Property

Bursa Malaysia has approved Perak Corp Bhd’s proposed regularisation plan, clearing the path for the PN17-listed company to proceed with a multi-part restructuring aimed at restoring financial stability and lifting its financially distressed status. The approval is subject to standard conditions, including compliance with Bursa listing requirements, obtaining all necessary regulatory approvals, securing shareholder consent at a general meeting, and incorporating any required comments into the shareholder circular, Perak Corp said in a filing. First outlined in February 2025, the regularisation plan involves a combination of capital reduction, joint development projects, land sales, entitlement receipts, and preference share issuance to restructure outstanding debts. The capital reduction will cancel RM185 million of the company’s RM272.77 million share capital to offset accumulated losses of RM177.35 million as of September 2024. Perak Corp also entered into a joint venture with major shareholder Perak State Development Corp (PKNP) in January 2025 to co-develop the Silver Valley Technology Park Industrial Hub in Hulu Kinta. The plan includes land disposals of 424.7 acres in Bernam Timor for RM89.6 million, with 73.14 acres sold to Makmur Impian Property Sdn Bhd for RM21.13 million and 351.56 acres to Tanjung Malim Hi-Tech Park Sdn Bhd for RM68.44 million. In addition, the company is entitled to RM40.38 million via a supplemental agreement with PKNP and Uni-Poh Construction Works Sdn Bhd for the development of 56.3 acres of land in Teluk Dalam. To settle debts under a court-approved scheme of arrangement, Perak Corp will issue up to 39.73 million redeemable preference shares series B (RPS-B) at RM1 each to unsecured scheme creditors. The RPS-B carries a five-year tenure, a 2% preferential dividend, and is non-convertible. Outstanding debts not covered by the issuance will be fully waived, representing a RM357.6 million reduction against the company’s RM379.34 million verified debt. Perak Corp had previously issued two other preference share series — 20.9 million RPS-A1 and 14.91 million RPS-A2 — in January 2022 to CIMB Bank Bhd and Affin Islamic Bank Bhd as part of earlier debt-settlement arrangements. Proceeds of RM129.95 million from land sales and settlement entitlements will be used to redeem existing preference shares, fund sewerage treatment works at Bandar Meru Raya, and support working capital needs. Shares in Perak Corp were untraded on Monday. The counter last closed at 70 sen, giving it a market capitalisation of RM70 million.

CAB Cakaran Corp Bhd is proposing to acquire a single-storey detached industrial building with an adjoining double-storey office in Kuantan, Pahang, for RM2.8 million from Fah Leong Sdn Bhd. In a filing with Bursa Malaysia, the poultry and food products group said the proposed acquisition is aimed at securing ownership of the premises currently leased and occupied by its subsidiary, Pasaraya Jaya Gading Sdn Bhd (PJG). The property is presently used as a supermarket outlet, office and warehouse to support PJG’s operations in the region. CAB Cakaran said the move will enable the group to reduce recurring rental expenses and shield itself from future rental increases, thereby improving cost visibility and long-term financial planning. “The acquisition is expected to result in annual rental savings and mitigate exposure to rental escalation, which will enhance cost certainty and provide greater operational control over the premises,” the company said. It added that owning the property will allow PJG to plan its operations more efficiently and support business continuity and stability over the longer term, in line with the group’s strategy to strengthen its operational footprint.

Vestland Bhd has decided not to proceed with three affordable housing projects in Selangor with a combined contract value of up to RM550.69 million that were awarded in 2022. In a filing with Bursa Malaysia, the construction group said its wholly owned unit, Vestland Resources Sdn Bhd, and developer Splendid Forte Development Sdn Bhd had mutually agreed to terminate the contracts. The projects involve Selangor Cyber Valley Phase 1 and Phase II in Dengkil, Sepang, as well as the Sierra Alam development in Bukit Raja, Petaling. The Selangor Cyber Valley Phase 1 project was valued at RM234.86 million, while Phase II was worth RM198.50 million. The Sierra Alam project carried a contract value of up to RM117.33 million. All three projects fall under the Selangor state government’s affordable housing scheme and cover residential construction, infrastructure works and landscaping. Vestland said construction work had not commenced on any of the projects. It did not disclose specific reasons for the termination, noting only that the decision was made after taking into account all relevant factors and was in the best interest of the company. The group added that the contract terminations are not expected to have any material impact on its earnings or net assets for the financial year ending Dec 31, 2026. Shares in Vestland ended unchanged at 46 sen on Thursday, giving the company a market capitalisation of RM434.4 million.

Chin Hin Group Property Bhd has called off the RM74 million sale of its commercial vehicle and bodyworks businesses after the buyer was unable to secure financing, delaying the company’s plan to concentrate fully on property development. In a Bursa Malaysia filing on Thursday, the group said it had mutually agreed with N&K Resources (M) Sdn Bhd to terminate the share sale agreement dated Aug 14, 2025, after the buyer failed to obtain bank financing covering at least 70% of the disposal price by the extended deadline of Jan 14. N&K Resources is a real estate company owned by All Trade Resources (Malaysia) Sdn Bhd. Chin Hin had intended to divest its entire equity stakes in four subsidiaries: Boon Koon Vehicles Industries Sdn Bhd, BKCV Sdn Bhd, Boon Koon Fleet Management Sdn Bhd, and BK Fleet Management Sdn Bhd. The company said it will refund the RM7.4 million deposit paid by the buyer, without interest, and confirmed that both parties will have no further obligations under the agreement. Chin Hin Property added that the cancellation will not affect its issued share capital or have any material impact on its net assets, gearing, or earnings for the financial year ended Dec 31, 2025. The divestment, initially announced in August 2025, was aimed at enabling the group to focus on residential property projects, strengthen cash flow, and redeploy proceeds for landbank acquisitions and ongoing developments. The sale was expected to generate a pre-tax gain of RM2.4 million and was targeted for completion in the first quarter of 2026. Shares of Chin Hin Property closed up one sen, or 0.85%, at RM1.18 on Thursday, giving the group a market value of about RM1.64 billion. The stock has gained more than 7% over the past year.

IGB Bhd’s associates have sold UK-based assets, including the St Giles Hotel London, for a total of £220 million (RM1.2 billion). In a Bursa filing on Monday, the company said its 49.47%-owned associates — 12 Bedford Avenue Ltd (Bedford) and St Giles Hotel Limited (SGHL) — entered into two separate sales agreements last Friday. The announcement was made after trading hours on Jan 9, 2026. The first deal saw Bedford sell all shares of its wholly owned subsidiary, Ravencroft Investments Inc (RII), to Hiro Intermediate Holdings Ltd. The second involved SGHL selling the St Giles Hotel London’s business and assets to Bedford Avenue Hotel Opco Ltd. The sale price was agreed upon after fair negotiations, with the latest valuation of the hotel, conducted on July 24, 2024, at £228.5 million. IGB’s share of the associates’ net gain from the transactions is estimated at RM452.6 million. Both deals were completed on Jan 9, 2026, with agreements executed and payments received. Apart from Datuk Seri Robert Tan Chung Meng — a director of the selling entities — and Wah Seong Manufacturing Sdn Bhd, a major shareholder in both associates with a 45.91% stake, no other IGB directors, major shareholders, or connected persons were involved in the transactions. Trading of IGB shares was temporarily suspended on Monday morning and resumed at 10am.

Sarawak’s transport landscape is set for a major transformation with the launch of the autonomous rapid transit (ART) system, which is scheduled to begin operations this year along the Samarahan–Kuching route. Plans are already underway to extend the ART network to the new Kuching International Airport in Tanjung Embang, Asajaya district, in the Samarahan Division. Sarawak Tourism, Creative Industry and Performing Arts Minister Datuk Seri Abdul Karim Rahman Hamzah. Sarawak Tourism, Creative Industry and Performing Arts Minister Datuk Seri Abdul Karim Rahman Hamzah said the ART route would operate similarly to the Kuala Lumpur International Airport Terminal 1–Terminal 2 link, providing fast and efficient passenger transfers. “All this is expected to be realised within the next five years,” he said at the closing of the Asajaya Ambal Festival 2026. Powered by hydrogen, the ART system will serve as the backbone of the billion-ringgit Kuching Urban Transportation System (KUTS), developed by Sarawak Metro Sdn Bhd. The first stage of the project is targeted for operational launch by the end of this year. Abdul Karim, who also serves as Asajaya assemblyman, highlighted that the airport project will impact several villages, with land acquisition and compensation currently in progress. The new airport is projected to handle up to 15 million passengers annually and will feature state-of-the-art infrastructure, according to Sarawak Premier Tan Sri Abang Johari Tun Openg. In addition to the airport, the state plans to develop a new deep-sea port at Tanjung Embang. Abdul Karim noted that with these two major projects, Asajaya—once a remote and difficult-to-access area—will emerge as a key transportation hub for Sarawak. Earlier this year, Sarawak Metro officially transitioned into a state-owned enterprise under the Sarawak State Financial Secretary, marking an important step in the state’s corporate restructuring efforts. Mazli Mustaffa, Sarawak Metro’s CEO, said the move demonstrates the government’s commitment to streamlining operations and enhancing public transport development. “This is an exciting phase for Sarawak Metro, but it also brings greater responsibility with more deliverables in the years ahead,” he said. Mazli noted that 2026 will be a particularly demanding year as major infrastructure work for KUTS ramps up, with revenue service for the ART system’s first phase expected by year-end. Last week, he briefed Sarawak Transport Minister Datuk Seri Lee Kim Shin on progress at the ART interchange station at Simpang Tiga. Construction of the ART network began two years ago, starting with the Blue Line, followed by the Red Line. The first phase of KUTS spans 69.9km, comprising the Blue, Red, and Green lines, and will include 28 stations. Blue Line: 27.6km from Rembus near Summer Mall in Samarahan to Hikmah Exchange in Kuching city centre. The Rembus depot will serve as the central hub for ART operations and administration. Key stations will include University Malaysia Sarawak, Sarawak Heart Centre, Sarawak General Hospital, Swinburne University, major shipping complexes, and other strategic locations. Red Line: 12.3km connecting Kuching Sentral regional bus terminal to Pending, with stations at the new Kuching International Airport and prominent shopping centres. Green Line: 30km from Pending to Damai Central in Santubong. Once complete, the ART system will provide seamless, efficient, and environmentally friendly transport across Kuching and Samarahan, significantly enhancing connectivity for residents, businesses, and visitors alike.

Insights Analytics Bhd (KL:IAB) has secured a RM58.4 million sub-contract to carry out infrastructure works for the proposed Betong to Pusa Regional Water Supply Grid in Sarawak, marking a significant boost to the group’s order book. The sub-contract was awarded to the company’s wholly-owned subsidiary, Insights Analytics Technologies Sdn Bhd (IATSB), by Bumia Sdn Bhd, as stated in a Bursa Malaysia filing on Thursday. The scope of works under the contract encompasses pipeline installation, mechanical and electrical systems, and other associated infrastructure works essential for the successful delivery of the regional water supply project. The project is set to commence on Jan 12, 2026, with an expected completion date of July 11, 2028. Payments for the sub-contract will be made on a monthly, firm-price basis, calculated based on the work completed and materials delivered. Insights Analytics said the project is expected to contribute positively to the group’s earnings throughout the contract period. The award comes on the heels of notable corporate developments for the company, including the appointment of former senator Datuk Dayang Madinah as an independent director. Dayang Madinah is the sister of Sarawak Premier Tan Sri Abang Johari, and her presence on the board is seen as a strategic move to strengthen the company’s governance and regional ties. Since its ACE Market debut on Oct 27, 2025, Insights Analytics shares have seen a remarkable rally, climbing 378% from the IPO price of 36 sen to close at RM1.72 on Thursday. The counter’s recent surge has positioned the Sarawak-based firm with a market capitalisation of RM946 million. The Betong to Pusa water supply project is a critical infrastructure initiative aimed at improving regional water accessibility and supporting long-term socio-economic development in Sarawak. With the sub-contract now secured, Insights Analytics is set to play a key role in enhancing the state’s water supply network while reinforcing its reputation as a rising player in Malaysia’s infrastructure and engineering sector.

Paramount Corp Bhd is strengthening its land bank with the acquisition of a 2.62-acre freehold parcel in Putrajaya, as part of its ongoing land replenishment strategy that prioritises well-located sites with strong fundamentals, excellent connectivity and readiness for development. In a statement, the property developer said its wholly owned subsidiary, Phoenix Blanc Sdn Bhd, has entered into a sale and purchase agreement with Cahaya Nusantara Sdn Bhd to acquire the land for RM40 million in cash. The acquisition will be financed through a combination of internally generated funds and bank borrowings. The land is situated within the Putrajaya Sentral masterplan area, a key growth zone in the administrative capital. It enjoys close proximity to Putrajaya Sentral Station, a major integrated transportation hub that connects the MRT Putrajaya Line, the ERL KLIA Transit and various bus services. The strategic location provides direct access to Putrajaya, Cyberjaya, Kuala Lumpur city centre and Kuala Lumpur International Airport, enhancing its appeal for residential development. Paramount plans to develop a high-rise residential project on the site, with an estimated gross development value (GDV) of RM323 million. Subject to approvals, the project is expected to be launched approximately one year after the completion of the sale and purchase agreement. The group said the acquisition aligns with its disciplined growth strategy, allowing it to secure quality land in established and well-connected urban locations to support future developments and long-term value creation.

Sunway Bhd has acquired three land parcels in Selangor and Penang for RM179.8 million, in a move to strengthen its presence in key urban growth corridors. Spanning nearly nine acres, the acquisitions involve parcels in Puchong and USJ 1, Selangor, as well as George Town, Penang. They are earmarked for mixed-use developments with a combined estimated gross development value (GDV) exceeding RM1 billion, according to a press statement issued on Monday (Jan 5). Spanning nearly nine acres, the acquisitions involve parcels in Puchong and USJ 1, Selangor, as well as George Town, Penang. In Puchong, Sunway Kiara Sdn Bhd acquired a 6.77-acre leasehold parcel from Glomac Al-Batha Sdn Bhd for RM97.3 million. The site has direct access to the Damansara-Puchong Expressway and Shah Alam Expressway. With a GDV of RM770 million, the project will be developed into a mixed-use project with serviced apartments and neighbourhood retail. In USJ 1, Rich Worldclass Sdn Bhd acquired a 1.12-acre freehold parcel for RM21 million from the estate of the late Yong Peng Seng @ Yong Peng Sin. The site adjoins Sunway’s existing two-acre land in the area and is located next to the South Quay-USJ 1 BRT station, enabling a consolidated development footprint of over three acres. Plans for the site include a transit-oriented development near Sunway City Kuala Lumpur, which houses Sunway Pyramid, Sunway Medical Centre and Sunway University. In Penang, Sunway Bintang Sdn Bhd acquired a 1.05-acre freehold parcel along Jalan Pangkor for RM61.451 million from Technisense Sdn Bhd. Situated 500m from Gurney Bay and near key retail and medical facilities, the site is earmarked for a tourism-oriented mixed-use project with a GDV of RM274 million. “These acquisitions are part of our long-term strategy to strengthen Sunway’s presence in key growth corridors while replenishing our land bank with prime, well-located sites,” said Sunway Property managing director Chung Soo Kiong in the statement. He adds that Puchong and USJ 1 will allow the company to introduce integrated, transit-oriented developments within mature townships, while the expansion into George Town reinforces the confidence in Penang’s continued growth as a regional hub for investment and tourism. All three projects will be guided by the group’s proprietary Sunway Design and Development Architecture (SDDA), which integrates sustainability, innovation, health and wellness, and lifestyle features into its developments.

AWC Berhad’s wholly-owned subsidiary, Qudotech Sdn. Bhd., has secured a subcontract from Gamuda Engineering Sdn. Bhd. for the cold water, rainwater harvesting, and sanitary system works at the hyperscale data centre in Eco Business Park V, Puncak Alam, Selangor. The project is scheduled to start on 8 December 2025 and is expected to be completed by 28 February 2027 for Facility 1 and 1 September 2027 for Facility 2. Dato’ Ahmad Kabeer bin Mohamed Nagoor, Group CEO/President of AWC Berhad, said, “We are grateful for Gamuda’s continued confidence. Following our successful completion of the first data centre project, being awarded a second contract—more than double the size—is a strong endorsement of our Engineering Division’s capabilities. We are confident in delivering the project on schedule.” He added, “Malaysia’s data centre industry is still growing, and we see significant opportunities ahead. This win, along with contracts secured across our Facilities, Environment, Engineering, and Rail divisions for FY26, highlights a promising outlook. Our total contract wins for FY26 have reached approximately RM424 million, providing earnings visibility for the coming years.” As of September 2025, AWC’s order book stood at RM528 million, excluding seven contracts secured after 30 September 2025 worth RM412.3 million.