Property

KUALA LUMPUR, Kerjaya Prospek Group Bhd has clinched an RM87.66 million contract from Eastern & Oriental Bhd to undertake building works for a commercial development in Shah Alam. In a statement on Wednesday, the group said the contract was awarded to its wholly owned unit, Kerjaya Prospek (M) Sdn Bhd, by E&O’s indirect subsidiary, Eastern & Oriental Express Sdn Bhd. The project involves constructing 104 two-storey shop offices, six three-storey shop offices, 23 affordable shop units, two electrical substations, and one compact substation. Work is set to begin on Nov 17, 2025, with completion expected within 30 months. “We are pleased to secure another project in Shah Alam, a rapidly growing area with strong demand,” said chief executive officer Tee Eng Tiong. With this win, Kerjaya Prospek has secured seven projects worth about RM958 million this year, bringing its total outstanding order book to RM3.6 billion. At Wednesday’s close, Kerjaya Prospek shares slipped 10 sen or 3.57% to RM2.70, giving the group a market value of RM3.42 billion. E&O’s shares eased half a sen to 80.5 sen, valuing it at RM2.03 billion.

KUALA LUMPUR, Sunway Property has announced the rebranding of its Singapore operations to Sunway MCL, following the group’s S$738.7 million (RM2.42 billion) acquisition of MCL Land. Nava Grove, an award-winning residence at Pine Grove, seeks to redefine refined living with a seamless blend of nature, design and wellness-inspired amenities. In a statement released on Friday, Sunway said the newly formed entity currently manages nine ongoing residential projects across Singapore, comprising 4,937 units with a combined gross development value (GDV) of S$4.5 billion (RM14.9 billion). Among the key developments under the Sunway MCL brand are ELTA, Nava Grove, Tembusu Grand, and The Continuum. Sunway Group’s executive deputy chair Datin Paduka Sarena Cheah said the establishment of Sunway MCL represents a major milestone in the group’s regional growth strategy. “Singapore has always been a key market for us, and this step strengthens our long-term commitment to developing sustainable communities that create lasting value,” she said. “Through Sunway MCL, we are deepening our presence in one of Asia’s most vibrant property markets and reinforcing the group’s foundation for future growth.” The rebranding combines MCL Land’s six decades of experience in Singapore’s residential market with Sunway’s five decades of expertise in Malaysia, creating a stronger platform for delivering sustainable, mixed-use communities. Sunway MCL is led by chief executive officer Lee Tong Voon, under the supervision of Sunway Property managing director Chung Soo Kiong. Lee said the company remains focused on crafting high-quality homes built on craftsmanship, care, and connection. “Our aim is to create residences that embody timeless design and enduring warmth, offering spaces that hold long-term value for homeowners,” he said. The acquisition also includes MCL Land’s Malaysian assets, such as development land banks in Wangsa Maju and Forest Heights, Seremban, along with Wangsa Walk Mall, which offers a net lettable area of 330,000 sq ft. These additions are expected to strengthen Sunway Property’s position as a master community developer, expanding its regional presence while reinforcing its base in Malaysia. Sunway Property also maintains a strong cross-border footprint through its flagship developments in Johor, including Sunway City Iskandar Puteri, a 2,000-acre township near the Second Link, and the upcoming Bukit Chagar RTS transit-oriented development at the First Link.

SINGAPORE, CapitaLand Investment Ltd (CLI) has issued a statement addressing a report by The Wall Street Journal (WSJ) suggesting that the company is exploring a potential merger with Mapletree Investments Pte Ltd. In its statement, CLI said it “does not comment on rumours or speculation” and declined to provide further details regarding the report. Earlier on Monday, WSJ reported that the two Singapore-based property giants were in the very early stages of evaluating a possible merger, which could potentially create one of the region’s largest real estate investment and management groups. The report also noted that discussions are still preliminary, and there is no certainty that any agreement will be reached. CapitaLand Investment, which manages a global portfolio of real estate assets across multiple markets, was listed on the Singapore Exchange in 2021 following the restructuring of CapitaLand Ltd. Mapletree, meanwhile, is a government-linked real estate developer and investment firm wholly owned by Temasek Holdings. Both companies are considered major players in Asia’s property sector, with extensive portfolios spanning commercial, logistics, and residential developments. A merger, if it materialises, could reshape Singapore’s real estate landscape and strengthen their combined global presence.

KUALA LUMPUR, Mah Sing Group Bhd has acquired a 111.29-hectare freehold parcel adjacent to its existing 202.34-hectare M Legasi township in Semenyih for RM273.5 million. In a statement, the property developer said the acquisition paves the way for M Legasi 2, an integrated township featuring a mix of residential units and commercial spaces tailored to modern lifestyle needs. The sale and purchase agreements were signed with Petaling Garden Sdn Bhd, a subsidiary of SP Setia Bhd. “The newly acquired land enjoys existing road access, providing immediate connectivity and supporting faster project readiness. The development is planned over eight years, with registration of interest set for 2026 and project launch targeted for 2027,” the company said. The acquisition involves two adjoining freehold parcels in Semenyih, with a total gross area of about 123.43 hectares — of which 111.29 hectares are net developable. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the move reinforces the group’s confidence in Semenyih’s growth potential as an emerging residential and commercial hub. This marks Mah Sing’s third land deal in 2025, following the acquisitions of M Aria, a 1.12-hectare prime site in Sentul with a GDV of RM283 million, and another 0.59-hectare parcel in Kuala Lumpur City Centre, valued at RM1.28 billion in GDV.

PETALING JAYA, Pelaburan Hartanah Bhd (PHB) is charting a new course in its growth strategy by broadening its property portfolio beyond traditional office and retail assets, venturing into emerging, high-growth sectors, and upgrading its existing properties to meet modern sustainability and tenant requirements. The property investment firm, which manages assets valued at nearly RM11 billion, is also diversifying geographically — expanding beyond the Klang Valley into growth regions such as Kedah, Johor, and Terengganu, with plans to enter Sabah and Sarawak to align with Malaysia’s next phase of economic development. Pelaburan Hartanah Bhd group managing director and chief executive officer Mohamad Damshal Awang Damit. Established to enhance bumiputra participation in commercial real estate, PHB manages the Amanah Hartanah Bumiputra (AHB) fund via its subsidiary, PHB Asset Management Bhd. AHB — a syariah-compliant unit trust — allows bumiputra investors nationwide to invest in income-generating properties for as little as RM1 per unit. AHB’s portfolio includes notable assets such as Menara Prisma in Putrajaya, NU Sentral Shopping Centre, Gleneagles Hospital (Block B) in Kuala Lumpur, CP Tower in Petaling Jaya, One Precinct in Penang, and The Shore Shopping Gallery in Melaka. PHB group managing director and chief executive officer Mohamad Damshal Awang Damit said the group aims to build a “balanced, resilient and future-ready” portfolio that supports long-term growth while protecting unitholder value. “While our assets have traditionally been concentrated in offices and retail, we’re shifting towards sectors tied to structural trends that will shape Malaysia’s future,” he told StarBiz. “Healthcare is a key example — as Malaysia approaches aged-nation status by 2040, there will be growing demand for hospitals, specialist centres, and aged-care facilities.” He added that industrial real estate is another strategic focus area. “With the rapid rise of eCommerce, AI, and cloud computing, the demand for advanced logistics hubs, smart warehouses, and data centres is accelerating. PHB is actively exploring investments in these segments as part of a long-term transformation strategy.” As of August, PHB’s portfolio comprised 38% office assets, 20% retail, 13% land, 10% industrial, and 8% healthcare properties. Nearly 77% of the group’s assets are completed and income-generating, with the remainder consisting of development projects and strategically located land banks. PHB recently acquired two industrial assets — one in Kulim Hi-Tech Park, Kedah, and another near the Port of Tanjung Pelepas, Johor — worth a combined RM247 million. The Kedah property, spanning 12 acres, is fully leased to Schott Glass, a global leader in specialty glass, while the Johor site is occupied by global logistics giant Maersk. “These investments provide long-term, stable income streams from world-class tenants and strengthen PHB’s foothold in Malaysia’s key industrial and logistics corridors,” Mohamad Damshal said. He noted that both Kedah and Johor are among Malaysia’s top five states for approved investments, driven by global supply chain shifts and nearshoring trends. PHB also continues to expand along the east coast, with the opening of Mayang Mall in Kuala Terengganu last December, which has achieved an 84% occupancy rate. In June, PHB reopened 300 million new AHB units for bumiputra investors. Since AHB’s inception in 2010, it has attracted over 82,000 individual investors and 19 institutional investors, with a cumulative RM2.43 billion in income distributed to date. For the six months ended Sept 30, 2025, PHB declared a total income distribution of 2.5 sen per unit, inclusive of a 0.4 sen bonus for the first one million units held by each investor. Looking ahead, Mohamad Damshal said PHB aims to expand further into high-potential regions such as Sabah and Sarawak, targeting sectors like green energy, logistics, and sustainable development. “We are taking a disciplined approach to portfolio rebalancing — divesting mature assets when appropriate and reinvesting in higher-yielding, future-focused properties,” he said. He also noted that tenant demand is evolving toward environmental, social and governance (ESG)-compliant buildings. “The definition of quality has changed. Tenants are no longer looking just at rent or location — they want sustainability, flexibility, and strong governance. PHB is investing in precisely these areas.” PHB currently holds a AAA stable credit rating from RAM Ratings and a Gold3 sustainability rating, underscoring its strong financial discipline and ESG leadership. “These recognitions affirm PHB’s commitment to financial resilience and responsible growth,” Mohamad Damshal said. “Ultimately, every step we take — from acquiring strategic assets to expanding AHB — supports our mission to grow bumiputra ownership in commercial real estate and strengthen bumiputra economic participation.” PHB posted a net profit of RM117.2 million in the previous financial year.

KUALA LUMPUR, Sarawak Consolidated Industries Bhd has accepted a second revised contract worth RM172.4 million from Perbadanan PR1MA Malaysia (PR1MA) for the construction of affordable housing in Kota Bharu, Kelantan. In a filing with Bursa Malaysia, the construction and precast concrete specialist said its wholly owned subsidiary had received the updated Letter of Award from PR1MA, marking another adjustment to the project’s value and scope. Originally awarded in May 2021, the contract involved the development of 632 residential units valued at RM120 million. It was first revised in April 2024 to RM162 million, with a 36-month completion period and a 24-month defect liability period upon issuance of the certificate of completion and compliance for each section. Under the latest revision, SCIB said the contract value had increased by an additional RM9.95 million to reflect updated project requirements, scope adjustments, preliminary works, and value-engineering efforts. Despite the higher value, the completion timeline remains unchanged at 36 months. The project will continue to cover the full engineering, procurement, construction and commissioning (EPCC) scope, underscoring SCIB’s expertise in large-scale housing development. “Our ongoing collaboration with PR1MA highlights SCIB’s proven track record in executing nationwide affordable housing projects that align with the government’s vision of accessible homeownership,” said SCIB executive chairman Datuk Chong Loong Men. He added that the company remains committed to pursuing new project opportunities while seeking professional advice before submitting the revised agreement for final board approval. At market close on Friday, SCIB’s shares slipped half a sen or 2% to 24.5 sen, valuing the company at RM171.3 million.

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.