Property

KUALA LUMPUR, Tenaga Nasional Bhd is forming a consortium with local and international partners to develop the Sarawak–Peninsular Malaysia power interconnection project — a key part of the Asean Power Grid initiative to enhance regional energy connectivity. Tenaga’s chief grid officer Hasmarizal Hassan said the utility giant is finalising discussions with potential partners, targeting a 51:49 equity structure between Tenaga and an international collaborator. The consortium is expected to be finalised by year end, with a full feasibility study slated to begin in early 2026, following the completion of a pre-feasibility study earlier this year. Tenaga Nasional Bhd’s chief grid officer Hasmarizal Hassan. The project, which will transmit up to 2,000 megawatts (MW) of renewable hydroelectric power from Sampadi, near Kuching, to Sedili in Johor via a 700km submarine cable, is designed to support both domestic and regional demand. Hasmarizal said 70% of the generated power is expected to be exported to Singapore, while the remaining 30% will feed into Malaysia’s national grid. “This project is a major milestone under the Asean Power Grid vision. It will not only strengthen Malaysia’s energy security but also position us as a regional clean energy hub,” he said during his keynote at the Asean Energy Business Forum 2025 on Wednesday. Cross-border projects underwayTenaga is also advancing a second power interconnection with Singapore to boost export capacity beyond the existing 1,100MW link. A joint development agreement with SP Group Assets Ltd is scheduled for signing on Oct 16, with a formal exchange on Oct 17. The new project will feature a 500kV substation in Pasir Gudang, Johor, connected to Pasir Ris, Singapore, via a 2km submarine cable, and is targeted for commissioning between 2029 and 2030. In addition, Malaysia is part of the Vietnam–Malaysia–Singapore Interconnection (VMSI) project, estimated at RM21 billion, which aims to transmit 2,000MW of wind power from southern Vietnam to Singapore through Malaysia. The VMSI project — jointly developed by Tenaga, Petroliam Nasional Bhd (Petronas), Vietnam’s PVM, and Singapore’s Sembcorp Industries Ltd — includes a 700km submarine cable from Vietnam to Kelantan and a 782km “supergrid” stretching through Terengganu, Pahang, and Johor. Feasibility studies are due by 2027, with commercial operations expected by 2034. Tenaga is also upgrading the Malaysia–Thailand interconnection, which currently transmits 300MW, to a capacity of at least 1,000MW. Separately, a Sumatra–Melaka interconnection is under pre-feasibility study, supported by the US Trade and Development Agency, as Malaysia explores new grid links with Indonesia to expand renewable energy trade.

KUALA LUMPUR, Crest Builder Holdings Bhd announced that its wholly owned subsidiary, Crest Builder Sdn Bhd, has been awarded a RM23.93 million contract by Quantum Quest Sdn Bhd for reinforced concrete works in a major high-rise residential project located along Jalan Tun Razak, Kuala Lumpur. In a statement, the construction and property development group said the scope of work involves the reinforced concrete structure up to Level 6 for three blocks of serviced apartments and a six-storey podium. The development is part of an upcoming premium residential enclave strategically situated within the city’s central business district. The contract, which is set to commence on Nov 3, 2025, will span a nine-month period and is slated for completion by Aug 3, 2026. Crest Builder said the award underscores its strong track record and expertise in handling large-scale, complex high-rise construction projects in the Klang Valley. “The securing of this contract not only strengthens our order book but also reinforces our position as a reliable and trusted construction partner for high-value urban projects,” the group said, adding that the job is expected to contribute positively to the company’s earnings and net tangible assets for the financial year ending Dec 31, 2025 (FY2025) and subsequent years. The group’s current unbilled order book remains healthy, supporting its revenue visibility over the medium term. Crest Builder said it will continue to pursue both public and private sector projects, focusing on quality execution, cost efficiency, and timely delivery to enhance shareholder value. At Wednesday’s close, shares in Crest Builder rose 1.5 sen or 2.9% to 52.5 sen, valuing the group at RM118.08 million. Despite the modest rebound, the stock is still down 12.5% year to date.

KUALA LUMPUR, Advancecon Holdings Bhd has secured a RM36.1 million contract from Sime Darby Property (Serenia City) Sdn Bhd for earthworks and infrastructure works at Serenia City, Selangor. In a statement, the group said its wholly owned subsidiary, Advancecon Infra Sdn Bhd, will undertake the construction and completion of earthworks and related works for Phases SB2 and SB3 (Bayu Serenia) within the Serenia City Stage 3 township in Dengkil, Sepang. Serenia City, developed by Sime Darby Property, is a major southern Klang Valley township dubbed the “Garden City of KLIA”, featuring residential, commercial, and industrial components with a focus on green design and connectivity. Advancecon group chief executive officer Datuk Phum Ang Kia said the contract win reinforces the company’s standing as a trusted infrastructure partner for large-scale township developments. At Wednesday’s close, Advancecon’s shares rose 0.5 sen or 2.5% to 20.5 sen, valuing the group at RM119.87 million. Year to date, the stock has fallen 21%.

KUALA LUMPUR, Chin Hin Group Property Bhd has mutually agreed with Archmill Sdn Bhd and Suasa Sentosa Sdn Bhd to terminate their development agreement for a proposed high-rise residential project in Dutamas, Kuala Lumpur. Its wholly-owned unit, BKHS Capital Sdn Bhd, executed a deed of revocation with both parties, under which it will refund a RM10 million security deposit to Suasa Sentosa. All parties have agreed to discharge each other from any future claims or obligations. The initial agreement, announced in April last year, involved developing a 2.67-acre freehold parcel in Dutamas into a 974-unit serviced apartment project with a gross development value (GDV) of RM395.5 million and an estimated construction cost of RM323.2 million. The project was slated to commence in May 2025 and be completed by April 2030. The land is currently caveated by the Malaysian Anti-Corruption Commission (MACC) and charged to United Overseas Bank (M) Bhd’s Ipoh branch. Archmill, the registered owner of the land, is controlled by Yew Hock Ming and Manogaran PA Devanathan, while Suasa Sentosa, the beneficial owner, is equally owned by Lau Sheng Ming and Yu Teong Wei. Under the original deal, Chin Hin Property was to pay Suasa Sentosa RM42 million as a security deposit, with the developer entitled to RM353 million “plus 81% of any GDV exceeding RM395 million”, while Suasa Sentosa was entitled to 19% of the GDV. Chin Hin Property’s shares closed unchanged at RM1.21 on Wednesday, valuing the group at RM1.6 billion. Year to date, the counter has fallen by nearly half.

KUALA LUMPUR, A total of 90,779 housing loan applications worth RM21.5 billion have been approved under the Housing Credit Guarantee Scheme (SJKP) to support homeownership among the B40 and M40 income groups, the Dewan Rakyat was told on Monday. Deputy Housing and Local Government Minister Datuk Aiman Athirah Sabu said that young Malaysians aged 40 and below made up the majority of the approved applicants, accounting for 89.56% of the total. “This includes around 15,000 borrowers aged 18 to 25, about 31,000 borrowers aged 26 to 30, 22,356 borrowers aged 31 to 35, and 12,799 borrowers aged 36 to 40,” she said in response to Azli Yusof (Pakatan Harapan–Shah Alam), who had asked about homeownership support for individuals without fixed income, including gig workers. Aiman Athirah noted that under Budget 2026, Prime Minister Datuk Seri Anwar Ibrahim announced an additional RM20 billion in guarantees for the SJKP scheme to further assist first-time homebuyers. “This is good news for the people, especially once the budget receives parliamentary approval,” she added. During his budget speech last Friday, Anwar said the expansion of the scheme is expected to benefit another 80,000 first-time homebuyers. The overall guarantee ceiling will be raised from RM10 billion to RM20 billion, enabling more gig workers and self-employed individuals to secure home financing. Separately, Aiman said the government is also pursuing other initiatives to help low-income earners, including rent-to-own programmes under the People’s Housing Project (PPR) and People’s Residency Programme (PRR), both overseen by the Housing and Local Government Ministry.

KUALA LUMPUR, Paragon Globe Bhd has entered into a related-party deal to acquire three parcels of land in Johor for RM11.48 million from its executive chairman Datuk Sri Edwin Tan Pei Seng and Datuk Seri Godwin Tan Pei Poh, with plans to develop affordable housing on the site. The 11.84-hectare property is purchased from Common Development (M) Sdn Bhd, a company jointly owned by Pei Seng and Pei Poh, who hold 65% and 35% stakes respectively. Both also collectively control 56.79% of Paragon Globe through their investment vehicle, Paragon Adventure Sdn Bhd. Paragon Globe said the acquisition aligns with the Johor Housing Development Corporation (PKPJ)’s requirements for affordable housing. The company plans to develop a residential project on the land under the Johor affordable housing programme, following PKPJ’s planning and design guidelines. Situated along Jalan Besar in Simpang Renggam, Johor, the land benefits from strong connectivity and is surrounded by established residential, commercial, and industrial areas. Its proximity to the North-South Expressway and nearby amenities makes it suitable for affordable housing development, the company noted. The move is also expected to diversify Paragon Globe’s development portfolio by adding residential projects to its existing industrial and affordable housing ventures, broadening revenue streams and supporting sustainable growth. The transaction is slated for completion within nine months from the date of the sale and purchase agreement. By Monday’s close, Paragon Globe shares fell 2.5 sen or 3.6% to 67.5 sen, giving the company a market capitalisation of RM504 million. The stock has gained 85% year to date.

KUALA LUMPUR, Magma Group Bhd and KLCC Holdings Sdn Bhd are divesting the 519-room Impiana KLCC Hotel for RM315 million to Harum Aspirasi Sdn Bhd, a company largely owned by the Valiram family, known for its luxury retail business. The sale confirms an earlier The Edge report in February that the hotel was being put up for sale. Magma is disposing of its 20% stake in Heritage Lane Sdn Bhd — the hotel’s owner — while KLCC Holdings is selling its remaining 80%. The sale price, which exceeds the RM300 million market valuation, signals strong investor confidence, both companies said in a joint statement. Magma will receive RM63 million in cash for its stake and intends to use around RM45 million to repay borrowings, fund operations, and cover expenses. The repayment is expected to save about RM3.9 million in interest costs and strengthen its balance sheet. The transaction allows Magma to unlock value from a non-core asset, reduce debt, and focus on higher-growth ventures. Upon completion, Heritage Lane will no longer be part of the Magma group. The deal, subject to shareholder approval, is expected to generate a gain of about RM20 million for Magma and be completed by the first quarter of 2026. Magma’s shares closed unchanged at 31 sen on Friday, valuing the company at RM521.14 million. Year-to-date, the counter has gained 40.91%.

SEREMBAN, Matrix Concepts Holdings Bhd has signed a memorandum of understanding (MoU) with logistics solutions provider Golog Holdings Sdn Bhd to jointly develop the China-Malaysia Air Silk Road Dual Hub Industrial Park at MVV TechValley in Negeri Sembilan. Spanning 618 acres, the industrial park will be developed in three phases with a total estimated gross development value (GDV) of RM8 billion. The formal joint venture agreement is expected to be concluded within six months, with construction targeted to begin within 24 months thereafter. (From left) Matrix Concepts Holdings Bhd founder and group executive deputy chairman Datuk Seri Lee Tian Hock, chairman Datuk Mohamad Haslah Mohamad Amin, group executive director Kelvin Lee, Golog Holdings Sdn Bhd executive chairman and group CEO Ivan Chin, Negeri Sembilan industry and non-Muslim affairs committee chairman Teo Kok Seong and Golog Holdings group chief operating officer Daniel Then at the MOU signing ceremony on Oct 8 in Negeri Sembilan. The first phase will feature a 106-acre logistics hub, incorporating Golog’s artificial intelligence (AI) and Internet of Things (IoT) technologies to enhance temperature-controlled logistics, real-time tracking, and global trade efficiency. This collaboration follows Golog’s recent strategic cooperation agreements with China Henan Aviation Group Co Ltd and Sichuan Huashi Group Corporation Ltd to strengthen the development of the China-Malaysia Air Silk Road Dual Hub Industrial Park and improve air cargo connectivity between the two countries. Matrix Concepts group executive director Kelvin Lee said Golog’s participation will strengthen MVV TechValley’s position as a hub for high-value industries and innovation. “This partnership demonstrates how international collaboration can complement Malaysia’s vision. It unites the strengths of multiple nations and firmly positions Negeri Sembilan — through MVV TechValley — on the regional logistics map,” he said. MVV TechValley, covering 1,000 acres, forms part of the 2,382-acre MVV City Phase 1 township, which is itself a key component of the broader 379,087-acre Malaysia Vision Valley 2.0 (MVV 2.0) economic corridor encompassing Seremban, Nilai, and Port Dickson. Matrix Concepts is jointly developing MVV City Phase 1 with the Negeri Sembilan state government’s NS Corp. With a GDV of RM15 billion and a 12-year development timeline, Matrix holds an 85% stake in the project and serves as the lead developer.

KUALA LUMPUR, SP Setia Bhd, through its wholly-owned subsidiary Setia EcoHill Sdn Bhd, has entered into a joint venture with Japanese property investment company Mitsui Fudosan (Asia) Malaysia Sdn Bhd to develop a 113-acre residential project at the flagship township of Setia EcoHill in Semenyih, Selangor. In a statement, SP Setia said the new joint venture company — Setia MF EcoHill Sdn Bhd — will oversee the development, which carries an estimated gross development value (GDV) of RM1.3bil. The upcoming project will comprise 683 units of bungalows, semi-detached, and cluster homes, designed to meet the growing demand for premium landed residences in the southern Klang Valley corridor. The first phase of the project is scheduled for launch in 2026. SP Setia president and chief executive officer Datuk Zaini Yusoff said the collaboration marks a strategic milestone for the company and reflects its ongoing efforts to strengthen partnerships with reputable global developers. “We are pleased to announce this pivotal collaboration with Mitsui Fudosan for our upcoming development in Setia EcoHill. This partnership combines SP Setia’s expertise in creating sustainable communities with Mitsui Fudosan’s global experience in innovative urban development. Together, we are confident this project will enhance Setia EcoHill’s overall profile and marketability among both local homebuyers and investors,” he said. He added that SP Setia remains committed to accelerating its developments within the Semenyih and Bangi corridor, aligning with the group’s strategic landbank optimisation and long-term growth plans. This marks the second collaboration between SP Setia and Mitsui Fudosan, following their partnership in the Setia Federal Hill development inked in December 2023. Zaini noted that Mitsui Fudosan’s continued confidence in SP Setia demonstrates the strong synergy between the two companies, paving the way for future collaborations that bring together Malaysian market insights and Japanese innovation in design and community building.

KUALA LUMPUR, YNH Property Bhd has signed a joint venture agreement to develop a mixed high-rise project in Bangsar South, less than four months after scrapping a partnership with Chin Hin Group Property Bhd. According to its Bursa Malaysia filing, YNH will develop the project on a 7,235 sq m parcel owned by Genland Sdn Bhd (GSB), a privately held developer. Under the deal, GSB is entitled to a minimum of RM60 million or 18% of the project’s gross development value (GDV) — whichever is higher. This translates to a GDV of about RM333 million. The loss-making developer said it is evaluating several financing options, including internal funds and bank borrowings. As of end-June, YNH held RM31.44 million in cash and short-term deposits against RM571.11 million in borrowings and lease liabilities, leaving it with net debt of RM539.7 million and a gearing ratio of 0.83 times. The move comes shortly after YNH called off a JV with Chin Hin for a large residential development on a 6.49-acre Segambut land, which was subsequently sold to Chin Hin for RM52 million. YNH has faced investor scrutiny since October 2023, when its former auditor Baker Tilly raised concerns over RM1.1 billion worth of joint ventures and turnkey projects recorded as inventories. A special independent review by UHY Advisory (KL) Sdn Bhd, completed in April this year, was commissioned to address the matter. The company also underwent a board restructuring in December 2023. Datuk Yu Kuan Huat, who owns 4.48% of YNH, assumed the executive chairman post from his brother Datuk Dr Yu Kuan Chon, the largest shareholder with a 24.41% stake. Dr Yu now serves as an executive director alongside his son Yu Jian Loong, while Kuan Huat’s son Yu Kai Leun also joined the board. On Thursday, YNH shares rose one sen or 3.39% to close at 30.5 sen, giving the group a market value of RM158.66 million. Despite the slight rebound, the counter has fallen more than 42% year-to-date.