Property

PTT Synergy Group Bhd has secured a significant earthworks and ancillary works contract worth RM35.88 million from Sime Darby Property Bhd, marking another milestone in the company’s construction portfolio. According to a filing with Bursa Malaysia, the contract has been awarded to PTT Synergy’s wholly owned subsidiary, Pembinaan Tetap Teguh Sdn Bhd. The scope of work involves comprehensive earthworks and supporting construction activities for the Bandar Bukit Raja Business Park, located in Kapar, Klang. The project is part of Sime Darby Property’s ongoing development efforts to expand commercial and industrial infrastructure in the region. The pre-possession phase of the project is scheduled to begin on December 18, 2025, with full possession commencing on January 5, 2026. The project is expected to reach completion by September 4, 2027, providing PTT Synergy with a clear timeline for delivery and operational planning. The company noted that the award of this contract will not impact its share capital or the holdings of substantial shareholders for the financial years ending June 30, 2026, through June 30, 2028. While the letter of award is not anticipated to have a material effect on PTT Synergy’s net assets, the project is expected to provide a positive contribution to the group’s earnings over the contract period. “This contract further reinforces PTT Synergy’s capability in handling large-scale earthworks projects and demonstrates our ongoing commitment to delivering quality infrastructure solutions,” the company said in its filing. “We remain focused on operational excellence and timely delivery to support Sime Darby Property’s ambitious development plans.” Following the announcement, PTT Synergy’s shares closed unchanged at RM1.37 on Tuesday, giving the company a market capitalisation of RM599.46 million. The stock has recorded a 22.3% gain year-to-date. Meanwhile, Sime Darby Property also closed at RM1.37, with a market value of RM9.32 billion, though its shares have declined 18.9% so far this year. This new contract adds to PTT Synergy’s growing order book and strengthens its presence in Klang Valley, where industrial and commercial property development continues to attract significant investment. The group’s expertise in earthworks and supporting infrastructure positions it well to benefit from ongoing construction demand in Malaysia’s expanding property sector.

Geohan Corporation Bhd’s wholly-owned subsidiary, Geohan Sdn Bhd, has secured two significant contracts from SRS LRT Sdn Bhd, collectively valued at RM59 million, marking another milestone in the company’s continued expansion in the infrastructure sector. The announcement was made in a Bursa Malaysia filing today. The contracts, awarded as letters of award (LOAs), relate to the Penang Light Rail Transit (LRT) Mutiara Line project, a key public transport initiative aimed at enhancing connectivity across the state. Specifically, the two sub-packages, BP01 and BPO2, are valued at RM31.20 million and RM27.80 million, respectively. These projects involve comprehensive bored piling construction and associated civil works along the LRT line, covering areas from Gelugor to the Penang Pesta vicinity and Setia SPICE. Construction for sub-package BP01 is scheduled for completion by March 31, 2027, while sub-package BPO2 is expected to finish by April 30, 2027. Geohan said the contracts are anticipated to boost the company’s earnings visibility over the next two years, supporting sustained revenue growth and strengthening its market position in foundation and geotechnical works. Lee Kim Seng, Geohan’s managing director, expressed confidence in the company’s ability to deliver the projects efficiently and to high standards. “These contracts reflect our continued track record in executing complex infrastructure projects successfully. We remain committed to delivering exceptional results for our clients while ensuring timely completion and maintaining quality standards,” he said. The new contracts are also expected to enhance Geohan’s portfolio in the public transport sector, reinforcing its reputation as a reliable partner for large-scale civil engineering projects. With these awards, the group continues to capitalize on growth opportunities within Malaysia’s expanding rail and urban infrastructure landscape.

JLand Group, the property development arm of Johor Corporation, has officially launched the Ibrahim Technopolis (IBTEC), a large-scale technology and innovation hub spanning 7,290 acres in Sedenak, Kulai — about 50km north of Johor Bahru and 70km from Singapore. Positioned as Asia’s largest innovation sandbox, IBTEC is designed to attract global technology players, with its flagship component — the Sedenak Tech Park (STEP) — set to anchor the development. STEP is expected to draw major investments in advanced electrical and electronics (E&E), life sciences, medical technology, and data-driven industries. The entire development carries a projected gross development value (GDV) of RM27 billion over a 22-year period. To date, STEP alone has already secured RM34.5 billion in committed investments, largely from data centre operators seeking to tap into Johor’s growing digital infrastructure and strategic proximity to Singapore. JLand Group managing director Datuk Akmal Ahmad said IBTEC was conceived to elevate Johor’s industrial capabilities by transitioning from low value-added sectors to high-tech, innovation-led manufacturing and services. “IBTEC’s true measure of success goes beyond investment numbers,” he said. “We want to see Malaysians — especially Johoreans — move up the economic value chain as skilled workers, innovators, entrepreneurs and future industry leaders. That is the real impact we aim to create through this ecosystem.” IBTEC is planned around several core pillars that will shape its long-term growth: • Advanced manufacturing and logistics precincts seamlessly integrated into regional and global supply chains.• R&D and innovation clusters connected to universities, technical institutions and corporate research centres to accelerate commercialisation and talent development.• A digital connectivity backbone featuring data-centric infrastructure, smart utilities and systems designed to support artificial intelligence, Internet of Things applications, automation, and emerging technology solutions.• An adaptive policy environment that can evolve alongside regulation, enabling sandbox-based testing, pilot projects and next-generation industrial models. The development is expected to play a central role in positioning Johor as a leading regional hub for high-tech industries, while strengthening Malaysia’s attractiveness to global investors seeking scalable, innovation-friendly environments.

Mah Sing Group Bhd’s wholly owned subsidiary, Maxim Heights Sdn Bhd, is set to acquire a 1.129-hectare leasehold land parcel in Setapak from The Rampai Development Sdn Bhd for RM44.5 million. The site will be developed into a new project, M Mira, with an estimated gross development value (GDV) of around RM300 million. According to a Bursa Malaysia filing, the development will benefit from the upcoming MRT 3 stations at Rejang and Setapak, as well as existing LRT stations at Sri Rampai and Wangsa Maju. This marks Mah Sing’s fifth land acquisition in 2025, following M Aria in Sentul, the Corus Hotel site, M Legasi 2 in Semenyih, and M Cora in Penang, with a combined estimated GDV of approximately RM4.1 billion. The company expects the Setapak acquisition to positively contribute to future earnings, with completion targeted for the first quarter of 2026. Separately, Mah Sing announced that its subsidiary, Fusion Heights Development Sdn Bhd, has mutually terminated the sale and purchase agreement for 227.29 hectares of land in Sepang, Selangor, originally signed with Premier Land Resources Sdn Bhd on Jan 31, 2024. The deposit and accrued interest will be refunded. Mah Sing said the termination allows for better allocation of capital to projects that align more closely with its investment strategy and offer faster returns. The company added that the termination is not expected to materially affect its earnings per share, net assets, gearing, share capital, or shareholding structure for the financial year ending Dec 31, 2025.

Titijaya Land Bhd is moving ahead with plans to revive an abandoned Universiti Malaysia Sabah (UMS) student hostel development through the proposed acquisition of two strategic property assets in Kota Kinabalu for RM105 million. In a statement on Monday, the property developer said the purchase — originally announced in May — will see Titijaya stepping in as the white knight to rescue the long-delayed Blocks B1 and B2 of the UMS Numbak student residential complex. The project has been left idle for several years, leaving UMS with a shortage of on-campus accommodation. Titijaya group managing director Datuk Lim Poh Yit said the appointment underscores the company’s commitment and track record in rehabilitating distressed developments in the state. “This marks our third successful intervention in Sabah involving abandoned or ailing projects. We are honoured to be entrusted with the responsibility of delivering a long-awaited solution for UMS students,” Lim said. He added that the revived development will focus on providing safe, comfortable and cost-effective housing, catering to the university’s growing population. UMS currently hosts more than 18,000 students, but available on-campus rooms remain limited, prompting the need for a sustainable accommodation plan. The project is also being positioned as a model for private-public collaboration, combining government support, industry expertise and institutional needs to accelerate social and economic benefits for the community. On Saturday, Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir visited the stalled project site together with UMS vice-chancellor Professor Datuk Dr Kasim Mansor and senior executives from Titijaya. The visit signalled renewed federal backing for the project’s resumption, as well as confidence in Titijaya’s capability to bring the long-stalled development back on track. Once completed, the revived Blocks B1 and B2 are expected to improve student welfare, ease housing constraints and enhance UMS’ campus facilities to support future enrollment growth.

Property developer Bedi Bhd, formerly WMG Holdings Bhd, has entered into an agreement to sell its hypermarket property in Sandakan, Sabah, to retailer and wholesaler Mydin for RM85 million. Mydin is also the current tenant of the property. The 4.39-acre site, which includes a double-storey hypermarket, was independently valued at RM93 million by CH Williams Talhar & Wong (Sabah) Sdn Bhd on Nov 3, making the agreed sale price an 8.6% discount. The property has been leased to Mydin under a 20-year agreement signed in July 2019. Bedi said it approached Mydin with a sale offer in April this year, exercising the lease’s first right of refusal clause, which Mydin accepted. Bedi described the sale as part of its ongoing strategy to streamline its assets and strengthen its financial position, while supporting its broader property development objectives. Proceeds from the transaction will be allocated primarily to fund new property acquisitions and development projects in Sabah, amounting to RM45.52 million. Another RM35.78 million will be used to repay bank borrowings, with the remainder covering transaction-related expenses. The company expects to record a net gain of RM22.1 million from the disposal, which is scheduled for completion in the first quarter of 2026, subject to shareholder approval at an extraordinary general meeting. Bedi underwent a change in management last year after Exsim Development Sdn Bhd became its largest shareholder with a 52.5% stake, purchased from Syarikat Kretam (Far East) Holdings Sdn Bhd for RM75.12 million. In a related transaction, Ben Kong Chung Vui, acting in concert with Exsim, acquired a 17.5% stake from Syarikat Kretam. Shares of Bedi closed at 31 sen on Nov 12, giving the group a market capitalisation of RM268.82 million.

Property developer Eco World Development Group Bhd has launched a RM1.878 billion unrated medium-term note (MTN) programme to help fund land acquisition and the development of its build-to-lease data centre project in Selangor. According to a Bursa Malaysia filing on Thursday, the MTN programme was set up under EcoWorld’s wholly-owned subsidiary, Quantum Alpha Sdn Bhd (QASB), which is leading the data centre initiative. The first tranche of RM3.58 million was issued on Thursday. EcoWorld said the notes, to be issued periodically, were fully subscribed by a major local financial institution, demonstrating “strong investor confidence in the group’s credit profile and the long-term potential of the data centre project.” QASB signed a build-and-lease agreement in February with Pearl Computing Malaysia Sdn Bhd, a Google affiliate, to develop and lease data centres within Eco Business Park V in Puncak Alam, Selangor. Under the agreement, QASB will construct the shell and core structures of the data centres on 92.44 acres of land according to the lessee’s specifications. The project, expected to be completed in 2027, will be leased to Pearl Computing for an initial 20-year term, with total rent projected at up to RM4.8 billion and a 10-year renewal option. At the same time, EcoWorld also sold 58.19 acres of industrial land within the park to Pearl Computing for RM266.1 million. The group confirmed on Thursday that discussions are ongoing with potential institutional investors interested in participating in the data centre development. Any investment could involve taking a stake in QASB, though EcoWorld plans to retain up to 80% ownership of the unit. EcoWorld shares closed unchanged at RM2.08 on Thursday, giving the group a market value of RM6.66 billion. Year-to-date, the share price has fallen nearly 3%.

Oriental Holdings Bhd is set to acquire three Malaysian hotels from its major shareholder, the Loh family, for RM411 million in cash, strengthening its domestic hospitality portfolio. The group, which also distributes Honda vehicles in Malaysia, will buy Bayview Beach Resort Penang for RM167 million and Bayview Hotel Georgetown for RM153 million from Boon Siew Sdn Bhd, a company owned by the Loh family. Bayview Hotel Langkawi will be acquired from Boon Siew Development Sdn Bhd for RM91 million. Oriental noted in a filing that the purchase prices are below independent valuations. The acquisitions will increase Oriental’s domestic hotel count from one to four, diversifying its hospitality segment, which previously contributed only 4% of the hotels and resorts revenue in FY2024. Globally, the group now owns seven hotels. Oriental plans to spend RM210.73 million refurbishing and rebranding the properties: RM107.62 million for Bayview Beach Resort Penang (to become Ascott Batu Ferringhi Penang), RM92.2 million for Bayview Hotel Georgetown (Oakwood Georgetown Penang), and RM10.79 million for Bayview Hotel Langkawi (FOX Hotel Langkawi). The deal, expected to close in Q3 2026, requires approval from non-interested shareholders at an extraordinary general meeting. Oriental shares ended unchanged at RM6.82, valuing the group at RM4.23 billion.

Axis Real Estate Investment Trust (Axis-REIT) is garnering positive attention from analysts following its proposal to acquire an industrial property in Seberang Perai, Penang, from Ann Joo Resources Bhd for RM800 million. The proposed acquisition, if completed, would further strengthen Axis-REIT’s portfolio, which is already diversified across industrial, retail, and office assets in Malaysia. Market watchers noted that the addition of a high-value industrial property aligns with the trust’s strategy to expand its footprint in the industrial sector, which has been resilient amid ongoing demand for logistics and manufacturing spaces. Analysts said the acquisition could potentially enhance Axis-REIT’s long-term income stream and asset base. “This is a strategic move that reinforces Axis-REIT’s position in the industrial property market, especially in a key logistics hub like Penang,” one analyst said. The trust’s management has indicated that the acquisition will be funded through a combination of debt and internal resources, ensuring minimal impact on its gearing levels. Axis-REIT’s portfolio currently has a healthy occupancy rate, and the inclusion of the new property is expected to contribute positively to future distributable income. Investors responded favorably to the announcement, with Axis-REIT shares experiencing an uptick in early trading. The proposal also highlights the ongoing appetite for prime industrial assets in Malaysia, particularly in strategic locations such as Seberang Perai, which continues to attract local and foreign investment. Axis-REIT’s management has stated that the acquisition remains subject to regulatory approvals and due diligence, with the trust committed to completing the transaction in a timely manner.