Property

GEORGE TOWN, Penang’s real estate market reached a landmark today with the official launch of Westin Residences Penang, a 69-storey tower and the tallest residential building in northern Malaysia, featuring an earthquake-resistant design. The launch was officiated by the Raja Muda of Perlis, Tuanku Syed Faizuddin Putra Jamalullail, who is also chairman of Westfield Global Sdn Bhd, at the project’s sales gallery on Gurney Drive. He was joined by the Raja Puan Muda of Perlis, Tuanku Lailatul Shahreen Akashah Khalil, and Marriott International vice-president of Hotel Development, Asia Pacific, Andree Susilo. In a statement, Westin Residences Penang group managing director Datuk Yeoh Yih Sean said the project builds on prior collaborations with Marriott International, including the Penang Marriott Hotel and Marriott Residences. He noted that the development has already achieved a 75 per cent take-up rate since its soft launch. “This strong response highlights the growing demand for branded residences offering premium lifestyles and trusted service,” Yeoh said. He added that the development offers a variety of unit sizes, ranging from 1,033 sq ft to 3,670 sq ft, with prices starting at RM2,000 per sq ft.

NILAI, Negeri Sembilan will develop its first modern automotive hub through the RM1 billion Auto City project at Nilai Smart City, spanning 728.43 hectares (1,800 acres), said Menteri Besar Datuk Seri Aminuddin Harun. He said the first phase, which commenced this month, is expected to generate over 5,000 jobs in technical, logistics, services, marketing and management. “Auto City will serve as a state-of-the-art automotive hub with showrooms, spare parts outlets, service centres, automotive care facilities and lifestyle spaces powered by technology. It will not only attract global automotive brands but also create opportunities for local companies to participate in the regional automotive supply chain,” Aminuddin said at the groundbreaking ceremony hosted by Nilai Resources Group Sdn Bhd, attended by its chairman Tan Sri Dr Gan Kong Seng. The project is also expected to drive the development of other Nilai Smart City zones, including electric vehicle (EV) manufacturing, healthcare, education, warehousing and housing. Aminuddin, who is also Member of Parliament for Port Dickson, said the initiative would enhance Nilai’s role as an automotive and technology hub while boosting Negeri Sembilan’s appeal as an investment destination, benefiting both the economy and local communities. “This project will open new opportunities for entrepreneurs, strengthen the SME ecosystem and support our agenda to position Negeri Sembilan as a leading regional investment hub. Nilai Smart City is also in line with the Malaysia Vision Valley blueprint to attract high-value investments, advanced technology and sustainable development,” he added. He said Nilai’s growth prospects would be further supported by the Nilai-Labu-Enstek expressway to Kuala Lumpur International Airport (KLIA), scheduled for completion in July 2026. Its strategic location near KLIA and Putrajaya would cement Nilai’s role as both a mobility gateway and administrative centre, reinforcing investor confidence in the state.

Low-profile Unico Holdings Bhd has put five factories located in Prai Industrial Park, Seberang Prai, up for sale via tender. The factories, currently tenanted, span a total land area of about 9.6 acres and are strategically positioned near the Penang Bridge exit on the mainland. According to Raine & Horne International (Penang) branch manager Lee Wen Tat, the properties are estimated to carry a combined market value of around RM75 million. The factories generate an annual gross rental income of about RM3.8 million. Ownership records reveal that IPC Global Sdn Bhd, Unico Technology Sdn Bhd, Geok Hong Sdn Bhd, Fortune Century (M) Sdn Bhd and Jantron Sdn Bhd own the factories. Geok Hong Sdn Bhd holds full ownership of the other four companies, while Unico Holdings fully owns Geok Hong. Unico Holdings and its subsidiaries are involved in property development and rental of land and buildings. The five companies share three common directors — Datuk Tan Huat Sheng (group managing director of Unico Holdings), Teoh Seng Kar (executive director) and Wong Choong Yee (company secretary). The tender exercise, managed by Henry Butcher Real Estate (Penang), will be conducted on an “as is where is” basis and closes on Oct 21. Henry Butcher declined to comment, while Unico Holdings has yet to respond. Lee notes that Prai Industrial Park remains one of Penang’s established industrial hubs. “It continues to attract multinational corporations, supported by strong infrastructure and strategic connectivity via the Penang Bridge, North-South Expressway, Penang Airport and Penang Port. This makes it a preferred location for industries such as semiconductors, electronics assembly and logistics,” he said. Market data indicates that industrial properties in the area have transacted at between RM60 and RM220 per sq ft, depending on factors such as size, building condition, age, and lease tenure. Citing JPPH records, Lee highlighted eight transactions recorded in 2024–2025, including a major deal in early 2024 along Lorong Perusahaan 8, where a 653,398 sq ft site with 11 years left on its lease sold for RM39.8 million, or RM61 psf. For the financial year ended March 31, 2025 (FY2025), Unico Holdings posted revenue of RM3.84 million, up slightly from RM3.66 million the previous year, with net profit rising to RM616,247 from RM204,473 in FY2024. All revenue was derived from lease income. The company’s largest shareholder is Yeong Cheong Thye @ Yeong Yue Chai, who holds a combined direct and indirect stake of 12.71% and also serves as adviser to the group.

KUALA LUMPUR, Malaysia Land Properties Sdn Bhd (Mayland) is making a comeback with two new residential launches in Kuala Lumpur worth a combined RM1.15 billion in gross development value (GDV). The developer is also targeting to nearly double its sales to RM680 million this year, compared with RM380 million in 2024. The first project, Majestic @ Kiara Reserve (Majestic Kiara), is a 4.8-acre freehold development in Desa Sri Hartamas comprising villas, parkhomes and condominiums. With a GDV of RM551 million, the project will be rolled out in two phases, beginning in 4Q2025 with 79 villas and 57 parkhomes. The second launch, Royal Garden, is the final phase of the Sri Putramas master plan along Jalan Kuching. Spanning 2.3 acres of freehold land, the RM600 million project will feature 600 condominium units across two adjoining towers of 30 and 31 storeys. Meanwhile, Armani Group reported that Armani Hallson KLCC has achieved 70% take-up since its August debut. Built on the former SJKC Lai Meng site along Jalan Ampang, the 2.61-acre freehold development comprises a 68-storey tower with 775 SoHo units and two towers of 78 storeys housing 1,440 SoVo units. This week’s issue also features insights from 17 property industry leaders on their Budget 2026 expectations, including calls for a review of the expanded sales and service tax, the revival of the Home Ownership Campaign, measures to rejuvenate ageing assets and policies to support an ageing population. At the recent RICS-MIPFM International Property Conference 2025 on Sept 9, Kuala Lumpur mayor Datuk Seri Maimunah Mohd Sharif stressed the need for an ecosystem approach to future-proof cities and extend the lifespan of the built environment. Industry experts also discussed property and facilities management trends, with a focus on sustainability, ageing infrastructure and technology adoption across the asset lifecycle.

SINGAPORE, Sunway Group has agreed to acquire MCL Land, the residential property development arm of Hongkong Land Holdings, in a deal worth S$738.7 million (RM2.4 billion) — the largest transaction in Sunway’s history. The purchase will bring Sunway’s total investment in Singapore to more than S$1.2 billion since July and significantly expand its exposure to one of Asia’s most competitive property markets. Under the agreement, Sunway will assume control of MCL Land and its subsidiaries, which include ongoing residential projects in Singapore and income-generating as well as development assets in Malaysia. From left: Sunway Group executive deputy chair Datin Paduka Sarena Cheah, Sunway Property managing director Chung Soo Kiong, Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah, Hongkong Land CEO Michael Smith and Hongkong Land executive director and general counsel John Simpkins. With this acquisition, Sunway’s unbilled sales in Singapore will nearly triple from S$614 million to close to S$1.8 billion, providing immediate earnings visibility from MCL Land’s existing pipeline of projects. “This marks a pivotal expansion of our presence in Singapore. Our recent land acquisitions, including the Chuan Grove sites, reflect our confidence in the city-state’s fundamentals and our intent to scale with purpose,” said Sunway Group executive deputy chairman Datin Paduka Sarena Cheah. “By combining MCL Land’s strong market expertise with Sunway’s track record in sustainable, mixed-use townships, we are creating a platform to accelerate growth across Singapore and other key regional markets. This is more than a transaction — it’s a strategic alignment to shape the future of urban living in Southeast Asia,” she added. Hongkong Land’s decision to divest MCL Land was first reported in December 2024. The move forms part of its strategy to shift away from residential development and focus on investment properties, while strengthening shareholder returns through asset monetisation, higher dividends, profit growth, and share buy-backs. Since the start of 2024, Hongkong Land has recycled around US$2 billion in capital, meeting half of its target of at least US$4 billion by end-2027. Proceeds from the MCL Land sale will reinforce its balance sheet and contribute an additional US$150 million to its ongoing share repurchase programme. “MCL Land has been a core business for over three decades, with a strong reputation for quality and a solid pipeline,” said Hongkong Land chief executive officer Michael Smith. “With Sunway’s backing, its experienced team will continue delivering exceptional residential projects across Singapore and Malaysia.” The acquisition will also enhance Sunway’s recurring income streams via Malaysian assets such as Wangsa Walk Mall in Kuala Lumpur — currently 99% occupied with a projected net property income yield of 6.4% — and land banks in Wangsa Maju and Forest Heights township in Seremban. MCL Land’s development portfolio consists of five residential projects in Singapore with approximately 2,700 units and a combined gross development value of about S$2.9 billion, along with three assets in Malaysia, including the Wangsa Walk Mall and development lands. The deal is subject to standard closing conditions and is expected to be completed by the end of 2025. Hongkong Land shares ended Thursday at US$6.65, up 50.1% year to date, while Sunway Bhd closed at RM5.35, marking a 13.1% gain so far this year.

KUALA LUMPUR, FBG Holdings Bhd, a turnkey contractor and property developer, has announced plans for a renounceable rights issue with warrants to fund its flagship Medi-City development. The group said the fundraising exercise, priced at an estimated 18 sen per rights share, could generate up to RM100.1 million under the base case scenario. This will involve the issuance of as many as 836.6 million new ordinary shares, on the basis of three rights shares for every four existing shares held. In addition, up to 278.9 million free detachable warrants will be offered, with one warrant attached to every three rights shares subscribed by eligible shareholders. “The proceeds will allow us to take the first crucial step in realising the Medi-City project, which aims to create a medical ecosystem that blends healthcare services with modern urban living,” said FBG group executive chairman Tan Sri Chan Kong Choy in a statement. The company noted that funds raised will be primarily allocated toward acquiring land for the Medi-City project, which carries an estimated gross development value of RM2 billion. Subject to approvals and market conditions, FBG expects the proposed rights issue with warrants to be completed by the fourth quarter of 2025.

KUALA LUMPUR, Advancecon Holdings Bhd has clinched a RM66.9 million contract to carry out earthworks and related infrastructure works for the Southern Ibrahim Technopolis (IBTEC) project in Kulai, Johor. In a filing, the company said its wholly-owned subsidiary, Advancecon Infra Sdn Bhd, had received a letter of acceptance from JLG Technopark Sdn Bhd for Package 1 of Phase 1 of the massive township development. Advancecon Holdings Bhd has secured a RM66.9 million contract to undertake earthworks and ancillary works for Southern Ibrahim Technopolis (IBTEC) in Kulai, Johor. Spanning 2,950 hectares in Sedenak, IBTEC was designated in 2021 as the sixth flagship zone of Iskandar Malaysia. The development is positioned to become a model circular city within the Johor-Singapore Special Economic Zone, driving investment, digital infrastructure expansion and sustainable urban growth in southern Johor. “This contract strengthens our footprint in Johor while reinforcing our commitment to deliver infrastructure that supports long-term economic development, sustainability and regional connectivity,” said Advancecon group chief executive officer Datuk Phum Ang Kia. Advancecon noted that participation in IBTEC’s early-stage development underscores its ability to play a role in one of Malaysia’s most ambitious township and economic zone projects. The group added that it will continue to capitalise on its expertise in earthworks, quarry operations, construction and renewable energy to secure its position as a preferred partner in infrastructure and township development nationwide.

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.