Property

FBG Holdings Bhd has secured a RM238.1 million contract to construct a 25-storey hotel above The Mall at Mid Valley Southkey in Johor Bahru. The building, Tower 6, will feature 375 rooms along with associated facilities, and is owned by IGB Bhd. The contract was awarded to FBG’s wholly owned subsidiary, FBG Builder Sdn Bhd, by MVS Southpoint Hotel Sdn Bhd. The project is scheduled to begin on March 1, 2026, and is expected to be completed by June 30, 2028. With this win, FBG’s outstanding order book rises to RM1.23 billion, providing earnings visibility through 2028. FBG group executive chairman Tan Sri Chan Kong Choy said the contract underscores the company’s technical expertise, disciplined project management, and consistent delivery of quality workmanship. “We will maintain rigorous standards, timely execution, and close collaboration with stakeholders to ensure successful outcomes. This project strengthens our presence in Johor and contributes to long-term growth,” he added. Major shareholders include Tan Sri Chan (indirect 13.93%), deputy chairman Tan Sri Kuan Peng Ching (indirect 11.94%), the late Tan Sri Ta Kin Yan (8.74%), and group executive director Tan Sri Lau Kuan Kam (1.02% direct, 5.44% indirect). FBG shares closed at 15.5 sen on Thursday, giving the group a market value of RM115 million.

An oil palm plantation along the Segamat–Kuantan Highway in Johor has been put up for sale by tender. The freehold land, owned by Chansun Estate Sdn Bhd, spans about 1,153 acres and is split by the highway. It is located დაახლოებით 22km from Segamat town and 13km from Buloh Kasap. The indicative price of the 103.6-acre tract (foreground) in Gelang Patah said to be RM158 million. Market sources indicate the plantation is priced between RM150,000 and RM180,000 per acre, translating to a total of roughly RM173 million to RM207 million. Recent land deals in the area were reportedly around RM190,000 per acre. The agricultural land consists of prime-aged oil palm trees on generally flat to gently undulating terrain. Large estate land sales of this size are uncommon in Johor, as most plantation land is held by major players such as SD Guthrie, Johor Plantations Group, Kuala Lumpur Kepong, and Genting Plantations, which rarely dispose of such assets. However, some of these groups have monetised land by converting estates into industrial parks or township developments. Separately, several common shareholders of Chansun Estate are also offering a 103.6-acre freehold development site in Gelang Patah, Iskandar Puteri, via tender. The residential-zoned land allows for a density of up to 20 units per acre and is said to carry an indicative price of about RM35 per square foot, or around RM158 million. The Gelang Patah site is located within the Johor-Singapore Special Economic Zone (JS-SEZ) and is well connected via the Second Link Expressway and JB Parkway. Property consultants note that its proximity to industrial hubs, established residential areas, EduCity and retail centres enhances its appeal, particularly for commuters working in Singapore. Both tenders are being managed by CBRE | WTW and are scheduled to close on March 18.

Johan Holdings Bhd announced that its 80%-owned unit, Lumut Park Resort Sdn Bhd, is set to sell the 150-room Orient Star Lumut hotel and three adjoining land parcels in Lumut, Perak, for RM47.43 million in cash. The sale, below the combined market value of the properties, is expected to generate a gain of RM3.88 million for Johan Holdings. Proceeds will be used for working capital and related expenses. The hotel was sold for RM32.96 million, slightly under its market value of RM33.3 million, while the three land parcels, totaling 6.69 acres, were sold at discounts ranging from 1.11% to 15.32%. The deal, signed with Golden Peak Hospitality & Consultancy Sdn Bhd and Bujang Holdings Sdn Bhd, is subject to shareholder approval at an upcoming extraordinary general meeting. Completion is expected in Q3 2026. Johan Holdings’ remaining 20% stake in Lumut Park Resort is held by Syarikat Majuperak Bhd. The company’s shares closed unchanged at 2.5 sen, giving it a market capitalisation of RM24.33 million.

Berjaya Land Bhd (BLand), controlled by Tan Sri Vincent Tan, will be renamed Berjaya Property Bhd following shareholder approval at an extraordinary general meeting on Friday. The company said the name change reflects its stronger focus on property as its core business. Property remains the group’s main platform, supporting its wider portfolio that includes hospitality, retail, transport, mobility and lifestyle ventures. The rebranding is aimed at providing clearer visibility of the group’s key value drivers, strengthening its corporate identity, and enhancing transparency for investors and stakeholders. Group CEO Syed Ali Shahul Hameed said property has long supported the company’s integrated developments, recurring income streams and long-term growth plans. BLand shares closed unchanged at 27 sen on Friday, valuing the company at about RM1.35 billion. The stock has risen 3.9% year-to-date.

ISF Group Bhd’s subsidiary, Yeo Plumber Sdn Bhd, has secured a RM10 million contract from Kerjaya Prospek (M) Sdn Bhd to carry out cold-water and sanitary plumbing works for a new serviced apartment project that also includes commercial lots. According to a Bursa Malaysia filing, the award covers subcontract works for the development. The project is set to begin immediately and is scheduled for completion by 15 March 2029. The contract is expected to provide a steady contribution to ISF Group’s earnings over its duration, without impacting the company’s share capital, net assets, or the shareholdings of its substantial shareholders. Kerjaya Prospek (M) Sdn Bhd, a wholly owned subsidiary of Kerjaya Prospek Group Bhd, is primarily involved in building construction and property development. This collaboration underscores ISF Group’s ongoing role in supporting major property projects in Malaysia and highlights its capabilities in delivering specialized plumbing services for large-scale developments. This deal further strengthens ISF Group’s order book and long-term revenue visibility, reinforcing the company’s strategic position in the construction services sector.

Oriental Kopi Holdings Bhd has finalised an agreement to purchase the premises it currently occupies as its head office and warehousing facility in Puchong for RM23 million in cash. The transaction, which was first proposed in June 2025, was formalised on Thursday through an agreement between the group’s unit, Oriental Coffee International Sdn Bhd, and the vendor, Icon Facade Sdn Bhd, according to a filing with Bursa Malaysia. Icon Facade is owned by Heng Ngeng Choo and Siau Fui Chen. The property in question sits on a 5,260.8-square-metre leasehold parcel of land and includes an existing factory unit. Oriental Kopi said the purchase price was determined after careful consideration of the market value of comparable properties in the area. The acquisition will be funded through a combination of internally generated cash and bank financing. The group highlighted that owning the property is expected to generate long-term cost savings by eliminating rental payments and reducing logistics expenses. Additionally, it mitigates the risk of losing tenancy rights, providing greater operational stability for its business operations. Shares of Oriental Kopi closed one sen, or 0.73%, lower at RM1.36 on Thursday, giving the company a market capitalisation of RM2.72 billion. This acquisition aligns with the company’s broader strategy to strengthen its asset base and improve operational efficiency. By owning its headquarters and warehousing facilities, Oriental Kopi aims to support its long-term growth objectives while enhancing control over key operational assets.

Radium Development Berhad (“Radium”) has been recognised at the Putra Aria Brand Awards 2025, receiving the Bronze Award in the Property category. The recognition comes within a short time after the Group’s listing on the Main Market of Bursa Malaysia in 2023, reflecting the success of Radium’s continued engagement with communities both offline and online, and its growing resonance with consumers through a people’s choice platform that celebrates brands with rising preference and trust. Established in 2022, the Putra Aria Brand Awards were introduced as a complementary extension to the long-running Putra Brand Awards. The awards recognise brands that demonstrate strong branding and marketing efforts, positive consumer experience, and relevance in today’s market. Winners are determined through large-scale consumer surveys and voluntary public voting. Commenting on the milestone, Datuk Gary Gan Kah Siong, Group Managing Director of Radium Development Berhad, said the award reflects the Group’s broader direction and long-term priorities: “The property market will always evolve, but our direction is clear – we are building a resilient organisation that adapts while continuing to deliver homes people can rely on. Innovation drives how we manage costs, improve efficiency, and deliver value without compromising quality, and I am proud of the Radium team that works tirelessly to support more liveable cities for the communities we serve. This recognition affirms we are aligned with what homeowners truly need, and we will continue strengthening that foundation as we move forward.” Radium’s recognition reflects its continued focus on delivering value in a market where buyers are increasingly price conscious. Guided by an intentional development approach, the Group emphasises smart layouts, practical features, and efficient planning, ensuring homeowners pay for what truly matters. By understanding how people live today, Radium aims to deliver homes that are functional, comfortable, and fairly priced, giving buyers confidence in their long-term investment. Kenneth Khoo, Chief Marketing Officer of Radium Development Berhad, added: “Being recognised through a consumer-driven award is especially encouraging for us. It affirms our belief in building homes and a brand that people can grow with, trust, and pass on over time.” This recognition reinforces Radium’s commitment to building developments – and a brand – that respond to real needs, deliver lasting value, and resonate with the communities they serve.

Hartanah Kenyalang Bhd (KL:HKB) has secured its largest contract to date, valued at approximately RM275 million, to construct a new prison in Sibu. The design-and-build project, awarded to the company’s wholly owned subsidiary Hartanah Construction Sdn Bhd by the Public Works Department, is scheduled to run for three years from Feb 9, 2026, to Feb 8, 2029. Managing director Seah Boon Tiat expressed gratitude for the opportunity, saying the project will help the Ministry of Home Affairs address overcrowding at the existing Sibu prison. The contract also increases Hartanah Kenyalang’s total order book to RM567.7 million. The new prison, part of the Budget 2026 allocation, is designed to accommodate up to 1,000 inmates, replacing the current facility built in 1918 with a capacity of around 450. Seah noted that the modern facility will improve living conditions for inmates while providing a better working environment for prison officers. Hartanah Kenyalang shares remained steady at 18.5 sen at midday, giving the company a market capitalisation of RM111.51 million. The stock was listed on the ACE Market in June last year at an initial public offering price of 16 sen.

Ekovest Bhd has extended by another three months its 2023 agreement to acquire four parcels of land along the Johor Bahru–Singapore RTS Link, with the new deadline set for April 27, 2026, as negotiations continue. In a filing, Ekovest said the extension, from Jan 28 to April 27, allows more time for review and discussions. The original deal, planned for April 2024, has now been extended five times. The company said it agreed with the vendors to extend the deal by three months, from Jan 28 to April 27, 2026, to allow more time to review the acquisition and negotiate the agreement terms. The company signed binding term sheets on Oct 27, 2023, with two parties for a proposed RM310 million acquisition covering 15.82 acres for potential transit-oriented development. The first agreement involves two freehold parcels totaling 6.18 acres, currently housing Danga City Mall and an expo building, from Danga City Mall Sdn Bhd (DCMSB) for RM210 million. The second agreement covers two leasehold parcels totaling 9.64 acres from Khazanah Melati Sdn Bhd for RM100 million. Both vendors are linked to Ekovest’s substantial shareholder Tan Sri Lim Kang Hoo. Lim owns 86.071 million redeemable preference shares in DCMSB and extended a loan to Khazanah Melati, while holding a 20.059% direct and 11.225% indirect interest in Ekovest. Under the term sheets, Ekovest may acquire the land directly or through purchasing all shares of DCMSB and Khazanah Melati. Payment is expected to be settled via new Ekovest shares at 60 sen each. The company’s shares have fallen 55% and last closed at 27 sen, giving it a market value of RM800.7 million. Ekovest said the acquisition aims to strengthen its property development and investment business by leveraging demand from the RTS Link’s improved connectivity to Singapore. The extension comes a day after Ekovest allowed its proposed RM1.15 billion acquisition of Credence Resources Bhd from Lim to lapse. The heads of agreement for that deal expired on Jan 26, 2026, after nine extensions since its announcement.

Binastra Corporation Bhd has clinched a RM742.9 million contract to build a high-rise development in Johor Bahru. In a Bursa Malaysia filing on Wednesday, the group said its wholly owned unit, Binastra Builders Sdn Bhd, received a letter of award from Maxim Pelangi Sdn Bhd for The Address @ Taman Pelangi, a 72-storey serviced apartment project comprising three towers with 2,743 units. The development will also include a multi-storey podium car park, commercial space, and other supporting facilities. Construction is set to begin on March 5, 2026, with completion expected within 38 months. The contract includes a RM20 million contingency sum. Managing director Datuk Jackson Tan Kak Seng said the win marks another major project for the company as it closes FY2026, lifting total new contract wins for the year to RM4.2 billion and pushing the outstanding order book to a record RM6.6 billion. The project is expected to contribute positively to earnings from FY2027 to FY2030. Binastra confirmed that no directors, major shareholders, or related parties have any direct or indirect interest in the contract. Strategically located in Taman Pelangi, the project sits opposite Binastra’s Johor Bahru office and benefits from easy access to commercial, residential, and recreational areas. Binastra Builders holds a Grade 7 licence from the Construction Industry Development Board, enabling it to undertake construction projects of unlimited value.