trust at RM7.53 billion. Sunway shares slipped two sen or 0.36% to RM5.48, with a market capitalisation of RM34.36 billion.

PETALING JAYA, MGB Bhd’s wholly-owned subsidiary, MGB Construction & Engineering Sdn Bhd (MGBCE), has secured a RM118.5 million contract from Uda Accord Development Sdn Bhd to undertake an affordable housing project in the heart of Kuala Lumpur. In a filing with Bursa Malaysia, MGB said the development, located on Lot 20017, Section 93, Jalan Jubilee, will comprise a 45-storey block of Residensi Wilayah apartments housing 702 residential units. The project also includes the construction of a seven-storey podium car park, a dedicated amenities floor, and a guardhouse to support the residents’ needs. The company said construction is scheduled to begin on Nov 13, 2025, and will span 30 months, with completion targeted for May 12, 2028. According to MGB, this latest win further strengthens its project portfolio and expands its footprint in the affordable housing segment — a key area of focus under Malaysia’s housing agenda. “The contract will have no effect on the issued share capital of the company, but it is expected to contribute positively to the group’s earnings and net assets per share over the duration of the project,” the group said. MGB added that the award lifts its total outstanding order book to approximately RM1.25 billion, providing a stable earnings visibility for the next few years. The company noted that Residensi Wilayah developments continue to play a vital role in meeting urban housing demand, and this project aligns with its strategy to deliver high-quality yet affordable homes in prime locations. MGBCE, which has a strong track record in large-scale residential and infrastructure projects, will serve as the design-and-build contractor for the development. The group said it remains committed to leveraging its industrialised building system (IBS) technology and sustainable construction practices to enhance efficiency and project delivery timelines. MGB is part of the LBS Bina Group, a well-established name in Malaysia’s property development and construction sectors. Shares in MGB last traded at 57 sen, valuing the company at RM376.6 million.

PETALING JAYA, Gamuda Bhd’s recent land acquisition in London is not expected to significantly impact its short-term earnings or valuations, said Maybank Investment Bank Research (Maybank IB). The research house noted that the site, together with Gamuda’s other Purpose-Built Student Accommodation (PBSA) developments — collectively valued at around RM1.9 billion in gross development value (GDV) — could help balance moderating property sales in Malaysia. Scheduled for completion between 2028 and 2029, the London project is strategically located near University College London’s East campus and the London College of Fashion, which together have over 10,000 students. The site is also in proximity to Westfield Stratford, the largest shopping mall in London, Maybank IB said. The project forms part of Gamuda’s broader plan to deliver up to 3,000 student accommodation beds across the United Kingdom within the next five years. With this acquisition, the group’s PBSA portfolio now totals 1,232 beds spanning three sites in London and Glasgow. Looking ahead, Gamuda aims to expand its PBSA footprint to key university cities including Bristol, Edinburgh, Manchester, Birmingham, and Leeds — all of which host sizable international student populations. The PBSA segment is seen as a counter-cyclical asset class with robust demand, averaging 2.7 full-time students per available bed, Maybank IB highlighted. “Upon completion, Gamuda may either retain the PBSA assets for recurring income or divest them,” the research house said. While the acquisition price was not disclosed, Maybank IB estimated that the project would add about RM67.5 million — or one sen per share — to Gamuda’s group earnings once completed.

KUALA LUMPUR, LBS Bina Group Bhd has formalised its partnership with Oriental Holdings Bhd to jointly develop a mixed-use project in Melaka, with the first phase carrying an estimated gross development value (GDV) of RM600 million. According to an exchange filing on Monday, LBS Bina’s 80%-owned subsidiary, Business Park Development Sdn Bhd, has entered into joint venture (JV) agreements with Oriental Holdings’ wholly-owned subsidiary, Ultra Green Sdn Bhd, to undertake Phases 1A and 1B of the project, covering a total of 54.75 acres. Under the JV terms, Ultra Green — the landowner — will be entitled to 17% of the RM600 million GDV, while the remainder will go to Business Park Development. The remaining 20% equity in Business Park Development is held by independent investor Au-Yang Liang Hin. Phases 1A and 1B form part of a larger four-phase master development spanning 561 acres owned by Oriental Holdings’ subsidiaries. The site is located within the Straits of Melaka Waterfront Economic Zone, a state-led initiative aimed at promoting sustainable economic growth along Melaka’s coastline. The agreements mark a progression from the memorandum of understanding signed between LBS Bina and Oriental Holdings in May this year. LBS Bina said the JV provides a strategic opportunity to strengthen its commercial portfolio, benefit from state-endorsed infrastructure initiatives, and capture long-term demand for industrial and commercial properties in the region. The partnership also complements its ongoing coastal reclamation and development project with the Melaka state government, which spans 735 acres. Based on preliminary plans, Phases 1A and 1B will primarily feature commercial terrace units, with an estimated development cost of RM490 million. The project will be financed through a combination of internally generated funds and borrowings by Business Park Development. The development period is expected to span five years, with completion targeted by 2032. On Monday, LBS Bina’s shares closed half a sen or 1.15% lower at 43 sen, valuing the group at RM679.51 million. Oriental Holdings’ shares were unchanged at RM7.05, giving it a market capitalisation of RM4.37 billion.

PETALING JAYA, Brite-Tech Bhd (BTech) has announced plans to diversify its core operations to include property investment, marking a strategic move to broaden its income sources and strengthen long-term growth prospects. In a filing with Bursa Malaysia, the group said its existing businesses are primarily focused on environmental products and services, system equipment, ancillary products, and investment holding. Currently, most of its revenue is derived from its environmental products and services segment. While continuing to improve the performance of its core business, BTech said it aims to expand its revenue base by exploring alternative income streams. The company noted that income from property rentals — currently classified under its investment holding division — has been increasing, prompting the group to reorganise its operations. “The group plans to carve out its property rental activities into a dedicated business segment, namely property investment, to enable more focused management and growth,” BTech said. The company added that its entry into the property investment business will allow it to generate returns through rental income and potential gains from the resale of investment properties. BTech views the move as a way to ensure stable recurring income while balancing its exposure to cyclical market conditions in its existing environmental services operations.

KUALA LUMPUR, Gamuda Land, the property development arm of Gamuda Bhd (KL), has acquired a site at 14 Marshgate Lane in Stratford, London, for the development of a purpose-built student accommodation (PBSA) project with an estimated gross development value (GDV) of RM600 million. In a statement released on Friday, the company said the 321-bed project will mark Gamuda Land’s first fully owned, self-developed, and self-managed PBSA venture in the United Kingdom. Scheduled for completion in the 2028/29 academic year, the development will be strategically located near University College London’s (UCL) East campus and the London College of Fashion — two institutions with a combined student population exceeding 10,000. It will also be situated close to Westfield Stratford, London’s largest retail destination. The acquisition price for the land was not disclosed. The Marshgate Lane project forms part of Gamuda Land’s broader plan to deliver up to 3,000 student beds across key UK cities within the next five years. With this latest addition, the company’s PBSA portfolio in the UK now comprises 1,232 beds across three sites. Other ongoing projects include Press House in Woolwich, London — a 419-bed joint venture with Q Investment Partners slated for completion in 2027 — and City Wharf in Glasgow, a 492-bed development in collaboration with Dandara Living expected to be completed by 2026. Gamuda Land chief executive officer Chu Wai Lune said the latest acquisition reinforces the company’s long-term strategy to diversify its overseas portfolio and expand its recurring income base through counter-cyclical asset classes. “PBSA remains a resilient investment segment underpinned by strong, steady demand from both domestic and international students,” Chu said. “This segment helps balance our residential and commercial portfolios while providing sustainable long-term returns.” Including the Marshgate Lane project, Gamuda Land’s UK development pipeline stands at approximately £1.5 billion (RM8.4 billion). This includes the £1.2 billion redevelopment of 75 London Wall in partnership with Castleforge, as well as the West Hampstead Central build-to-sell residential project.

KUALA LUMPUR, BWYS Group Bhd, a leading manufacturer of sheet metal products and scaffolding systems, has announced the acquisition of a parcel of freehold industrial land in Kuala Langat, Selangor, for RM94.5 million as part of its long-term expansion strategy. In a bourse filing on Tuesday, BWYS said its wholly owned subsidiary, BW Scaffold Industries Sdn Bhd, entered into a sale and purchase agreement (SPA) with Compass IP Sdn Bhd for the acquisition of a 28.92-acre tract of land located within the Compass @ Kota Seri Langat industrial and logistics hub in Mukim Tanjung Dua Belas, Banting. The hub is strategically situated about 60km southwest of Kuala Lumpur and 37km northwest of Klang. The company said the land purchase would support BW Scaffold’s future operational growth, as it offers a significantly larger area than its current site. “Following our recent joint venture with Runwin International (HK) Holding Group Co Ltd to set up a state-of-the-art colour-coated steel coil production line, this new acquisition marks another step forward in strengthening our production capabilities,” said managing director Kang Beng Hai. “The Banting site will allow us to consolidate our manufacturing and warehousing activities within a modern, integrated industrial hub.” BWYS plans to construct a new manufacturing complex on the land, featuring factory buildings, warehouses, and centralised labour quarters. The new facility will boost the group’s operational capacity and efficiency, supporting its businesses in scaffolding rental and supply, as well as sheet metal product manufacturing, including polyurethane foam sandwich panels, roofing sheets, and roof trusses. Construction of the new plant is expected to begin in the second quarter of 2026. According to BWYS, the move will also generate long-term cost savings by removing the need to pay annual factory rental fees, currently amounting to about RM2.66 million. The acquisition will be financed through a mix of internal funds and borrowings, including RM20 million from proceeds of its Bukit Changgang land disposal. In August, BWYS sold the Bukit Changgang property — comprising factory and office buildings — to Yusin Machinery (Malaysia) Sdn Bhd for RM67 million. Shares of BWYS closed unchanged at 23.5 sen on Wednesday, valuing the group at RM240.93 million.