Property

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.

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%.