Property

KUALA LUMPUR, Citaglobal Bhd has secured a RM168.88 million contract from the Public Works Department (JKR) to undertake a major road upgrade project in Malaysia. The project, aimed at improving connectivity and enhancing road safety, underscores the government’s commitment to upgrading national infrastructure. Under the contract, Citaglobal will carry out comprehensive road improvement works, including pavement upgrading, drainage enhancements, and traffic flow optimization. The project is expected to not only improve travel efficiency but also support local economic growth by facilitating smoother transport of goods and people. From left: Public Works Department (JKR) director-general Datuk Roslan Ismail, Works Minister Datuk Seri Alexander Nanta Linggi and Citaglobal Bhd executive chairman and president Tan Sri (Dr.) Mohamad Norza Zakaria. A Citaglobal spokesperson said, “We are honoured to be entrusted with this significant project by JKR. Our team is committed to delivering high-quality workmanship while ensuring minimal disruption to road users during construction.” The project is scheduled to commence in the coming months, with strict adherence to safety and quality standards mandated by JKR. The initiative is part of broader national efforts to strengthen infrastructure, particularly in areas experiencing growing traffic volumes and increasing urbanisation. Industry analysts noted that securing such government contracts reinforces Citaglobal’s position as a leading player in Malaysia’s construction and infrastructure sector, demonstrating the company’s technical capabilities and reliability. JKR has stated that the upgraded roads will enhance connectivity across key regions, improve public safety, and support Malaysia’s long-term economic development objectives.

JOHOR BAHRU, Property developer MB World Group Bhd, formerly a listed company, has launched its 732-acre MBW Innexus Industrial City in Tanjung Langsat, Johor Bahru. The project, undertaken by its subsidiary Rising Gateway Sdn Bhd, is a freehold heavy industrial township within the Forest City Special Financial Zone (SFZ), which is part of the Johor–Singapore Special Economic Zone (JS-SEZ). The development carries a gross development value (GDV) of RM2.03 billion. Strategically located, MBW Innexus is just 6km from Tanjung Langsat Port and 14km from Johor Port, with connectivity to Senai International Airport and Singapore’s Changi Airport. To support the development, Rising Gateway has secured a bilateral financing agreement with Maybank Islamic Bhd valued at up to RM635.6 million. At the launch, TM One, the enterprise arm of Telekom Malaysia Bhd, handed over its Smart Industrial Park Blueprint, which will integrate advanced infrastructure such as enterprise 5G, Internet of Things (IoT), AI-powered surveillance, cloud solutions, and ESG-aligned systems. Phase 1 of MBW Innexus, covering 13 industrial plots, is scheduled for completion by the second quarter of 2027. MB World executive director Datuk Rohman Ahmad described the project as a transformative initiative to reinforce Johor’s position as a regional industrial hub. “This development is more than economic growth — it encompasses industrial parks, affordable housing, commercial spaces, and community facilities designed to create real value for local residents and workers,” he said. The launch was officiated by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who highlighted that MBW Innexus investors stand to benefit from pilot policies under the JS-SEZ aimed at reducing bureaucracy, expediting approvals, and easing immigration, customs, and talent mobility. “Being surrounded by a strong supplier and talent ecosystem will benefit investors like MBW Innexus and its customers,” he said, adding that the project would also spur co-location opportunities for SMEs and MNCs, strengthening supply-chain resilience.

KUALA LUMPUR, NCT Alliance Bhd (NCT) has signed a conditional share sale agreement (SSA) to acquire the entire equity interest in NCT World Sdn Bhd (NCT World) for a total consideration of RM490.26 million. Datuk Seri Yap Ngan Choy. In a statement, NCT said the acquisition is expected to be completed in the fourth quarter of 2025 (4Q 2025). The purchase will be settled via the issuance of up to 104.2 million new ordinary shares and 917.2 million new redeemable convertible preference shares (RCPS), both priced at 48 sen per share. “This structure minimises cash outflow and allows NCT to preserve reserves for ongoing and future property development projects,” the company said. NCT added that issuing RCPS will help manage potential earnings dilution, aligning with the timeline needed to realise contributions from NCT World’s projects. The group described the acquisition as a transformational milestone, expanding its portfolio beyond residential and commercial developments into the rapidly growing industrial property segment under NCT World. Key projects under NCT World include the NCT Smart Industrial Park (NSIP) and NCT InnoSphere (NIS). NCT executive chairman and group managing director Datuk Seri Yap Ngan Choy said the deal reinforces the group’s position as a leading Malaysian property developer. “This acquisition consolidates NSIP and NIS under the group, strengthens our industrial property footprint, and provides long-term growth visibility,” he said. “It will expand our landbank to 546.33 hectares, ensuring a strong pipeline through 2030 and beyond, while unlocking immediate profitability from ongoing projects. The transaction will also boost our financial strength, increasing gross development value (GDV) from RM5.36 billion to RM10.17 billion,” he added.

Central Pattana Plc (CPN), Thailand’s leading real estate developer, will open the first phase of its 43rd shopping centre, Central Park, on September 4, aiming to attract 25 million visitors annually. The new mall is part of the Dusit Central Park mixed-use development, which spans 130,000 square metres of gross building area. The project also includes an office tower, hotel, and residences, with a total investment of 46 billion baht across 23 rai of land. The Central Park brand specifically refers to the shopping centre and office tower. Nattakit Tangpoonsinthana, CPN’s chief marketing officer, said the first phase will launch under the theme “Here for All of You”, with a strong focus on gastronomy. One of the highlights is the Edible Exhibition, turning the mall into an immersive art experience where the building itself becomes edible art. The new shopping centre is part of the Dusit Central Park mixed-use development. The full opening celebration is scheduled for November and will feature additional global brands. CPN aims to position Central Park as Asia’s culinary landmark, offering international dining, art and fashion events, and curated lifestyle experiences throughout the year. After the grand opening, Central Park is expected to welcome over 25 million visitors yearly, or roughly 70,000 per day, including both locals and international tourists. Kunayudh Dej-udom, asset director at Central Park, said the development merges urban living with nature, strategically located near Silom and Rama IV roads, opposite Lumpini Park. Designed for future flexibility, all four components—shopping centre, hotel, office, and residences—are connected through green spaces, including a seven-rai rooftop park. Central Park will feature more than 550 top brands, including Thailand debuts for Kiwamiya, a teppanyaki restaurant serving authentic Japanese wagyu steak; Koubai, a premium shabu-shabu outlet; Long Jing, offering Chinese fusion cuisine from Hangzhou; and Super Matcha, a South Korean green tea brand. The mall will also showcase Michelin-listed eateries and 70 street food legends. Nattakit emphasized that the development aims to create a landmark destination that elevates Bangkok’s global profile while inspiring new lifestyle trends and experiences.

KUALA LUMPUR, Mah Sing Group Bhd has been appointed by the Kajang Municipal Council (MPKj) as the lead developer for a new RM52.5 million flyover at the Jalan Tasik Kesuma–Jalan Semenyih intersection in Bandar Tasik Kesuma. The project, involving 11 developers, is set to begin in early 2026 and targeted for completion by early 2028. Once finished, the three-kilometre flyover will be handed over to MPKj and supported by upgraded roads and junctions along Jalan Semenyih to improve traffic flow and safety. Mah Sing group chief executive officer Datuk Voon Tin Yow said the company is honoured to lead the project and committed to ensuring smooth delivery. He added that the flyover will ease congestion, shorten travel times, and improve accessibility for residents, businesses, and visitors. MPKj president Nazli Md Taib welcomed Mah Sing’s leadership and thanked the participating developers for their cooperation in jointly funding the project, describing it as a strong example of public-private collaboration. The project is also strategically located near Mah Sing’s M Legasi residential township in Semenyih.

SET-listed industrial estate developer Amata VN is awaiting approval from the Vietnamese government for the development of 3,100 rai of new industrial land, expected as early as October, paving the way for the company’s next phase of growth in the country. The new estate, to be located in Phu Tho province in northern Vietnam, is designed to cater to high-tech investors, particularly in the semiconductor sector. An industrial estate developed by Amata VN in Vietnam. “Vietnam’s GDP growth, averaging 8–9% annually, has been a key driver attracting investors looking to expand or establish new ventures,” said Somhatai Panichewa, Amata VN’s chief executive. She added that recent discussions with Phu Tho authorities showed promising progress, with officials pledging to accelerate approval for the project. The land development approval is anticipated by October or by the end of 2025. In May, Amata VN signed a memorandum of understanding with the Phu Tho Provincial People’s Committee to move the project forward. The new estate will be developed under a sustainability model, focusing on environmentally friendly practices. “Amata VN is committed to supporting Phu Tho in boosting its investment appeal and attracting quality investors from Thailand and across the globe,” said Mrs Somhatai. Vietnam remains a strong draw for international investors thanks to its network of free trade agreements with China, South Korea, and ASEAN nations, as well as its membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes Japan, Australia, New Zealand, and Canada. The company plans to invest 4.5 billion baht in the development of the Phu Tho industrial estate, which is scheduled to begin commercial operations in 2027, according to chief financial officer Sukhum Pitayapiboonpong. Currently, Amata VN operates four industrial estates in Vietnam: Amata City Bien Hoa, Amata City Long Thanh, Amata City Halong, and Quang Tri Industrial Estate. For 2025, the company has targeted 6 billion baht in revenue, with 500 rai in total land sales.

KUALA LUMPUR, After enduring the financial strain of the Covid-19 pandemic, Sepang International Circuit (SIC) is setting its sights on long-term growth with plans centred on land monetisation, new investments, and broader commercial offerings. SIC CEO Azhan Shafriman Hanif said the circuit is finalising a 10-year business plan aimed at unlocking the commercial value of its 303-hectare landbank. “Currently, we only use about half of the land during major international events. The rest remains underutilised. Our goal is to change that by bringing in investors to develop hotels, motorsport facilities, vehicle storage, attractions, and F&B outlets,” he explained. One of the main hurdles had been unresolved land tenure. While the Finance Ministry took over SIC’s facilities from Malaysia Airports Holdings Bhd (MAHB) in 2009, ownership of the land remained with MAHB, complicating lease agreements. “Investors often asked, ‘Who do we sign the lease with?’ and we couldn’t give a clear answer. With the sub-lease agreement now moving forward, we’ll finally be able to offer long-term leases and open the door to investment opportunities,” Azhan said. Appointed CEO in April 2020, Azhan’s early leadership was marked by crisis management as Covid-19 halted large-scale events, SIC’s main source of revenue. “It was extremely challenging. We couldn’t cut jobs or salaries since we’re under the Finance Ministry and Youth and Sports Ministry. Instead, we had to trim allowances and pause overtime,” he recalled. Recovery and growth The turning point came in 2023 when SIC returned to profitability, driven by the comeback of international events such as MotoGP. “That year was a milestone. In 2022, we had just six months to prepare for MotoGP after borders reopened in April, but we managed to pull it off. 2023 was when things really started to change,” he said. Looking beyond motorsports, Azhan aims to transform SIC into a lifestyle destination with better amenities for visitors and staff. A small but meaningful step was the launch of a lakeside café, currently the only F&B outlet within the compound. “It may seem minor, but before this, staff and visitors had to leave the circuit just to get lunch. We need more eateries, convenience stores, and family-friendly facilities so people can come here to relax, not just watch races,” he said. Plans are also underway to develop commercial plots for local F&B brands and convenience outlets to serve event-goers, employees, and nearby residents. While SIC no longer hosts Formula 1, it has established itself as a thriving motorsports and entertainment hub, with bookings for events extending well into next year. The recent Super GT drew over 78,000 spectators, boosted by a tie-up with the Nihon Matsuri festival. Azhan said SIC’s strategic location near Port Klang and KLIA positions it uniquely as a regional hub for motorsports, lifestyle, and automotive events. “Take an auto show, for instance — not only can people view the cars here, but they can also test-drive them on the track. That’s something you can’t replicate on normal roads,” he said. Looking ahead, SIC has lined up concerts, exhibitions, and conventions for the year and is in talks with organisers for new events in 2026. Among the highlights is the Malaysian Festival of Speed in September, featuring drift competitions and a karting slalom.

The 13 Hotel in Macau, known as one of the world’s priciest hotels, has been sold for HK$600 million (US$76.43 million) to an undisclosed local buyer, marking the city’s first hotel transaction in eight years. The 22-storey property in Coloane completed a five-year search for a purchaser, according to Savills Macau managing director Franco Liu. This sale also represents Macau’s largest post-pandemic property deal. The 199-room hotel was initially valued at HK$2.4 billion when it was first offered for tender last year. Mark Wong, senior director at JLL Macau, noted that the buyer has significant experience in the local property market, including hotel operations, and also holds international real estate investments. The buyer expressed strong confidence in Macau’s market. The striking red facade of The 13 Hotel. Savills and JLL acted as joint agents for the transaction. Plans are underway to redesign and renovate the hotel, with the aim of transforming it into a prominent tourist destination.

KUALA LUMPUR, Ireka Corporation Bhd has partnered with Ukay Forest Development Sdn Bhd (UFDSB) through a joint venture (JV) agreement, forming Ireka-Ukay Forest JV to jointly execute and manage selected development and infrastructure projects in Malaysia. The JV will initially focus on three projects valued at a total of RM50.89 million: a mixed-use development in Johor Bahru (RM8.89 million), a sewerage system upgrade in Ketengah, Terengganu (RM33 million), and the construction of the Syariah Court Complex in Temerloh, Pahang (RM9 million). Under the agreement, Ireka will provide strategic oversight and governance via a joint management committee, while UFDSB will handle project financing, operations, and execution. Profits, losses, and costs for these projects will be shared between Ireka and UFDSB on a 30:70 basis, according to a Bursa Malaysia filing on Friday.

GUANGZHOU, Unilever, the London-based consumer goods giant, has officially opened its first all-category food production facility in China, marking a significant step in advancing smart manufacturing and integrated supply chain operations in the country, according to Xinhua. Situated in Guangdong Province in southern China, the new facility aims to strengthen Unilever’s operational efficiency in the region and enhance its broader supply chain network across China. The London-based consumer goods giant Unilever put its all-category food production base in China into operation on Friday, marking a milestone in its efforts to advance smart manufacturing and supply chain integration in the country, reported Xinhua. A logistics park was launched alongside the production base, serving as a central hub for cross-regional distribution of Unilever’s food products. The warehouse features around 70% higher storage density than typical facilities and a 60% boost in receiving and dispatch capacity. “The opening of this new base strengthens our confidence in future growth,” said Joyce Zhou, general manager of Unilever Foods North Asia. She added that the company will focus on green production practices to enhance both capacity and value. Unilever, one of the world’s largest consumer goods companies, operates a regional headquarters and a global research and development centre in Shanghai, along with eight major production bases and logistics centres across China.