Property

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.

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.