Property

KUALA LUMPUR, KSK Group’s flagship 8 Conlay project — its first foray into property development after pivoting from insurance — has been officially put up for sale following years of financial troubles and legal battles. Receivers and managers Adam Primus & Co listed the stalled RM5.4 billion mixed-use project in central Kuala Lumpur for sale over the weekend. Interested buyers have until Nov 15 to submit their bids. The move marks the end of a two-year impasse between project owner KSK Land Sdn Bhd and its former main contractor, GDB Holdings Bhd (KL:GDB), which had brought construction to a halt and pushed the venture into receivership. Once marketed as an iconic development featuring the world’s tallest twisted twin towers, 8 Conlay was launched in 2015 on a 3.65-acre site along Jalan Conlay. Plans included three luxury residential towers branded under YOO8, a Kempinski Hotel, retail podium, and other facilities. Work initially progressed, with Tower A reaching structural completion in 2021. But by 2022, disputes over payments triggered lawsuits, suspensions, and ultimately termination of GDB’s RM1.25 billion contract. Attempts to revive the project with a new contractor in 2023 also stalled amid fresh legal claims. GDB later secured multiple court rulings against KSK Land, including orders for unpaid sums exceeding RM140 million. These financial and legal setbacks created a deadlock that culminated in the decision to sell the entire project. KSK Land managing director Joanne Kua. KSK Group, formerly Kurnia Asia Bhd, sold its insurance business in 2012 and shifted into property through KSK Land. The 8 Conlay venture was intended as its bold debut, led by executive chairman Tan Sri Kua Sian Kooi and his daughter, Joanne Kua. Despite the setbacks, market observers note that a sale could pave the way for new ownership to revive the project, offering a potential lifeline after years of delays.

KUALA LUMPUR, Eastern & Oriental Bhd (E&O) said its indirect wholly-owned unit, Hammersmith Properties Ltd, has proposed to sell two freehold land parcels in Hammersmith, London, to Varsity Capital 1 Propco Ltd for at least £75 million (RM427.8 million). In a filing with Bursa Malaysia, E&O said the proceeds will be used for new property development and investment opportunities, or alternatively to pare down existing borrowings. From the sale, about RM221.8 million (net of estimated expenses) has been earmarked for expanding its property business, including potential land acquisitions, joint ventures, or development rights. The sale and purchase agreement is expected to be completed within three years, with the proceeds fully utilised in that timeframe. E&O added that the disposal is expected to generate a net gain of about RM239.3 million, after factoring in the reversal of impairment losses worth RM248.3 million and disposal expenses of RM6 million.

ORLANDO, The Marriott Vacation Clubs part of Marriott Vacations Worldwide, is strengthening its presence in Asia Pacific with several major developments. These include the opening of Marriott Vacation Club, Khao Lak Beach Resort in Thailand this August, new vacation ownership options in Bali, and an expanded marketing call center in Shanghai. John Geller, president and CEO of Marriott Vacations Worldwide. “Asia Pacific continues to be a key growth region for us,” said John Geller, president and CEO of Marriott Vacations Worldwide. “The rising interest in vacation ownership among both local and international travelers makes this the right time to expand.” New Resort in Khao Lak Debuting on August 28, 2025, Marriott Vacation Club, Khao Lak Beach Resort will feature 52 two-bedroom apartments within JW Marriott Khao Lak Resort & Spa. Blending Southern Thai-inspired design with modern comforts, the apartments are ideal for families and extended stays. Guests will also enjoy access to JW Marriott Khao Lak’s extensive facilities, including Southeast Asia’s largest lagoon pool, multiple dining outlets, and sustainable initiatives such as the JW Garden and eco-friendly amenities. Future plans include new recreation facilities by 2026 and a sales gallery that will showcase Marriott Vacation Clubs’ portfolio and Thai-inspired design. Reservations are now open, with Owners and Members able to book stays using Club Points. Expansion in Bali In early 2026, Marriott Vacation Clubs will add 32 new apartments at Marriott’s Bali Nusa Dua Terrace, each with private plunge pools, kitchens, and access to new poolside facilities. In addition, the brand will launch Marriott’s Enclave at Bali Nusa Dua Terrace, featuring 26 spacious apartments (two- and three-bedroom units), each with private pools and dedicated amenities such as a kids’ club, fitness studio, and Owners lounge. Guests at both properties will also enjoy full access to the Renaissance Bali Nusa Dua Resort next door, with its spa, fitness center, and dining options. Strengthening in Shanghai The group is also growing its Shanghai marketing call center, expanding its team from 80 to 125 associates. The larger office will better support Marriott Vacation Clubs’ Owners, Members, and new vacationers across China, ensuring stronger engagement and service.

KUALA LUMPUR, IOI Properties Group Bhd posted a net profit of RM1.06 billion for the financial year ended June 30, 2025 (FY25), a decline from RM2.06 billion in FY2024. Revenue grew marginally to RM3.06 billion from RM2.94 billion a year earlier, supported by strong performances in the property investment and hospitality & leisure divisions, which recorded growth of 46% and 70% respectively. These gains helped offset weaker results from the property development segment. Pre-tax profit fell 37% to RM1.45 billion, compared with RM2.30 billion previously, mainly due to lower fair value gains from investment properties and higher interest costs following the start of operations at IOI Central Boulevard Towers. Group CEO Lee Yeow Seng said the results reflected the group’s resilience despite market challenges.“Looking ahead, our diversified presence across three countries, solid recurring income from property investments, and the positive outlook for hospitality and leisure provide us with a strong foundation for sustainable earnings,” he said in a statement. The board declared a dividend of 8.0 sen for FY25. The property development segment recorded sales of RM1.81 billion, with RM1.62 billion (89%) contributed by Malaysian projects and RM187.6 million (11%) from China and Singapore. In Malaysia, sales were led by the Klang Valley at RM946.8 million, driven by established developments such as IOI Resort City, Putrajaya and 16 Sierra, Selangor. The Johor region contributed RM663.8 million, supported by townships Bandar Putra Kulai and Taman Kempas Utama. Completed inventories declined from RM1.92 billion to RM1.27 billion over the past year, thanks to targeted marketing and strategic positioning. Meanwhile, the property investment segment continued to deliver stable recurring income, supported by IOI City Mall and IOI Mall Puchong, which recorded fair value gains of RM651.4 million and RM61.1 million respectively.

JAKARTA, Indonesia has extended its full value-added tax (VAT) exemption on residential property purchases until the end of 2025 to help sustain household demand and support broader economic growth. The incentive, known as government-borne VAT (PPN DTP), was initially slated to be reduced to 50 percent in the second half of 2025. However, under Finance Ministry Regulation (PMK) No. 60/2025, enacted on Aug. 25, the government opted to maintain the 100 percent waiver for transactions made between July and December 2025. XYZ Livin Lippo Cikarang. Indonesia extended its full value-added tax (VAT) incentive on residential property purchases until the end of 2025, on Monday, Aug. 25, 2025. “To safeguard the momentum of Indonesia’s economic growth by stimulating household purchasing power in the housing sector, the VAT incentive for landed houses and apartment units will continue throughout 2025,” the regulation stated. The scheme grants a full VAT exemption on the portion of a property’s selling price up to Rp 2 billion ($122,000). Eligible purchases include landed houses or apartments priced at up to Rp 5 billion, but only one unit per individual buyer is allowed. Indonesian citizens must register with a tax ID (NPWP) or national identity number (NIK), while foreigners may also qualify if they hold a tax ID and meet property ownership requirements. Only new, unsold, and ready-to-occupy units are eligible, provided they are registered with the Public Works and Housing Ministry or the Housing Savings Management Agency (BP Tapera). The incentive does not apply if down payments were made before July 1, 2025, or if the property is handed over outside the July–December window. Buyers also risk losing eligibility if they purchase multiple units, resell within a year, or if developers fail to issue proper tax invoices and required reports. This regulation replaces PMK No. 13/2025, which had applied the full VAT exemption from January to June. The government has consistently used VAT relief for housing as a stimulus tool, citing the sector’s strong multiplier effects on construction, manufacturing, and household consumption.

PETALING JAYA, Thomson Medical Group (TMG) has officially launched Johor Bay, an RM18 billion gross development value (GDV) project that is poised to become a transformative landmark within the Johor-Singapore Special Economic Zone (JS-SEZ). Spanning 26 acres of freehold land, the integrated master plan will be spearheaded by the upcoming Thomson Hospital Iskandariah, which will serve as the development’s healthcare nucleus. The hospital will be complemented by specialist medical suites, aged care and assisted living facilities, ensuring a comprehensive healthcare ecosystem that caters to the region’s growing cross-border demand. Beyond healthcare, Johor Bay will feature luxury residences, a five-star hotel, commercial zones, and lifestyle precincts, positioning the project as a world-class urban destination. Market observers have already likened the development to becoming the “Marina Bay of Johor,” reflecting its ambition to redefine the region’s skyline and investment landscape. Strategically located just 1.2 km from the upcoming Bukit Chagar rapid transit system (RTS) station, Johor Bay is designed as a holistic ecosystem that integrates healthcare, urban living, and long-term investment opportunities — making it a key anchor in the JS-SEZ blueprint. The project’s first phase, with a value of RM3.1 billion, will include the flagship hospital and a 47-storey luxury residential tower offering 180 exclusive units. This phase alone is expected to generate more than 1,200 new jobs, contributing meaningfully towards the JS-SEZ’s wider objective of creating 20,000 skilled jobs within five years. TMG executive vice-chairman Kiat Lim said the timing was ideal for the launch. “The time is right — economic tailwinds, infrastructure momentum, and demographic shifts are converging. Johor Bay will not only reshape the skyline but also play a defining role in the long-term growth of the JS-SEZ.”

KUALA LUMPUR, Haily Group Bhd, through its wholly-owned subsidiary Haily Construction Sdn Bhd, has bagged a RM50.08 million subcontract from Mandy Corp Sdn Bhd, a subsidiary of Gadang Holdings Bhd, for the development of a new residential project in Gelang Patah, Johor. In its statement, Haily said the contract involves the construction and completion of Laman Citra Phase 3, which will feature 91 units of double-storey terrace houses, another 45 units of double-storey terrace houses, as well as a Tenaga Nasional Bhd (TNB) substation. The scope of works under the agreement includes main building and external works, in addition to mechanical and electrical services required to complete the project. The development is scheduled to be completed within 20 months. This latest contract win further strengthens Haily’s order book, pushing its total secured contract value for 2025 to RM68.11 million. The company also highlighted that its portfolio now encompasses 25 active projects across various segments, with a combined contract value of approximately RM1.05 billion. According to Haily, the new project not only enhances its presence in Johor’s growing property market but also reinforces its role as a reliable construction partner for established developers. The group believes the steady stream of project wins will continue to support its growth trajectory and contribute positively to earnings visibility in the coming years.

KUALA LUMPUR, SkyWorld Development Bhd is banking on RM483.1mil in unbilled sales as at June 30, 2025, to drive its performance in FY26, supported by progressive revenue recognition from ongoing projects and sales of completed units. The property developer also plans to roll out new projects with a combined gross development value (GDV) of over RM2bil in Kuala Lumpur and Penang during the financial year ending March 31, 2026. SkyWorld Development Bhd chief executive officer Lee Chee Seng. “We are confident these upcoming launches will strengthen sales performance and keep us on track to achieve our RM4.6bil project launch target by end-2026,” said CEO Lee Chee Seng in a statement. For the first quarter ended June 30, SkyWorld’s net profit plunged 71.5% to RM2.8mil, or 0.29 sen per share, while revenue fell 24.5% to RM74.6mil. As of June 30, the group maintained a healthy financial position, with gross gearing at 0.57 times, net gearing at 0.12 times, and cash reserves exceeding RM300mil. “Despite economic headwinds locally and globally, the board remains cautiously optimistic of delivering stable financial and operational results in FY26,” it said.

Airports of Thailand Plc (AoT) has approved a 5.7-billion-baht project to build a new passenger terminal at Mae Fah Luang Chiang Rai International Airport, aiming to handle up to 7 million passengers annually. Airport general manager Sqn Ldr Somchanok Thiemthiabrat said the terminal is set to be completed by 2032, boosting the airport’s current capacity from 1.9 million to 6 million passengers per year. Consultants have already been appointed to prepare the terminal’s conceptual design. He emphasized that the new terminal is a crucial investment for Chiang Rai and will require strong cooperation among stakeholders to meet the seven-year target. Located on a 753-rai site, the airport has set aside around 50 rai for a maintenance, repair and overhaul (MRO) centre to support future demand. With China projected to become the world’s largest air transport market, Thailand is seen as a competitive MRO hub due to its location and cost advantages. The MRO project, which has passed its environmental impact assessment, is expected to begin construction soon. Somchanok said it will serve as a foundation for Thailand’s wider aerospace industry — similar to Singapore’s role in aircraft assembly and full-service repairs — and help transform Chiang Rai into an “Air Metropolis” for the region.

KUALA LUMPUR, Chinese electric vehicle (EV) giant BYD Co Ltd will set up its first automotive assembly plant in Malaysia at KLK TechPark in Tanjung Malim, Perak, marking a major step in the state’s push to position itself as a leading automotive hub. The investment, secured in just three months, was facilitated through the Muallim Speed-Lane (M-SL) fast-track construction initiative launched in 2023 to accelerate the district’s role in the global automotive industry. Global electric vehicle leader BYD Co Ltd will establish its first automotive assembling plant in Malaysia at KLK TechPark in Tanjung Malim, Perak. KLK Land Sdn Bhd said BYD’s presence is expected to be a catalyst for Malaysia’s EV sector, creating jobs, boosting technology transfer, and strengthening expertise in EV manufacturing while also driving the growth of supporting industries. This will allow local businesses to integrate into the global EV supply chain and reinforce Malaysia’s position in the regional automotive landscape. As an anchor tenant of KLK TechPark’s first phase, BYD will occupy 60.7 hectares of the 607-hectare integrated industrial hub, with future phases designed to attract vendors and complementary businesses to build a competitive automotive ecosystem. The hub is envisioned as a centre for advanced manufacturing and green technology, offering world-class infrastructure to attract high-value investments. KLK Land’s parent company, Kuala Lumpur Kepong Bhd, highlighted the collaboration with the Perak state government as pivotal to making the development possible. Executive chairman Tan Sri Lee Oi Hian said: “KLK’s roots are in Perak, where we first built our foundation, and we remain committed to creating a positive and sustainable impact for future generations. We are grateful for the support of Datuk Seri Saarani Mohamad and Yang Berhormat Loh Sze Yee, who played key roles in bringing all parties together.” The project aligns with the Perak Sejahtera 2030 Plan and the Perak Structural Plan 2040, both of which prioritise industrial and manufacturing growth as drivers of socio-economic progress.