Property

KUALA LUMPUR, Gamuda Bhd’s wholly owned subsidiary, Gamuda (Singapore) Pte Ltd, together with joint venture partners Evia MSC Pte Ltd and H108 Pte Ltd, has emerged as the provisional winner of a highly contested land tender in Singapore. In a filing with Bursa Malaysia, Gamuda said the Housing and Development Board (HDB) of Singapore had declared the consortium’s bid of SGD1.01 billion (RM3.33 billion) as the highest received at the close of tender on Sept 11, 2025. The land parcel, measuring 29,450.3 square metres, is located at Chencharu Close and has been designated for mixed-use development, comprising both commercial and residential components. The project is expected to add vibrancy to the area by integrating retail, lifestyle and community spaces with quality housing. Gamuda noted that this latest success in Singapore reflects its growing regional footprint and reinforces its strategy of diversifying into overseas property markets. The company added that the venture is well-positioned to leverage its partners’ local expertise to deliver a landmark development in the heart of Singapore. This marks the second significant win by a Malaysian developer in Singapore within two days. On Wednesday, Sunway Bhd announced that its joint venture with Sing Holdings Residential Pte Ltd had secured a RM2.05 billion tender for a prime parcel at Chuan Grove. Analysts said the back-to-back successes of Gamuda and Sunway underscore the competitiveness of Malaysian developers in Singapore’s high-value property market. Both projects are expected to generate long-term recurring income and enhance their respective property development portfolios in one of Asia’s most dynamic real estate hubs.

KUALA LUMPUR, Bandar Malaysia Sdn Bhd, the state-owned master developer of the Bandar Malaysia project, has agreed to pay compensation to Sim Leisure Group Ltd following the termination of their agreement to develop an Escape theme park. Bandar Malaysia sold the 486-acre land, the site of the former Royal Malaysian Air Force base, to KLCC (Holdings) Sdn Bhd last year. In a filing with the Singapore Exchange, Sim Leisure said it would have no further claims against Bandar Malaysia once the undisclosed compensation is received under the settlement agreement. The company is also required to return the project site on Sept 15. “The parties shall keep all details and negotiations concerning the termination settlement strictly private and confidential,” Sim Leisure noted, adding that the settlement amount will be “material” to its earnings this year. The settlement comes after Sim Leisure alleged that Bandar Malaysia breached its obligations by cancelling the theme park deal and selling the land to Petroliam Nasional Bhd (Petronas). Last year, Bandar Malaysia sold the 486-acre former Royal Malaysian Air Force base site in Jalan Sungai Besi to KLCC (Holdings) Sdn Bhd, a wholly owned subsidiary of Petronas. Following the sale, Sim Leisure received a termination notice. The company had signed an agreement in November 2023 to develop and operate a 75-acre Escape theme park at Bandar Malaysia. Sim Leisure currently operates the Escape outdoor adventure park in Penang, the Escape Challenge indoor park at Paradigm Mall, Petaling Jaya, and KidZania Kuala Lumpur.

KUALA LUMPUR, Pansar Bhd’s wholly owned subsidiary, Perbena Emas Sdn Bhd, has received a letter of acceptance from the Sarawak Public Works Department (JKR) to undertake the design and construction of the proposed Serian-Gedong-Samarahan dual carriageway highway, valued at RM216.99 million. In a filing with Bursa Malaysia today, Pansar said the 36-month contract is scheduled to begin in September 2025 and is expected to contribute positively to the group’s earnings and net assets throughout the project period. The scope of works covers the upgrading of approximately four kilometres of the existing JKR R3 road from Jalan Lubok Teranggas to Kampung Gedong, currently a two-lane single carriageway, into a JKR R5 four-lane dual carriageway. It also includes the construction of a new connecting road to Package 1 (Simpang Rayang/Munggu Kopi/Tanah Puteh/Sebemban to Gedong District, Section 1B). Additional works comprise an autonomous rail transit reserve within the median, bridge construction, bicycle tracks, utility corridors, a new roundabout, as well as the installation of road lighting, traffic signals, signage, road furniture, and drainage systems.

KUALA LUMPUR, Property developer SkyWorld Development Bhd has signed a memorandum of understanding (MoU) with a Vietnamese partner to hold exclusive negotiations for a proposed RM136 million mixed development project in Vietnam. In a filing with Bursa Malaysia, SkyWorld said the MoU will allow the group to explore potential collaboration on a residential-led development in Ho Chi Minh City. The talks are expected to finalise terms for a joint venture or acquisition deal within the next six months. “The proposed venture in Vietnam is in line with our long-term strategy to expand regionally and diversify revenue streams beyond Malaysia,” SkyWorld said. The RM136 million project is targeted at the mid-market segment, with plans for modern residential units complemented by lifestyle and retail components. SkyWorld said demand for quality housing in Vietnam remains strong, supported by rapid urbanisation and a growing middle class. Analysts view the MoU as a strategic step for SkyWorld, which has been actively seeking overseas opportunities following its successful listing on Bursa Malaysia last year. The company emphasised that the MoU is not legally binding and the project remains subject to further due diligence, approvals and the signing of definitive agreements. “Should the collaboration proceed, it is expected to contribute positively to the group’s long-term growth,” SkyWorld said.

PETALING JAYA, Sunway Group is set to expand its presence in Singapore as part of its regional growth strategy, with plans to strengthen its property development and healthcare businesses in the city-state. Industry sources said the group is exploring several land acquisition opportunities in prime locations, while also looking to grow its healthcare segment through new hospital projects. The move comes amid rising demand for quality healthcare services in Singapore and continued resilience in the republic’s property market. “Singapore remains a key market for Sunway, given its stable economy, transparent regulatory framework and status as a regional hub,” said a source familiar with the matter. Sunway’s property division has been active in Singapore for more than a decade through joint ventures, with projects such as Sunway Mont Residences. Its expansion plans are expected to focus on integrated developments, leveraging its expertise in sustainable townships and mixed-use projects. Meanwhile, Sunway Healthcare Group, which is targeting to list in the next few years, is also eyeing Singapore as part of its regional expansion blueprint. This would complement its existing network of hospitals in Malaysia. Analysts view the Singapore push positively, citing it as a strategic move to diversify Sunway’s earnings base while tapping into a mature market with strong fundamentals. Maybank Investment Bank Research noted that Sunway’s regional expansion efforts, particularly in Singapore, could provide long-term earnings visibility. “With its strong track record in property and healthcare, Sunway is well positioned to compete in Singapore’s competitive market,” it said in a note. The group recently reported steady earnings for the first half of 2025, underpinned by resilient contributions from its property investment and healthcare segments.

PETALING JAYA, Malaysian Resources Corp Bhd (MRCB) will take full control of Bukit Jalil Sentral Property Sdn Bhd (BJSP) after agreeing to acquire the Employees Provident Fund’s (EPF) 80% stake in the joint venture for RM1.58 billion. The deal, which ends a stalled partnership, will allow MRCB to reshape and relaunch the project. In a filing with Bursa Malaysia, MRCB said its wholly-owned unit Rukun Juang Sdn Bhd (RJSB) signed a share sale agreement on Sept 8 with EPF’s subsidiary Tanjung Wibawa Sdn Bhd to acquire eight million ordinary shares and 1.13 billion redeemable preference shares in BJSP. As of Aug 15, RJSB already held a 20% stake, meaning BJSP will become a wholly-owned subsidiary once the deal is completed. Land and ValuationBJSP, incorporated in 2017, owns three parcels of commercial leasehold land in Bukit Jalil covering 308,840 sq m. The land, with a 99-year tenure expiring in December 2116, has a combined net book value of RM1.49 billion but was valued at RM2.06 billion in July by IVPS Property Consultant Sdn Bhd. MRCB said the RM1.58 billion purchase price was agreed on a willing-buyer willing-seller basis, close to KPMG Corporate Advisory Sdn Bhd’s adjusted net asset valuation of RM1.57 billion. The transaction also includes shareholder advances of RM69.2 million previously provided by EPF’s unit to BJSP, which MRCB may have to assume if not repaid. Funding and Financial ImpactThe acquisition will be financed through a mix of borrowings and internal funds. Based on estimates, MRCB’s net borrowings will rise to RM3.58 billion, increasing its gearing ratio from 0.27 to 0.61 times. On a pro forma basis, earnings per share for FY2024 are expected to increase from 1.43 sen to 2.37 sen, while net assets per share will edge up from RM1.03 to RM1.06. Project Background and Future PlansThe Bukit Jalil project was initially planned as a large mixed-use development with office towers, hotels, retail, serviced apartments and residential units. However, the venture stalled due to pandemic disruptions and rising costs. “As no progress has been made, both parties had considered alternatives and revisions to the original plan but could not reach a conclusion,” MRCB said. With full control, MRCB plans to reassess the project, possibly revising the property mix to better match market demand. One option under study is incorporating data centres, given the land’s connectivity and its proximity to MRANTI Park. “The growing demand for data centres has already attracted operator interest in nearby sites. These parcels could become an extension of MRANTI’s technology hub,” MRCB noted, adding that feasibility and environmental studies will be conducted before finalising any plans. Regulatory ApprovalsBecause EPF is both the vendor and a substantial shareholder in MRCB with a 36.2% stake, the deal is classified as a related-party transaction. Kenanga Investment Bank Bhd has been appointed as the independent adviser to evaluate the fairness of the acquisition. The deal requires shareholder approval at an EGM, along with regulatory and contractual clearances, and is expected to be completed by the second quarter of 2026.

DXN Holdings Bhd. (“DXN” or the “Company”)  a leading global manufacturer of nutraceutical products, today announced that its wholly-owned subsidiary, Daxen Middle East Food Manufacturing LLC (“Daxen Middle East”), has entered into a sale and purchase agreement (“SPA”) to acquire a residential apartment unit at Burj Khalifa, Dubai, United Arab Emirates, for a total cash consideration of AED6.4 million (approximately RM7.4 million) (the “Acquisition”). The Acquisition, financed entirely through internally generated funds, represents less than 0.6% of DXN’s total net assets of RM1.3 billion, as at 28 February 2025 (“FY25”), with no material impact on balance sheet, and will not affect dividends, ongoing investments in research & development (“R&D”), or expansion plans. This Acquisition is complementary to, and does not divert resources from, DXN’s core priorities in R&D, manufacturing, and market expansion. The property will serve as a member reward and training hub, complementing DXN’s existing facilities in Penang and Cyberjaya, and will be used for leadership development, incentive programmes, and VIP events. It also offers potential rental income and capital appreciation. As the transaction involved related parties, all interested directors abstained from deliberations and voting. The Audit Committee independently reviewed the terms, confirming they are fair and reasonable, and approval was granted solely by non-interested directors in line with Bursa Malaysia requirements. Dubai is an increasingly important hub for DXN, with its manufacturing plant established in 2023 and the Middle East contributing over 10.0% of the Group’s revenue in FY25. This acquisition strengthens DXN’s long-term commitment to member engagement and growth in the region.

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.