Property

KUALA LUMPUR, Chin Hin Group Property Bhd has mutually agreed with Archmill Sdn Bhd and Suasa Sentosa Sdn Bhd to terminate their development agreement for a proposed high-rise residential project in Dutamas, Kuala Lumpur. Its wholly-owned unit, BKHS Capital Sdn Bhd, executed a deed of revocation with both parties, under which it will refund a RM10 million security deposit to Suasa Sentosa. All parties have agreed to discharge each other from any future claims or obligations. The initial agreement, announced in April last year, involved developing a 2.67-acre freehold parcel in Dutamas into a 974-unit serviced apartment project with a gross development value (GDV) of RM395.5 million and an estimated construction cost of RM323.2 million. The project was slated to commence in May 2025 and be completed by April 2030. The land is currently caveated by the Malaysian Anti-Corruption Commission (MACC) and charged to United Overseas Bank (M) Bhd’s Ipoh branch. Archmill, the registered owner of the land, is controlled by Yew Hock Ming and Manogaran PA Devanathan, while Suasa Sentosa, the beneficial owner, is equally owned by Lau Sheng Ming and Yu Teong Wei. Under the original deal, Chin Hin Property was to pay Suasa Sentosa RM42 million as a security deposit, with the developer entitled to RM353 million “plus 81% of any GDV exceeding RM395 million”, while Suasa Sentosa was entitled to 19% of the GDV. Chin Hin Property’s shares closed unchanged at RM1.21 on Wednesday, valuing the group at RM1.6 billion. Year to date, the counter has fallen by nearly half.

KUALA LUMPUR, A total of 90,779 housing loan applications worth RM21.5 billion have been approved under the Housing Credit Guarantee Scheme (SJKP) to support homeownership among the B40 and M40 income groups, the Dewan Rakyat was told on Monday. Deputy Housing and Local Government Minister Datuk Aiman Athirah Sabu said that young Malaysians aged 40 and below made up the majority of the approved applicants, accounting for 89.56% of the total. “This includes around 15,000 borrowers aged 18 to 25, about 31,000 borrowers aged 26 to 30, 22,356 borrowers aged 31 to 35, and 12,799 borrowers aged 36 to 40,” she said in response to Azli Yusof (Pakatan Harapan–Shah Alam), who had asked about homeownership support for individuals without fixed income, including gig workers. Aiman Athirah noted that under Budget 2026, Prime Minister Datuk Seri Anwar Ibrahim announced an additional RM20 billion in guarantees for the SJKP scheme to further assist first-time homebuyers. “This is good news for the people, especially once the budget receives parliamentary approval,” she added. During his budget speech last Friday, Anwar said the expansion of the scheme is expected to benefit another 80,000 first-time homebuyers. The overall guarantee ceiling will be raised from RM10 billion to RM20 billion, enabling more gig workers and self-employed individuals to secure home financing. Separately, Aiman said the government is also pursuing other initiatives to help low-income earners, including rent-to-own programmes under the People’s Housing Project (PPR) and People’s Residency Programme (PRR), both overseen by the Housing and Local Government Ministry.

KUALA LUMPUR, Paragon Globe Bhd has entered into a related-party deal to acquire three parcels of land in Johor for RM11.48 million from its executive chairman Datuk Sri Edwin Tan Pei Seng and Datuk Seri Godwin Tan Pei Poh, with plans to develop affordable housing on the site. The 11.84-hectare property is purchased from Common Development (M) Sdn Bhd, a company jointly owned by Pei Seng and Pei Poh, who hold 65% and 35% stakes respectively. Both also collectively control 56.79% of Paragon Globe through their investment vehicle, Paragon Adventure Sdn Bhd. Paragon Globe said the acquisition aligns with the Johor Housing Development Corporation (PKPJ)’s requirements for affordable housing. The company plans to develop a residential project on the land under the Johor affordable housing programme, following PKPJ’s planning and design guidelines. Situated along Jalan Besar in Simpang Renggam, Johor, the land benefits from strong connectivity and is surrounded by established residential, commercial, and industrial areas. Its proximity to the North-South Expressway and nearby amenities makes it suitable for affordable housing development, the company noted. The move is also expected to diversify Paragon Globe’s development portfolio by adding residential projects to its existing industrial and affordable housing ventures, broadening revenue streams and supporting sustainable growth. The transaction is slated for completion within nine months from the date of the sale and purchase agreement. By Monday’s close, Paragon Globe shares fell 2.5 sen or 3.6% to 67.5 sen, giving the company a market capitalisation of RM504 million. The stock has gained 85% year to date.

KUALA LUMPUR, Magma Group Bhd and KLCC Holdings Sdn Bhd are divesting the 519-room Impiana KLCC Hotel for RM315 million to Harum Aspirasi Sdn Bhd, a company largely owned by the Valiram family, known for its luxury retail business. The sale confirms an earlier The Edge report in February that the hotel was being put up for sale. Magma is disposing of its 20% stake in Heritage Lane Sdn Bhd — the hotel’s owner — while KLCC Holdings is selling its remaining 80%. The sale price, which exceeds the RM300 million market valuation, signals strong investor confidence, both companies said in a joint statement. Magma will receive RM63 million in cash for its stake and intends to use around RM45 million to repay borrowings, fund operations, and cover expenses. The repayment is expected to save about RM3.9 million in interest costs and strengthen its balance sheet. The transaction allows Magma to unlock value from a non-core asset, reduce debt, and focus on higher-growth ventures. Upon completion, Heritage Lane will no longer be part of the Magma group. The deal, subject to shareholder approval, is expected to generate a gain of about RM20 million for Magma and be completed by the first quarter of 2026. Magma’s shares closed unchanged at 31 sen on Friday, valuing the company at RM521.14 million. Year-to-date, the counter has gained 40.91%.

SEREMBAN, Matrix Concepts Holdings Bhd has signed a memorandum of understanding (MoU) with logistics solutions provider Golog Holdings Sdn Bhd to jointly develop the China-Malaysia Air Silk Road Dual Hub Industrial Park at MVV TechValley in Negeri Sembilan. Spanning 618 acres, the industrial park will be developed in three phases with a total estimated gross development value (GDV) of RM8 billion. The formal joint venture agreement is expected to be concluded within six months, with construction targeted to begin within 24 months thereafter. (From left) Matrix Concepts Holdings Bhd founder and group executive deputy chairman Datuk Seri Lee Tian Hock, chairman Datuk Mohamad Haslah Mohamad Amin, group executive director Kelvin Lee, Golog Holdings Sdn Bhd executive chairman and group CEO Ivan Chin, Negeri Sembilan industry and non-Muslim affairs committee chairman Teo Kok Seong and Golog Holdings group chief operating officer Daniel Then at the MOU signing ceremony on Oct 8 in Negeri Sembilan. The first phase will feature a 106-acre logistics hub, incorporating Golog’s artificial intelligence (AI) and Internet of Things (IoT) technologies to enhance temperature-controlled logistics, real-time tracking, and global trade efficiency. This collaboration follows Golog’s recent strategic cooperation agreements with China Henan Aviation Group Co Ltd and Sichuan Huashi Group Corporation Ltd to strengthen the development of the China-Malaysia Air Silk Road Dual Hub Industrial Park and improve air cargo connectivity between the two countries. Matrix Concepts group executive director Kelvin Lee said Golog’s participation will strengthen MVV TechValley’s position as a hub for high-value industries and innovation. “This partnership demonstrates how international collaboration can complement Malaysia’s vision. It unites the strengths of multiple nations and firmly positions Negeri Sembilan — through MVV TechValley — on the regional logistics map,” he said. MVV TechValley, covering 1,000 acres, forms part of the 2,382-acre MVV City Phase 1 township, which is itself a key component of the broader 379,087-acre Malaysia Vision Valley 2.0 (MVV 2.0) economic corridor encompassing Seremban, Nilai, and Port Dickson. Matrix Concepts is jointly developing MVV City Phase 1 with the Negeri Sembilan state government’s NS Corp. With a GDV of RM15 billion and a 12-year development timeline, Matrix holds an 85% stake in the project and serves as the lead developer.

KUALA LUMPUR, SP Setia Bhd, through its wholly-owned subsidiary Setia EcoHill Sdn Bhd, has entered into a joint venture with Japanese property investment company Mitsui Fudosan (Asia) Malaysia Sdn Bhd to develop a 113-acre residential project at the flagship township of Setia EcoHill in Semenyih, Selangor. In a statement, SP Setia said the new joint venture company — Setia MF EcoHill Sdn Bhd — will oversee the development, which carries an estimated gross development value (GDV) of RM1.3bil. The upcoming project will comprise 683 units of bungalows, semi-detached, and cluster homes, designed to meet the growing demand for premium landed residences in the southern Klang Valley corridor. The first phase of the project is scheduled for launch in 2026. SP Setia president and chief executive officer Datuk Zaini Yusoff said the collaboration marks a strategic milestone for the company and reflects its ongoing efforts to strengthen partnerships with reputable global developers. “We are pleased to announce this pivotal collaboration with Mitsui Fudosan for our upcoming development in Setia EcoHill. This partnership combines SP Setia’s expertise in creating sustainable communities with Mitsui Fudosan’s global experience in innovative urban development. Together, we are confident this project will enhance Setia EcoHill’s overall profile and marketability among both local homebuyers and investors,” he said. He added that SP Setia remains committed to accelerating its developments within the Semenyih and Bangi corridor, aligning with the group’s strategic landbank optimisation and long-term growth plans. This marks the second collaboration between SP Setia and Mitsui Fudosan, following their partnership in the Setia Federal Hill development inked in December 2023. Zaini noted that Mitsui Fudosan’s continued confidence in SP Setia demonstrates the strong synergy between the two companies, paving the way for future collaborations that bring together Malaysian market insights and Japanese innovation in design and community building.

KUALA LUMPUR, YNH Property Bhd has signed a joint venture agreement to develop a mixed high-rise project in Bangsar South, less than four months after scrapping a partnership with Chin Hin Group Property Bhd. According to its Bursa Malaysia filing, YNH will develop the project on a 7,235 sq m parcel owned by Genland Sdn Bhd (GSB), a privately held developer. Under the deal, GSB is entitled to a minimum of RM60 million or 18% of the project’s gross development value (GDV) — whichever is higher. This translates to a GDV of about RM333 million. The loss-making developer said it is evaluating several financing options, including internal funds and bank borrowings. As of end-June, YNH held RM31.44 million in cash and short-term deposits against RM571.11 million in borrowings and lease liabilities, leaving it with net debt of RM539.7 million and a gearing ratio of 0.83 times. The move comes shortly after YNH called off a JV with Chin Hin for a large residential development on a 6.49-acre Segambut land, which was subsequently sold to Chin Hin for RM52 million. YNH has faced investor scrutiny since October 2023, when its former auditor Baker Tilly raised concerns over RM1.1 billion worth of joint ventures and turnkey projects recorded as inventories. A special independent review by UHY Advisory (KL) Sdn Bhd, completed in April this year, was commissioned to address the matter. The company also underwent a board restructuring in December 2023. Datuk Yu Kuan Huat, who owns 4.48% of YNH, assumed the executive chairman post from his brother Datuk Dr Yu Kuan Chon, the largest shareholder with a 24.41% stake. Dr Yu now serves as an executive director alongside his son Yu Jian Loong, while Kuan Huat’s son Yu Kai Leun also joined the board. On Thursday, YNH shares rose one sen or 3.39% to close at 30.5 sen, giving the group a market value of RM158.66 million. Despite the slight rebound, the counter has fallen more than 42% year-to-date.

KUALA LUMPUR, Epicon Bhd said on Wednesday that Tan Chong Industrial Equipment Sdn Bhd (TCIE), a wholly owned unit of Tan Chong Motor Holdings Bhd, is demanding RM26.15 million from the company under a settlement agreement tied to bus lease and maintenance debts. Epicon, formerly Konsortium Transnasional Bhd, said it received a letter of demand on Tuesday from TCIE’s legal representatives. The claim relates to obligations of Epicon’s former subsidiaries — Transnasional Express Sdn Bhd, Plusliner Sdn Bhd, Syarikat Kenderaan Melayu Kelantan Bhd, Syarikat Rembau Tampin Sdn Bhd and Kenderaan Langkasuka Sdn Bhd. At the core of the dispute is a July 2016 settlement that resolved debts under 64 lease contracts and 87 maintenance contracts with TCIE. As part of that deal, Epicon transferred a 95,434 sq m land parcel in Ampang valued at RM16 million. However, subsequent valuations in 2017 by the government (RM51.36 million) and an independent valuer (RM55.6 million) led Epicon to claim TCIE had been unjustly enriched by RM22.68 million. Although the High Court initially ruled in Epicon’s favour in 2021, TCIE later succeeded in overturning the decision, with the Federal Court affirming the dismissal of Epicon’s suit in February 2025. TCIE is now seeking full repayment of RM26.15 million plus late payment interest of 0.75% per month from April 1, 2025, until settlement, with payment due within 14 days. Epicon said it has appointed solicitors to respond and believes it has strong grounds to defend against the claim. “At this juncture, the company does not foresee any financial or operational impact from this matter,” it said in a Bursa Malaysia filing. The group has already exited the bus business after selling Park May Bhd — which owned Transnasional, Plusliner, SKMK, SRT and Langkasuka — to Nadicorp Holdings Sdn Bhd in 2023 as part of its PN17 regularisation exercise. Epicon has since pivoted to property development, recently announcing a RM72.13 million joint venture with NCT Alliance Bhd to build terraced homes in Batang Kali. As at June 30, 2025, Epicon reported cash of RM10.42 million and pledged fixed deposits of RM12.55 million. Total assets stood at RM259.16 million, including RM140.5 million in trade receivables. Its shares rose two sen, or 15.38%, to 15 sen on Wednesday, valuing the company at RM90.76 million. The stock has fallen 42% year-to-date.

KUALA LUMPUR, Gamuda Bhd, through its wholly owned subsidiary Gamuda (Singapore) Pte Ltd (GSPL), has successfully secured a RM3.31 billion leasehold land parcel at Chencharu Close from the Housing Development Board (HDB) of Singapore. In a filing with Bursa Malaysia, Gamuda said the development plans are still being finalised. However, its preliminary proposal envisions the construction of up to 875 residential units alongside 135,625 sq ft of commercial space. The land has been earmarked for the development of a private condominium, retail outlets, a bus interchange, and a hawker centre. Gamuda said the project aligns with its broader strategy of strengthening its international footprint, particularly in Singapore, one of its key overseas markets. “Given the strong underlying demand and capped construction costs, the development is considered a relatively lower-risk avenue to advance these strategies,” the group noted. According to the company, the project is expected to be completed within 84 months from the tender acceptance date. The tender was originally submitted jointly by GSPL, Evia MCS Pte Ltd (Evia) and H108 Pte Ltd (H108). Under the agreement, the land parcel will be acquired through two joint-venture companies — Polaris Times Square Residences Pte Ltd and Times Square Mall Pte Ltd. Gamuda said the acquisition is expected to contribute positively to the group’s future earnings while enhancing shareholder value over the medium to long term. Subject to regulatory and procedural requirements, the transaction is expected to be completed by the fourth quarter of 2025.

PETALING JAYA, Haily Group Bhd’s wholly owned subsidiary, Haily Construction Sdn Bhd, has secured a RM197.55 million contract from Connoisseur Properties Sdn Bhd for the construction of a high-rise serviced apartment development. In a Bursa Malaysia filing, the company said the project involves the development of a 45-storey serviced apartment block comprising 34 residential floors with 748 units. The scope of works also covers several commercial elements, including five shop units on Level 1, two shop units on Level 10, and a one-storey car park on Level 2. According to Haily, construction works are scheduled to commence on Oct 1, 2025, with completion targeted for Jan 31, 2029. The project is expected to span 40 months in total. The contract also stipulates penalties in the event of delays. For the main building works, liquidated damages of RM80,000 per day will be imposed should completion not meet the stipulated deadline. For the shop units, the penalty is set at RM1,000 per day of delay. Haily said the contract is expected to contribute positively to the group’s earnings and net assets throughout the duration of the project. The company emphasised that this new win reinforces its track record in high-rise residential construction and strengthens its order book. Haily has been actively securing projects in Johor and the Klang Valley, and this contract further underscores its position as a key player in the building construction sector. The group added that it remains committed to timely project delivery while ensuring quality, safety, and compliance with industry standards.