Property

KUALA LUMPUR, AmBank Group has announced that it will provide financing facilities to Armani Hallson KLCC Sdn Bhd, a subsidiary of Armani Group, to support the development of Phase 1 of the Armani Hall KLCC residential project in central Kuala Lumpur. AmBank’s managing director of business banking, Christopher Yap, said the collaboration reflects the bank’s commitment to financing transformative property developments that shape Malaysia’s urban landscape. “Armani Hallson KLCC is a landmark investment in Kuala Lumpur’s property market — a project that embodies scale, ambition, and long-term value creation. As a trusted financial partner, we are proud to support visionary developers in delivering assets that elevate both the economy and the real estate sector,” he said in a statement today. Armani Group’s executive chairman, Datuk Seri Bryan Wong, added that the partnership is a strong vote of confidence in the company’s vision of redefining luxury living in Kuala Lumpur’s Golden Triangle. “We are honoured to partner with AmBank on Armani Hallson KLCC. This collaboration reinforces our commitment to excellence and marks a key milestone in delivering a transformative development for discerning homeowners and investors,” Wong said. Since opening for registration in March 2025, the project has achieved a 70% take-up rate. With an estimated gross development value (GDV) of RM3 billion, Armani Hallson KLCC is the Armani Group’s most ambitious undertaking in Kuala Lumpur to date. Situated on a 1.06-hectare prime site along Jalan Ampang, the development will feature about 2,215 residential units designed with modern architecture, sustainable elements, and premium lifestyle offerings.

KUALA LUMPUR, Maxim Global Bhd has announced plans to acquire a nine-storey office tower on Jalan Klang Lama for RM29.5 million, which will serve as the property developer’s new corporate headquarters. The company said it signed a sale and purchase agreement with Magna Tiara Development Sdn Bhd to buy the building — Southbank Block 6 — which spans 4,039 sq m at RM678.55 per sq ft. According to Maxim Global, the acquisition will enhance its corporate image and branding by establishing a stronger presence in a prominent location. The new headquarters is also expected to provide a more conducive working environment, improving staff satisfaction and retention, while supporting the group’s long-term growth strategy. The purchase will be financed through a mix of internal funds and bank borrowings, with the final structure determined by gearing, interest costs, and available cash flow. As of June 30, Maxim Global held RM137.2 million in cash and cash equivalents against borrowings of RM294.9 million. The transaction is targeted for completion within four months. On Friday, Maxim Global’s shares closed one sen or 2.6% lower at 38 sen, giving the company a market capitalisation of RM279.4 million. Year-to-date, the counter has risen more than 26%.

GEORGE TOWN, A subsidiary of PBA Holdings Bhd (PBAHB), the parent company of Penang Water Supply Corporation (PBAPP), has received state approval to alienate a parcel of land in Penang valued at RM20 million. In a filing with Bursa Malaysia, PBAHB said its wholly owned unit obtained the green light from the Penang state authorities to proceed with the transaction, which involves the transfer of land rights for development purposes. The approval is part of the group’s strategic asset management plan, enabling it to unlock value from non-core assets while focusing on its primary mandate of ensuring sustainable water supply services in Penang. “The alienation of this land is expected to generate RM20 million in proceeds, which will further strengthen the company’s financial position and support our operational and capital expenditure commitments,” PBAHB said. The company added that the exercise will not have any adverse effect on its water operations and will be carried out in compliance with all state requirements. Analysts noted that the move comes at a time when PBAHB is seeking additional resources to finance upcoming infrastructure projects, including initiatives to enhance water supply resilience amid rising demand in Penang. The land transfer is expected to be completed once all regulatory procedures are finalised.

KUALA LUMPUR, Gamuda Bhd’s wholly owned subsidiary, Gamuda (Singapore) Pte Ltd, together with joint venture partners Evia MSC Pte Ltd and H108 Pte Ltd, has emerged as the provisional winner of a highly contested land tender in Singapore. In a filing with Bursa Malaysia, Gamuda said the Housing and Development Board (HDB) of Singapore had declared the consortium’s bid of SGD1.01 billion (RM3.33 billion) as the highest received at the close of tender on Sept 11, 2025. The land parcel, measuring 29,450.3 square metres, is located at Chencharu Close and has been designated for mixed-use development, comprising both commercial and residential components. The project is expected to add vibrancy to the area by integrating retail, lifestyle and community spaces with quality housing. Gamuda noted that this latest success in Singapore reflects its growing regional footprint and reinforces its strategy of diversifying into overseas property markets. The company added that the venture is well-positioned to leverage its partners’ local expertise to deliver a landmark development in the heart of Singapore. This marks the second significant win by a Malaysian developer in Singapore within two days. On Wednesday, Sunway Bhd announced that its joint venture with Sing Holdings Residential Pte Ltd had secured a RM2.05 billion tender for a prime parcel at Chuan Grove. Analysts said the back-to-back successes of Gamuda and Sunway underscore the competitiveness of Malaysian developers in Singapore’s high-value property market. Both projects are expected to generate long-term recurring income and enhance their respective property development portfolios in one of Asia’s most dynamic real estate hubs.

KUALA LUMPUR, Bandar Malaysia Sdn Bhd, the state-owned master developer of the Bandar Malaysia project, has agreed to pay compensation to Sim Leisure Group Ltd following the termination of their agreement to develop an Escape theme park. Bandar Malaysia sold the 486-acre land, the site of the former Royal Malaysian Air Force base, to KLCC (Holdings) Sdn Bhd last year. In a filing with the Singapore Exchange, Sim Leisure said it would have no further claims against Bandar Malaysia once the undisclosed compensation is received under the settlement agreement. The company is also required to return the project site on Sept 15. “The parties shall keep all details and negotiations concerning the termination settlement strictly private and confidential,” Sim Leisure noted, adding that the settlement amount will be “material” to its earnings this year. The settlement comes after Sim Leisure alleged that Bandar Malaysia breached its obligations by cancelling the theme park deal and selling the land to Petroliam Nasional Bhd (Petronas). Last year, Bandar Malaysia sold the 486-acre former Royal Malaysian Air Force base site in Jalan Sungai Besi to KLCC (Holdings) Sdn Bhd, a wholly owned subsidiary of Petronas. Following the sale, Sim Leisure received a termination notice. The company had signed an agreement in November 2023 to develop and operate a 75-acre Escape theme park at Bandar Malaysia. Sim Leisure currently operates the Escape outdoor adventure park in Penang, the Escape Challenge indoor park at Paradigm Mall, Petaling Jaya, and KidZania Kuala Lumpur.

KUALA LUMPUR, Pansar Bhd’s wholly owned subsidiary, Perbena Emas Sdn Bhd, has received a letter of acceptance from the Sarawak Public Works Department (JKR) to undertake the design and construction of the proposed Serian-Gedong-Samarahan dual carriageway highway, valued at RM216.99 million. In a filing with Bursa Malaysia today, Pansar said the 36-month contract is scheduled to begin in September 2025 and is expected to contribute positively to the group’s earnings and net assets throughout the project period. The scope of works covers the upgrading of approximately four kilometres of the existing JKR R3 road from Jalan Lubok Teranggas to Kampung Gedong, currently a two-lane single carriageway, into a JKR R5 four-lane dual carriageway. It also includes the construction of a new connecting road to Package 1 (Simpang Rayang/Munggu Kopi/Tanah Puteh/Sebemban to Gedong District, Section 1B). Additional works comprise an autonomous rail transit reserve within the median, bridge construction, bicycle tracks, utility corridors, a new roundabout, as well as the installation of road lighting, traffic signals, signage, road furniture, and drainage systems.

KUALA LUMPUR, Property developer SkyWorld Development Bhd has signed a memorandum of understanding (MoU) with a Vietnamese partner to hold exclusive negotiations for a proposed RM136 million mixed development project in Vietnam. In a filing with Bursa Malaysia, SkyWorld said the MoU will allow the group to explore potential collaboration on a residential-led development in Ho Chi Minh City. The talks are expected to finalise terms for a joint venture or acquisition deal within the next six months. “The proposed venture in Vietnam is in line with our long-term strategy to expand regionally and diversify revenue streams beyond Malaysia,” SkyWorld said. The RM136 million project is targeted at the mid-market segment, with plans for modern residential units complemented by lifestyle and retail components. SkyWorld said demand for quality housing in Vietnam remains strong, supported by rapid urbanisation and a growing middle class. Analysts view the MoU as a strategic step for SkyWorld, which has been actively seeking overseas opportunities following its successful listing on Bursa Malaysia last year. The company emphasised that the MoU is not legally binding and the project remains subject to further due diligence, approvals and the signing of definitive agreements. “Should the collaboration proceed, it is expected to contribute positively to the group’s long-term growth,” SkyWorld said.

PETALING JAYA, Sunway Group is set to expand its presence in Singapore as part of its regional growth strategy, with plans to strengthen its property development and healthcare businesses in the city-state. Industry sources said the group is exploring several land acquisition opportunities in prime locations, while also looking to grow its healthcare segment through new hospital projects. The move comes amid rising demand for quality healthcare services in Singapore and continued resilience in the republic’s property market. “Singapore remains a key market for Sunway, given its stable economy, transparent regulatory framework and status as a regional hub,” said a source familiar with the matter. Sunway’s property division has been active in Singapore for more than a decade through joint ventures, with projects such as Sunway Mont Residences. Its expansion plans are expected to focus on integrated developments, leveraging its expertise in sustainable townships and mixed-use projects. Meanwhile, Sunway Healthcare Group, which is targeting to list in the next few years, is also eyeing Singapore as part of its regional expansion blueprint. This would complement its existing network of hospitals in Malaysia. Analysts view the Singapore push positively, citing it as a strategic move to diversify Sunway’s earnings base while tapping into a mature market with strong fundamentals. Maybank Investment Bank Research noted that Sunway’s regional expansion efforts, particularly in Singapore, could provide long-term earnings visibility. “With its strong track record in property and healthcare, Sunway is well positioned to compete in Singapore’s competitive market,” it said in a note. The group recently reported steady earnings for the first half of 2025, underpinned by resilient contributions from its property investment and healthcare segments.

PETALING JAYA, Malaysian Resources Corp Bhd (MRCB) will take full control of Bukit Jalil Sentral Property Sdn Bhd (BJSP) after agreeing to acquire the Employees Provident Fund’s (EPF) 80% stake in the joint venture for RM1.58 billion. The deal, which ends a stalled partnership, will allow MRCB to reshape and relaunch the project. In a filing with Bursa Malaysia, MRCB said its wholly-owned unit Rukun Juang Sdn Bhd (RJSB) signed a share sale agreement on Sept 8 with EPF’s subsidiary Tanjung Wibawa Sdn Bhd to acquire eight million ordinary shares and 1.13 billion redeemable preference shares in BJSP. As of Aug 15, RJSB already held a 20% stake, meaning BJSP will become a wholly-owned subsidiary once the deal is completed. Land and ValuationBJSP, incorporated in 2017, owns three parcels of commercial leasehold land in Bukit Jalil covering 308,840 sq m. The land, with a 99-year tenure expiring in December 2116, has a combined net book value of RM1.49 billion but was valued at RM2.06 billion in July by IVPS Property Consultant Sdn Bhd. MRCB said the RM1.58 billion purchase price was agreed on a willing-buyer willing-seller basis, close to KPMG Corporate Advisory Sdn Bhd’s adjusted net asset valuation of RM1.57 billion. The transaction also includes shareholder advances of RM69.2 million previously provided by EPF’s unit to BJSP, which MRCB may have to assume if not repaid. Funding and Financial ImpactThe acquisition will be financed through a mix of borrowings and internal funds. Based on estimates, MRCB’s net borrowings will rise to RM3.58 billion, increasing its gearing ratio from 0.27 to 0.61 times. On a pro forma basis, earnings per share for FY2024 are expected to increase from 1.43 sen to 2.37 sen, while net assets per share will edge up from RM1.03 to RM1.06. Project Background and Future PlansThe Bukit Jalil project was initially planned as a large mixed-use development with office towers, hotels, retail, serviced apartments and residential units. However, the venture stalled due to pandemic disruptions and rising costs. “As no progress has been made, both parties had considered alternatives and revisions to the original plan but could not reach a conclusion,” MRCB said. With full control, MRCB plans to reassess the project, possibly revising the property mix to better match market demand. One option under study is incorporating data centres, given the land’s connectivity and its proximity to MRANTI Park. “The growing demand for data centres has already attracted operator interest in nearby sites. These parcels could become an extension of MRANTI’s technology hub,” MRCB noted, adding that feasibility and environmental studies will be conducted before finalising any plans. Regulatory ApprovalsBecause EPF is both the vendor and a substantial shareholder in MRCB with a 36.2% stake, the deal is classified as a related-party transaction. Kenanga Investment Bank Bhd has been appointed as the independent adviser to evaluate the fairness of the acquisition. The deal requires shareholder approval at an EGM, along with regulatory and contractual clearances, and is expected to be completed by the second quarter of 2026.

DXN Holdings Bhd. (“DXN” or the “Company”)  a leading global manufacturer of nutraceutical products, today announced that its wholly-owned subsidiary, Daxen Middle East Food Manufacturing LLC (“Daxen Middle East”), has entered into a sale and purchase agreement (“SPA”) to acquire a residential apartment unit at Burj Khalifa, Dubai, United Arab Emirates, for a total cash consideration of AED6.4 million (approximately RM7.4 million) (the “Acquisition”). The Acquisition, financed entirely through internally generated funds, represents less than 0.6% of DXN’s total net assets of RM1.3 billion, as at 28 February 2025 (“FY25”), with no material impact on balance sheet, and will not affect dividends, ongoing investments in research & development (“R&D”), or expansion plans. This Acquisition is complementary to, and does not divert resources from, DXN’s core priorities in R&D, manufacturing, and market expansion. The property will serve as a member reward and training hub, complementing DXN’s existing facilities in Penang and Cyberjaya, and will be used for leadership development, incentive programmes, and VIP events. It also offers potential rental income and capital appreciation. As the transaction involved related parties, all interested directors abstained from deliberations and voting. The Audit Committee independently reviewed the terms, confirming they are fair and reasonable, and approval was granted solely by non-interested directors in line with Bursa Malaysia requirements. Dubai is an increasingly important hub for DXN, with its manufacturing plant established in 2023 and the Middle East contributing over 10.0% of the Group’s revenue in FY25. This acquisition strengthens DXN’s long-term commitment to member engagement and growth in the region.