Property

KUALA LUMPUR, Hilton and YTL Hotels have entered into new agreements to bring Hilton’s luxury and lifestyle brands to fresh markets in Thailand and Japan. As part of the collaboration, Rawai Phuket and Kasara Niseko Village will be added to Hilton’s LXR Hotels & Resorts portfolio, while The Green Leaf Niseko Village will be rebranded under the Tapestry Collection by Hilton. In addition, Hinode Hills Niseko Village will join the Curio Collection by Hilton. Hilton and YTL Hotels have inked several deals to expand their luxury brands into Thailand and Japan. All four properties, owned and developed by YTL Hotels—the hospitality arm of YTL Corp Bhd—are being repositioned as part of the group’s global luxury strategy in partnership with Hilton. The three Niseko properties in Japan, located within Niseko Village Ski Resort at the base of Mount Annupuri, are slated to open under Hilton branding by end-2025. Meanwhile, Rawai Phuket, a 275-room resort on the southern tip of the island, is set to debut in 2027. Clarence Tan, Hilton’s senior vice president of development for Asia Pacific, said the partnership with YTL Hotels highlights the strong conversion appeal of Hilton’s luxury and lifestyle brands, adding that the new properties will capture rising demand for adventure and unique experiences in top Asia Pacific destinations. YTL Hotels executive director Datuk Mark Yeoh Seok Kah said the collaboration will unlock greater potential for these destinations.“By leveraging Hilton’s world-class brands and global reach, our hotels are well-positioned to benefit from growing tourist arrivals in these vibrant markets,” he said.

KUALA LUMPUR, DXN Holdings Bhd (KL:DXN), a multi-level marketing company focused on health and wellness products, is set to purchase an apartment in Dubai’s Burj Khalifa for 6.4 million dirhams (RM7.37 million) in cash from its executive chairman and major shareholder, Datuk Lim Siow Jin. The apartment, on the 60th floor, spans 1,887.99 sq ft and includes two parking bays, according to DXN’s Bursa filing. The acquisition is via DXN’s wholly-owned unit, Daxen Middle East Food Manufacturing LLC, which will fund the purchase using internal resources. DXN confirmed the transaction will not affect its balance sheet or dividend payouts. As a related-party transaction, the deal involves substantial shareholders, with Lim holding a 58.36% stake in DXN through himself, his wife Datin Leong Bee Ling, and LSJ Global Sdn Bhd. Lim’s wife, Datin Wan Illiyyin Wan Mohd Nazi, is also part of the sale agreement. DXN plans to use the property for leadership training, VIP events, and influencer-led content creation, while also exploring potential rental income. The company said the apartment will integrate with its incentive and lifestyle programmes, similar to its existing retreat centres at Boulder Valley Glamping in Penang and DXN Cyberville in Cyberjaya. DXN highlighted that the Burj Khalifa’s global luxury status aligns with the company’s branding and international focus. Dubai has become an important hub for DXN, which established a manufacturing plant there in 2023. The Middle East contributed over 10% of the company’s revenue in FY2025. This follows DXN’s November 2024 plan to lease a Gulfstream G550 corporate jet from a company linked to Lim for up to US$6.6 million (RM27.89 million) per year, also a related-party transaction funded entirely from internal funds. DXN defended the jet, saying it supports the company’s global expansion, particularly in Latin America, where 11 of its 13 manufacturing facilities are located and which accounted for nearly 58% of FY2024 sales. In July, DXN reported a 13.6% year-on-year decline in first-quarter net profit to RM73.91 million from RM85.56 million, citing foreign exchange losses due to a stronger ringgit. Revenue for 1QFY2026 increased slightly to RM479.1 million from RM475.1 million in 1QFY2025. The company maintained a dividend of 0.9 sen per share, unchanged from the previous year. DXN said it is continuing its expansion plans, including new facilities in Peru and Morocco and a domestic hub in Kelantan, despite macroeconomic challenges such as currency volatility, regional instability, and supply chain risks. Shares of DXN closed at 50 sen, down half a sen or 0.99%, giving the company a market capitalisation of RM2.49 billion.

KUALA LUMPUR, Gamuda Bhd has announced a partnership with Taylor’s Education Group to redevelop its SS15 campus in Subang Jaya into a RM500 million mixed-use project. In a statement on Thursday, Gamuda said the project will feature serviced apartments, purpose-built student accommodation (PBSA), and retail spaces, with completion targeted for November 2029. Located just 500m from the SS15 LRT station, the site offers easy access to Subang Medical Centre, Sunway Pyramid, Subang Parade, NU Empire, as well as major roads and highways including the NPE and Subang-Kelana Jaya Bypass. The redevelopment will add 401 bedrooms to Taylor’s PBSA portfolio, in line with rising demand for student housing. Taylor’s executive chairman Datuk Loy Teik Ngan said the SS15 site has long been a landmark for the group, and the redevelopment represents a bold step in reimagining its role. Gamuda Land chief executive officer Chu Wai Lune added that while the company continues to focus on township developments, urban regeneration projects like SS15 allow it to enhance mature neighbourhoods through better design and connectivity. Taylor’s Assets, the group’s property investment and asset management arm, will retain ownership of the PBSA while working with Gamuda on the project.

KUALA LUMPUR, Axis Real Estate Investment Trust (Axis-REIT), via its trustee RHB Trustees Bhd, has signed a sale and purchase agreement to acquire an industrial property in Port Klang from Barry Callebaut Malaysia Sdn Bhd for RM50 million. In a statement, Axis-REIT said the asset is located within the Bandar Sultan Suleiman Industrial Zone and consists of a 3.64-hectare leasehold industrial land parcel. The acquisition, to be financed through existing bank facilities, is slated for completion in the first quarter of 2026. Following the transaction, Axis-REIT’s financing ratio is projected to rise to 33.92% of audited total assets as at Dec 31, 2024. Axis REIT Managers Bhd chief executive officer and executive director Leong Kit May said the purchase aligns with the trust’s strategy of acquiring assets in prime industrial locations. “The property’s designation for both light and heavy industrial use offers greater flexibility and broadens our ability to serve a wider tenant base,” she noted.

PETALING JAYA, Luxchem Corp Bhd is set to acquire three parcels of freehold industrial land totaling 24,206 sq metres in Bandar Bukit Raja Industrial Park, Selangor, from Sime Darby Property (Bukit Raja) Sdn Bhd for RM40.55 million. In a filing with Bursa Malaysia, the plastics materials and resin manufacturing company said the acquisition aligns with the group’s capital optimisation strategy and prudent cash management approach. The company added that the land purchase will support its long-term operational expansion, allowing Luxchem to enhance production capacity and improve supply chain efficiency. The parcels are strategically located within a well-developed industrial hub, providing easy access to logistics networks and infrastructure critical for manufacturing activities. Luxchem noted that the acquisition is expected to be funded through a combination of internal cash reserves and bank financing, without materially affecting the company’s gearing or cash flow position. Industry analysts say the move reflects Luxchem’s strategy to strengthen its manufacturing footprint in Malaysia amid growing demand for plastics and resin products in both domestic and export markets. The acquisition also positions the company to explore potential future development or facility upgrades on the site. The transaction is subject to regulatory approvals and is expected to be completed in the coming months, further cementing Luxchem’s commitment to sustainable growth and operational excellence.

KUALA LUMPUR, Hextar Global Bhd (HGB) announced that its indirect subsidiary, PHG Ever Fresh Plantation Sdn Bhd, via its 51 per cent-owned unit Hextar Fruits Sdn Bhd (HFSB), has entered into three separate Sale and Purchase Agreements (SPAs) with Chateau MSK Sdn Bhd for the disposal of three parcels of freehold agricultural land in Raub, Pahang. The parcels, collectively measuring approximately 10.02 hectares, are being sold for a total cash consideration of RM13.75 million. In a filing with Bursa Malaysia, HGB explained that the land, which has been cultivated as a durian plantation, has not met the group’s anticipated yield levels. The harvest performance has been below expectations, rendering the plantation commercially unviable over the long term. “The proposed disposal presents an opportunity for PHG to unlock value and realise a favourable return, as the purchaser has offered an attractive price for the land,” the group said. HGB emphasised that the divestment is aligned with its broader business strategy to rationalise non-performing assets and focus resources on higher-value segments of the durian supply chain. Moving forward, the group intends to strengthen its position in the durian industry by operating collection centres, where durians sourced from various sellers can be aggregated, sorted, and processed. “These collection centres will allow HGB to focus on sorting and processing durians into pulp, paste, and frozen products for export markets. By shifting its business model towards processing and value-added activities, the group is positioning itself to tap into the growing global demand for Malaysian durians while ensuring greater consistency and scalability of supply,” it said. The group added that the proposed disposal is expected to be completed within six months from the date of the agreements, subject to the fulfilment of customary conditions precedent. Upon completion, the disposal proceeds are expected to strengthen the group’s financial position, providing additional liquidity for reinvestment into its core operations and future growth initiatives.

KUALA LUMPUR, Inta Bina Group Bhd’s wholly owned subsidiary, Inta Bina Sdn Bhd (IBSB), has accepted a Letter of Award (LoA) from Sime Darby Property (KL East) Sdn Bhd for a construction project valued at RM212.34 million. In a filing with Bursa Malaysia, the company said the scope of works comprises the construction of the main building, external works, as well as mechanical and electrical installations. “The construction period is 36 months, commencing on Oct 7, 2025, with completion scheduled for Oct 6, 2028,” it said. According to IBSB, the project entails the development of a condominium complex consisting of two blocks: Block A, a 30-storey tower with 233 units, and Block B, a 32-storey tower with 247 units. The towers will be built atop an eight-level podium comprising five basement levels and two above-ground levels of car parking, along with resident facilities located on the ground and third floors, as well as one sub-basement level. “Barring unforeseen circumstances, the contract is expected to contribute positively to the group’s earnings over the duration of the project,” the company added.

PETALING JAYA, IOI Properties Group Bhd (IOIProp), which announced its fourth-quarter results for the period ended June 30, 2025 (4Q25), is gearing up to launch RM2 billion worth of property projects in Malaysia, with its property investment division expected to remain the main earnings driver. Despite a 14% year-on-year increase in revenue, the developer’s net profit for 4Q25 fell 47%, weighed down by lower fair-value gains from investment properties and higher interest costs. IOIProp also declared an interim dividend of eight sen per share. Analyst opinions remain mixed. Hong Leong Investment Bank Research maintained its “buy” call with an unchanged target price of RM4.05, citing expectations of a stronger earnings recovery than the market anticipates. It also highlighted the group’s planned real estate investment trust (REIT) listing, which should unlock asset value. Meanwhile, MBSB Research maintained a “neutral” stance, citing weak earnings visibility and elevated net gearing of 0.7 times. The research house cut its earnings forecasts for FY26 and FY27 by 38% and 32%, respectively, revising its target price to RM2.09 from RM2.15. TA Research, however, reiterated a “buy” call with a target price of RM2.78, pointing to the group’s FY26 project pipeline, which includes high-rise developments in Bandar Puteri Puchong, 16 Sierra, and IOI Resort City, as well as landed homes in Kulai, Johor, where demand remains resilient. The firm noted that the property investment segment continues to underpin earnings, supported by stable recurring income and a 6% rental reversion across its retail portfolio, which lifted mall valuations. TA Research added that the group’s hospitality and leisure segment stands to benefit from Visit Malaysia 2026, though challenges persist at its recently opened Sheraton Grand Xiamen Jimei in China. To support the planned REIT listing, IOIProp has incorporated a new subsidiary and appointed Maybank Investment Bank Bhd and AmInvestment Bank Bhd as joint principal advisers. The company has guided for the REIT to be listed within 12 to 18 months.

Saudi Arabia’s Alrajhi family is once again seeking a buyer for its Wisma Mont Kiara office building in Kuala Lumpur, with sources indicating that the asking price will be revised from RM150 million to RM130 million to better align with market conditions. Wisma Mont Kiara is located in the affluent Mont’Kiara township and has been on the market since early this year. The 16-storey property, located along Jalan Kiara in the affluent Mont’Kiara township, has a net lettable area of 181,992 sq ft and currently enjoys an occupancy rate of more than 95%. Its tenants include the Malaysian French Chamber of Commerce and Industry, co-working operator Common Ground, and technology firm Concentrix. Rental rates at the building are said to range between RM4.50 and RM5.50 psf. Wisma Mont Kiara forms part of the 1 Mont Kiara integrated development, which also comprises the 30-storey Menara 1 Mont Kiara office suites and the 1 Mont Kiara Mall retail podium. The development was completed in 2010. Rahim & Co International Sdn Bhd has been appointed as the exclusive marketing agent for the transaction. While confirming the appointment, a spokesperson declined to comment further on the family’s divestment plans. At the earlier asking price of RM150 million, the valuation worked out to about RM824 psf — nearly 23% higher than the RM670 psf the family paid when acquiring the building from Singapore-based ARA Asset Management Ltd in 2018 for RM122 million. At the revised price of RM130 million, the valuation comes down to RM714 psf, which a local agent described as “more realistic, given current market conditions and the upgrading required for a 15-year-old building”. The purchase in 2018 was carried out via R J Seven Sdn Bhd, making it the Alrajhi family’s maiden property acquisition in Malaysia. Corporate records show that R J Seven fully owns 1MK Office Sdn Bhd, the holding company of Wisma Mont Kiara, with 11 family members each holding equal stakes of 9.09%. Financial data from CTOS indicates that 1MK Office Sdn Bhd generated RM6.1 million in revenue and RM2.15 million in net profit for the financial year ended Dec 31, 2023. The Alrajhi family is closely linked to Al Rajhi Bank of Saudi Arabia, one of the world’s largest Islamic banks by assets, and its Malaysian subsidiary Al Rajhi Bank Malaysia, which entered the market in 2005 as one of the first Middle Eastern lenders to establish operations here. Strategically located between Kuala Lumpur city centre and Damansara, Wisma Mont Kiara enjoys connectivity via major highways including the Sprint Expressway, NKVE, Penchala Link, Kerinchi Link and Jalan Duta. A mass rapid transit (MRT) station has also been planned adjacent to the site. The Mont’Kiara area continues to attract institutional investors. Just last year, Sunway REIT acquired the seven-storey Sunway 163 Mall (formerly 163 Retail Park), located down the road from Wisma Mont Kiara, for RM215 million from YNH Property Bhd. The mall joins Sunway REIT’s extensive portfolio, which includes Sunway Pyramid Mall, Sunway Resort Hotel, multiple hypermarkets and Sunway Kluang Mall.

KUALA LUMPUR, Singapore-listed developer GuocoLand Ltd is divesting one of its Malaysian hospitality assets as part of its ongoing portfolio rebalancing. The group announced that it is selling the five-star Thistle Johor Bahru hotel together with the land it sits on to YTL Hotels & Properties Sdn Bhd, a wholly-owned subsidiary of YTL Corp Bhd, for RM150 million. In a filing with the Singapore Exchange (SGX), GuocoLand said the transaction is expected to generate a net gain of RM35 million (US$11 million) upon completion. Proceeds from the disposal are likely to strengthen its balance sheet while unlocking value from its hospitality portfolio. The 381-room Thistle Johor Bahru, located in the city centre near the causeway to Singapore, has long been a key landmark property within GuocoLand’s hospitality assets in Malaysia. The hotel is part of the Thistle brand, which has a strong presence in the UK and Malaysia. This sale, however, may not be GuocoLand’s last move in the sector. According to The Edge Malaysia, the developer is also open to selling its other hotel — the 251-room Thistle Port Dickson Resort, located along the coastal town of Port Dickson. Market sources cited by The Edge indicated that the asking price for the property ranges between RM135 million and RM150 million. The Johor Bahru disposal had been anticipated since mid-August, after The Edge Malaysia reported that GuocoLand was in advanced discussions with YTL Hotels for the asset. The deal is now confirmed, adding another prime hospitality property to YTL’s growing portfolio under its hotels and resorts division. YTL Hotels, which owns and manages luxury properties worldwide, including the Ritz-Carlton in Kuala Lumpur and the JW Marriott in Singapore, is expected to integrate the Johor Bahru hotel into its expanding hospitality business. Meanwhile, GuocoLand continues to focus on its core property development and investment businesses across Singapore, China, and Malaysia, while selectively divesting non-core assets. On the Singapore Exchange, GuocoLand’s shares closed at $1.86 on Aug 29, down 1.06% from the previous day.