Property

Tropicana Corporation Bhd has signed 10 memoranda of understanding (MOUs) through its wholly owned hospitality arm, T Journey Collection Sdn Bhd, as part of efforts to strengthen its hospitality ecosystem. T Journey was established as a dedicated hospitality platform to grow Tropicana’s short-stay and experiential hospitality offerings. It brings together partners across mobility, travel services, food and beverage, leisure attractions and hospitality technology. At the core of the ecosystem is the T Concierge platform, an in-house developed guest service system designed to curate and bundle travel services into seamless, bookable end-to-end experiences. The 10 MOUs, signed on Feb 10, 2026, cover collaborations in institutional support, mobility and loyalty programmes, travel agencies, F&B operators, leisure attractions and hospitality tech providers. “Ahead of T Journey’s grand launch in March 2026, this milestone reflects our commitment to building a strong hospitality ecosystem through strategic partnerships, while delivering greater value to our property buyers and a seamless travel experience for guests,” said Ixora Ang, managing director of marketing, sales and business development. T Journey will debut in Langkawi with curated residences anchored by Tropicana Cenang, a 5.28-acre freehold beachfront development at Pantai Cenang. The project features serviced suites and retail components with direct beach access and resort-style facilities. Phase 1 (Assana Serviced Suites) and Phase 2 (Merissa Serviced Suites) reached their topping-off milestone in July 2025 and are on track for completion in the first quarter of 2026, with full operations expected by mid-2026. Both phases have achieved 100% take-up, comprising 831 units in Assana and 60 fully furnished units in Merissa.

Lim Seong Hai Capital Bhd has inked two agreements for mixed-use developments in Kuala Lumpur and Selangor, with a combined estimated gross development value (GDV) of RM903.9 million. The first project, a 52-storey mixed development along Jalan Pahang in Setapak with a GDV of RM500 million, will be undertaken by LSH’s wholly owned subsidiary, Astana Setia Sdn Bhd, in collaboration with Airman Sdn Bhd — a company fully owned by LSH chairman Tan Sri Lim Keng Cheng. The project spans multiple lots and includes an existing three-storey shophouse. This transaction qualifies as a recurrent related-party deal. The second project, a mixed residential and commercial development in Gombak valued at RM403.9 million, will be developed by LSH Best Builders Sdn Bhd, another wholly owned subsidiary, in partnership with Bakti Jaya Impian Sdn Bhd, owned by Syed Azelan Syed Yusof. Both projects fall under LSH’s BEST Collaboration Framework, which allows its subsidiaries to tender for construction works, provide building materials and equipment, and receive first rights on alternative design works. The subsidiaries will also earn 75% of gross profits from each development, after deducting direct HQ costs. LSH said the deals will not impact share capital, net assets, gearing, or current earnings but are expected to contribute positively once the projects are launched. Shareholders Approve Morib Rejuvenation Project LSH shareholders recently approved resolutions related to the Morib rejuvenation project, allowing Besteel Engtech Sdn Bhd to subscribe to new shares in two special-purpose vehicles (SPVs) — LSH Morib Golf & Country Club Sdn Bhd and LSH Morib Development Sdn Bhd. LSH Best Builders will hold 70% and Besteel 30% in each SPV. The project gives LSH access to 450 acres of land, including a core development footprint and first right of refusal over additional land. The first 150 acres have a preliminary estimated GDV of RM850 million over 10 years. LSH shares closed at RM1.97, down five sen or 2.5%, valuing the group at RM1.65 billion. The stock has gained nearly 140% over the past year.

Scanwolf Corporation Bhd’s wholly owned subsidiary, Scanwolf Plastic Industries Sdn Bhd, has secured a significant contract from Vestland Resources Sdn Bhd valued at RM70 million for superstructure and mechanical works. The contract involves the development of two commercial blocks: a 69-storey Small Office Home Office (SoHo) building and a 78-storey Small Office Versatile Office (SoVo) building. These projects form part of Vestland Resources’ broader commercial development plan, highlighting Scanwolf’s growing footprint in large-scale construction works. According to a Bursa Malaysia filing on Friday, the subcontract work is scheduled to commence on February 27, 2026, and is expected to be completed by June 9, 2029. Scanwolf noted that the award is likely to have a positive impact on the company’s earnings and net assets per share for the financial year ending June 30, 2026. This latest contract win reinforces Scanwolf’s reputation in delivering complex mechanical and superstructure projects and adds substantial value to its order book, supporting the company’s long-term growth objectives in the Malaysian construction sector.

OSK Property is preparing to launch OSK Yarra 33, a RM43.23 million commercial project featuring 33 freehold shop offices within the OSK Yarra Park township in Sungai Petani, Kedah, targeted for unveiling in the third quarter of 2026. Located on a 5.77-acre freehold parcel in Precinct 4, the development will comprise two- and three-storey shop offices tailored for contemporary business use. Indicative prices are expected to begin from RM785,000 for standard intermediate units measuring 22ft by 88ft, with a built-up area of 3,080 sq ft. Corner and end-lot units will also be available. Strategically positioned along Persiaran Yarra 1 and facing an established hypermarket, the project enjoys frontage within a catchment area estimated to serve around 220,000 residents from nearby townships including Bandar Puteri Jaya, OSK Yarra Park, Bandar Mutiara, Taman Batik and SP Heights. OSK Property chief executive officer Ong Ghee Bin said the launch follows the full take-up of BPJ Business Park and reflects growing demand for strategically located, well-designed commercial spaces in Sungai Petani. As OSK Yarra Park continues to evolve, OSK Yarra 33 is envisioned as a key commercial component supporting sustainable business growth and enhancing the township’s overall vibrancy. The project is part of OSK Yarra Park’s ongoing expansion, which has progressively strengthened its mix of residential and commercial offerings in the area.

Malaysia Airports Holdings Bhd (MAHB) has imposed RM9.1 million in liquidated and ascertained damages (LAD) on contractors responsible for the Kuala Lumpur International Airport (KLIA) aerotrain project, Transport Minister Anthony Loke confirmed in a written parliamentary reply on Thursday. The penalties were levied against the Alstom and IJM-Pestech Joint Venture (IPJV), covering a 91-day period from April 1 to June 30 last year. Under the terms of the contract, the LAD is calculated at RM100,000 per day, resulting in a total charge of RM9.1 million. Loke was responding to a parliamentary question from Khoo Poay Tiong (Pakatan Harapan-Kota Melaka), who inquired about the amount of LAD imposed on the Alstom-IJM-Pestech JV for failing to deliver the aerotrain project satisfactorily. The KLIA aerotrain links the satellite terminal building to the main terminal and is a critical part of passenger movement within the airport. Services were suspended in March 2023 following a major breakdown that left passengers stranded midway along the track. The system was initially scheduled to resume operations by March 31, 2025. The aerotrain replacement project was originally awarded to Pestech International Bhd in December 2021, with French rolling stock manufacturer Alstom supplying the trains. However, MAHB terminated Pestech’s contract five months later, citing non-performance, missed project milestones and the risk of further delays. In January 2024, Pestech was reappointed to the project, this time forming a joint venture with IJM Construction Sdn Bhd under a consortium with Alstom. The driverless aerotrain system eventually resumed operations in July 2025. Despite the system’s restart, it has continued to experience service disruptions, prompting complaints from passengers and the public. The RM456 million project, designed to improve connectivity between terminals and enhance passenger convenience, has faced repeated setbacks and operational challenges. The imposition of LAD underscores MAHB’s enforcement of contractual accountability and serves as a warning to contractors on the importance of adhering to project timelines and quality standards. The penalties aim to mitigate losses and ensure that infrastructure projects of strategic importance, such as the KLIA aerotrain, are delivered efficiently and reliably for the benefit of airport users.

Sunway Construction Group Bhd  has won new contracts worth RM1.15 billion for shell-and-core projects from a US-based multinational technology company. In a Bursa Malaysia filing, SunCon said its fully owned subsidiary, Sunway Construction Sdn Bhd, will start work immediately, with completion expected by May 2027. The client’s identity was not disclosed. These latest wins raise SunCon’s total order book to RM6.9 billion, including RM1.2 billion secured in the first two months of 2026. The group aims to replenish RM6 billion in orders this year, following a record RM5.2 billion replenishment in 2025. The new contracts come after a strong 2025 performance, with SunCon declaring a fourth interim dividend of nine sen per share, bringing the total payout to a record 50.5 sen. Full-year net profit jumped 93.6% to RM361.78 million from RM186.91 million the previous year, while revenue hit a milestone of RM5.34 billion. The group credited growth to contributions from all segments, particularly accelerated progress in advanced-technology facilities projects. Shares of SunCon closed 31 sen or 4.7% higher at RM6.90 on Wednesday, giving the company a market valuation of RM9.13 billion. The stock has risen over 21% year-to-date.

Varia Bhd has secured a significant RM155 million subcontract for upgrading works on the Pasir Gudang Highway in Johor, further strengthening its construction order book for the next three years. The award underscores the group’s growing presence in large-scale civil and infrastructure projects. The subcontract was accepted by Varia’s wholly-owned subsidiary, Pembinaan Teguh Maju Sdn Bhd, from Kemuncak Pesaka Sdn Bhd on Wednesday, according to a Bursa Malaysia filing. The scope of work includes the supply of labour, materials, equipment, and machinery required to execute and complete civil and infrastructure upgrading works along the highway. The project is scheduled to run for a duration of 36 months, commencing on Dec 3, 2025, and expected to conclude by Dec 2, 2028. The contract is anticipated to provide steady revenue streams for Varia while enhancing its portfolio of ongoing projects in the infrastructure sector. This subcontract follows Varia’s ongoing efforts to expand its construction footprint in Malaysia, particularly in key highway and transport projects, and positions the company to capitalise on future infrastructure opportunities in Johor and other states. On the stock market, Varia’s shares closed unchanged at 84 sen on Wednesday, giving the company a market capitalisation of RM363.3 million. The group highlighted that successful execution of the Pasir Gudang Highway project will not only contribute to revenue growth but also reinforce its reputation as a reliable contractor for large-scale civil works.

Kerjaya Prospek Group Bhd has secured a substantial contract worth RM502.27 million from Tanjung Pinang Development Sdn Bhd to undertake reclamation and dredging works for the Seri Tanjung Pinang (Phase 2B and 2C) Development, also known as STP2, in Penang. The contract was awarded to Kerjaya Prospek’s wholly-owned subsidiary, Future Rock Sdn Bhd, which received the official letter of award on Monday, 23 February. Tanjung Pinang Development Sdn Bhd is an indirect subsidiary of Eastern & Oriental Bhd (E&O), the developer behind the 760-acre Andaman Island development located in Tanjung Tokong, Penang. Under the agreement, Kerjaya Prospek is tasked with the execution and completion of the reclamation and dredging works, which are scheduled to commence on 11 March 2026. The project is expected to be completed before 31 March 2029, spanning a three-year timeline. The STP2 development represents a major expansion of E&O’s iconic Andaman Island project and is set to enhance the waterfront landscape of Tanjung Tokong, providing opportunities for residential, commercial, and recreational growth in the area. For Kerjaya Prospek, the contract is expected to contribute an additional revenue stream over the next three years and further strengthen the company’s existing order book. Following the announcement, Kerjaya Prospek’s shares were trading slightly lower, down 0.79% at RM2.52 during Monday’s midday session, giving the company a market valuation of approximately RM3.19 billion. With this new contract, Kerjaya Prospek continues to reinforce its position as a leading player in civil engineering and infrastructure projects in Malaysia, particularly in high-value reclamation and dredging works. The successful execution of STP2 is expected to further enhance the group’s portfolio and reputation for delivering large-scale, complex marine and coastal development projects.

YTL Live, the operating arm of YTL Corporation Bhd’s upcoming live entertainment complex in Bristol, has announced Aviva as the official naming-rights partner for its new 20,000-seat indoor arena under a long-term, multimillion-pound sponsorship agreement. In a joint statement, YTL and Aviva confirmed that the venue will be known as Aviva Arena upon its expected opening in late 2028. The arena will rank among the largest indoor venues in the UK and will be the first of its scale in the West of England. The companies estimate that approximately 1.4 million visitors will attend live music performances, sporting events and other entertainment activities at the arena each year. Construction is already underway to repurpose the historic Brabazon Hangars — the original manufacturing site of the UK’s Concorde supersonic jets — into a premier live entertainment destination. The broader development, branded as YTL Live, will place Aviva Arena within the largest of the three hangars and also feature dedicated conference and exhibition facilities. The project is projected to inject around £1 billion (RM5.26 billion) into the Bristol economy during its first decade of operations. More than 2,000 jobs are expected to be generated during the construction phase, with up to 500 permanent positions to be created once the arena becomes operational, contributing to sustained economic and social benefits in the region. Aviva Arena is set to host over 120 large-scale events annually, positioning it as a leading international destination and a “must-play” venue for global artists. YTL Corporation executive chairman Tan Sri Francis Yeoh said the collaboration with Aviva reflects shared corporate principles, particularly in community engagement, inclusion and sustainability. While highlighting YTL’s expansion into digital infrastructure — including 5G networks, artificial intelligence (AI) data centres in partnership with Nvidia, and the launch of an AI-driven digital bank — Yeoh reaffirmed the group’s long-term commitment to its core infrastructure investments. He noted that YTL’s acquisition of the former Filton airfield in 2015 marked a strategic regeneration initiative, similar to projects the group has undertaken across Asia to revitalise dormant sites into thriving communities. Yeoh also pointed out that Prime Minister Datuk Seri Anwar Ibrahim had previously unveiled YTL’s updated master plan for Brabazon New Town. The group has pledged to invest approximately £4 billion in the UK over five years, reinforcing its position as the largest Malaysian investor in the country. Demolition works have been completed, and construction — led by YTL Construction UK — is now commencing, with completion targeted for late 2028.

Atlan Holdings Bhd said its indirect subsidiary, Selasih Eksklusif Sdn Bhd, has ceased duty-free operations at Berjaya Waterfront in Johor Bahru and is terminating its tenancy agreement with the landlord. Selasih decided to close the outlet after failing to secure a renewal of its business licence from the Johor Bahru City Council despite multiple attempts. The tenancy, originally signed in March 2013 with Berjaya Waterfront Sdn Bhd (a unit of Berjaya Assets Bhd), will now be formally ended. Selasih is a subsidiary of Singapore-listed Duty Free International Ltd (DFIL), which sells alcohol, chocolates, tobacco, perfumery, and cosmetics. Atlan holds a 75.53% stake in DFIL. Selasih’s closure was first disclosed by DFIL to the Singapore Exchange, with Atlan making a corresponding announcement to Bursa Malaysia. For the financial year ended Feb 28, 2025, Selasih contributed about 38.6% of DFIL’s revenue and 4.6% of its profit after tax. Atlan said negotiations with Berjaya Waterfront for a mutually agreeable termination failed, and the landlord has not yet responded to the notice. The group noted the closure could result in a one-off exceptional net gain after tax of roughly RM17 million for DFIL, mainly from derecognising the lease, but this would be partly offset by costs related to ceasing operations, including asset write-offs, inventory markdowns, and staff retrenchments. Figures are still being reviewed. Atlan shares closed four sen lower at RM2.75 on Thursday, giving the company a market capitalisation of RM697.54 million.