Property

JAKARTA, Industrial machine vision company Cognex Corporation has opened a new representative office in Bekasi, West Java, to strengthen its presence in Indonesia and get closer to manufacturing customers across the Greater Jakarta Area and beyond. “The opening of this new office marks our commitment to building long-term relationships with manufacturing customers in Indonesia,” said Michael Zhu, Cognex’s Vice President of Sales for Asia, in a press statement. “We want to be on the ground with our customers — listening, understanding, and delivering solutions that make industrial transformation easier and more sustainable.” The new office is located at M Gold Tower in Bekasi, chosen for its proximity to major industrial hubs on Java Island. Bekasi is home to several large industrial estates, including Jababeka Industrial Estate, MM2100 Industrial Town, Greenland International Industrial Center (GIIC), and East Jakarta Industrial Park (EJIP). These areas are key centers for industries such as food and beverage, automotive, electronics, logistics, and pharmaceuticals — all of which increasingly demand advanced automation and machine vision solutions. Cognex’s Bekasi office features a local sales and engineering support team, as well as a technology demo room where customers can receive hands-on training, technical consultations, and test real-world applications of Cognex’s solutions. “With a local team in place, we can respond to customer needs faster and help manufacturers accelerate their move toward more automated and efficient production systems,” said Chong Siong Chuang, Cognex’s Area Sales Manager for ASEAN South. “We see tremendous potential for Indonesia to build a more connected and globally competitive manufacturing sector.” Indonesia remains a key growth market for Cognex, supported by the government’s push for manufacturing transformation and the sector’s significant role in the economy. Manufacturing currently contributes over 16 percent of Indonesia’s GDP and employs more than 19 million people. While the sector is still facing headwinds, it is showing signs of recovery. According to S&P Global’s latest report, Indonesia’s Manufacturing Purchasing Managers’ Index (PMI) rose to 49.2 in July, up from 46.9 in June. Although still below the 50-point mark that separates expansion from contraction, the improvement signals a gradual rebound amid challenges such as weak demand and concerns over U.S. tariffs.

KUALA LUMPUR, IJM Construction Sdn Bhd, a wholly owned subsidiary of IJM Corporation Bhd, has secured a RM1.4 billion contract to build a large-scale data centre facility in Johor Bahru. The project, slated for completion in September 2026, will be delivered within 13 months. It consists of a six-storey data centre building with integrated office space, as well as a dedicated refuse and recycling facility. According to IJM, the development will feature a gross floor area of about 667,362 sq ft. The company will carry out the full civil and structural works using a pre-cast system—columns, beams, and hollow core slabs—supported by steel structures for mechanical and electrical plant installations. Designed to meet LEED Gold and GreenRE Platinum certifications, the building will incorporate sustainability features, including a signature green wall façade with integrated irrigation. “This project combines advanced construction methods with sustainable design to deliver long-term operational efficiency,” IJM said. Marking its largest data centre project to date, the contract also represents IJM’s fourth data centre in Johor, which is rapidly positioning itself as a strategic hub for hyperscale and enterprise facilities supporting AI, cloud computing, and digital services in Southeast Asia. The award boosts IJM Construction’s order book by RM1.4 billion, raising its total from RM7.6 billion as of March 31, 2025, to RM9.2 billion. “The pipeline now includes multiple data centres, electronics manufacturing facilities, and logistics hubs—sectors driving IJM’s growth in high-value industrial and digital infrastructure,” the company added.

KUALA LUMPUR, MGB Bhd has secured a RM185.99 million contract from CI Medini Sdn Bhd to develop serviced apartments in Iskandar Puteri, Johor. According to its bourse filing, the project will be executed in two phases. Phase 1 involves constructing a 32-storey tower with 405 apartment units, a seven-storey podium car park, and facilities on the eighth floor. Work is slated to begin on Sept 1, with completion targeted for November 2027. Phase 2 will feature a 31-storey tower with 397 apartment units, to be completed within 18 months of a yet-to-be-confirmed start date. With this win, MGB’s outstanding order book rises to RM1.21 billion. The company expects the contract to contribute positively to its earnings and net assets during the project period. On Monday, MGB’s shares closed half a sen or 0.99% lower at 50 sen, valuing the group at RM292.93 million. The counter has fallen over 32% year-to-date.

KUALA LUMPUR, Inta Bina Group Bhd has secured a RM264.5 million contract to construct two serviced apartment blocks in Segambut, Kuala Lumpur. The company’s wholly owned subsidiary, Inta Bina Sdn Bhd, accepted the contract on Monday from GDP Architects Sdn Bhd, acting on behalf of 368 Segambut Sdn Bhd — a joint venture between IJM Land Bhd and FCW Holdings Bhd. The 38-month project is set to begin on August 18, according to a filing with the stock exchange. Inta Bina said the development will be financed through internally generated funds and external borrowings, and is expected to positively contribute to the group’s earnings during the contract period. As of end-March, Inta Bina’s construction segment had an unbilled order book valued at RM1.5 billion, while its property development segment held unbilled sales of RM90 million, providing earnings visibility for the next two to three years. The group reported cash and short-term deposits of RM117.64 million, compared to RM133.33 million in short-term borrowings and RM23.65 million in long-term borrowings. On Monday, Inta Bina’s shares closed 0.5 sen higher, or up 1.18%, at 43 sen, valuing the group at RM258.83 million.

KUALA LUMPUR, SkyWorld Development Bhd has acquired four adjoining freehold land parcels in Seberang Perai Tengah, Penang, for RM82.7 million. The purchase was made through its 70% indirect subsidiary, Prefab Master (Penang) Sdn Bhd, and covers a total of 10.64 hectares. The land will be used to build a factory for manufacturing prefabricated and prefinished modular systems (PPVC), supporting SkyWorld’s joint development projects in Penang with the Penang Development Corp and PDC Properties Sdn Bhd. SkyWorld Development Bhd has bought four adjoining parcels of freehold lands in Seberang Perai Tengah, Penang for RM82.7 million Located about 12km from Batu Kawan and 15km from Seberang Jaya, the factory will strengthen SkyWorld’s capabilities in delivering affordable housing across the northern region. CEO Lee Chee Seng said the acquisition marks a major milestone, expanding the group’s presence in modular construction and taking inspiration from partner Teambuild’s success in delivering large-scale HDB projects in Singapore. The deal will be funded through a mix of internal funds and bank borrowings, and is expected to be completed within three months.

KUALA LUMPUR, Mah Sing Group Bhd saw its shares edge up in early trade Thursday, buoyed by the launch of its M Grand Minori development in Johor. As of 10.13 am, the stock rose two sen to RM1.21, with 1.21 million shares changing hands. The M Grand Minori project marks Mah Sing’s first premium development under its M Grand Series in Johor, boasting an estimated gross development value (GDV) of RM1.5 billion. According to the company, Phase 1 of Tower A—featuring 843 serviced apartment units—achieved a 90% take-up rate within a single weekend, signalling strong market interest. Situated on 2.42 hectares of freehold land in the well-established Taman Pelangi neighbourhood, the project is just three kilometres from the future Bukit Chagar Johor Bahru-Singapore Rapid Transit System (RTS) Link station.

PETALING JAYA, Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd — a wholly owned special-purpose vehicle (SPV) of Hartasuma Sdn Bhd — have officially partnered to deliver the upcoming Penang Hill cable car project. Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim. This key infrastructure initiative, valued at RM367.2 million, aims to improve accessibility to Penang Hill and enhance connectivity to the Penang Hill Biosphere Reserve, while boosting the state’s tourism appeal. Under the agreement, Hartasuma Ropeways will act as the long-term concessionaire, responsible for the full development, financing, operation, and maintenance of the cable car system. BPMB’s managing director of group corporate and investment banking, Mohamed Nazri Omar, said the funding reflects BPMB’s mission to support infrastructure that drives sustainable development and long-term economic growth. “This RM367.2 million financing facility underscores our commitment to supporting sustainable tourism infrastructure that delivers lasting social and economic value,” he said during the MoU signing ceremony in George Town yesterday. “By enabling this project, we aim to elevate Penang’s status as a premier tourism destination and open up new opportunities for local communities.” The Penang Hill cable car system will feature a 2.73km route connecting the Penang Botanical Gardens to the summit, with a journey time of approximately 10 minutes. It is designed to accommodate up to 1,400 passengers per hour in each direction and will include three main stations: the Garden Station at the base, a mid-way Turn Station, and the Hill Station at the top. As an alternative to the existing funicular railway, the cable car is slated for completion by December 2026, followed by a three-month trial and dry commissioning phase before opening to the public.

KUALA LUMPUR, HCK Capital Group Bhd is purchasing two freehold land parcels in Selangor from Bandar Setia Alam Sdn Bhd for a total cash consideration of RM38.64 million. In a filing with Bursa Malaysia, the company said the acquisition will be made through its indirect wholly-owned unit, Reside Capital Sdn Bhd, which has signed two conditional sale and purchase agreements (SPAs) with Bandar Setia Alam. The first parcel, measuring 1.2107 acres, is priced at RM19.51 million, while the second parcel, at 1.2199 acres, will cost RM19.13 million. Both are located within Setia City BizPark, a commercial area in Selangor. Bandar Setia Alam is mainly involved in property development and investment. HCK Capital noted that the deals are subject to several conditions, including approval from the Economic Planning Unit (EPU) if the purchase amount exceeds RM20 million, the issuance of separate land titles, and state authority consent where required. The acquisition is expected to be completed in the first half of 2026. “The strategic location and strong demand for commercial properties in the area are expected to support HCK’s earnings over the medium to long term,” the company said. As of Friday, HCK Capital’s share price closed flat at RM2.16, giving the group a market capitalisation of RM1.35 billion.

PETALING JAYA, Paramount Corp Bhd is acquiring 18.97 acres of freehold land in Bandar Cassia, Penang, from Penang Development Corp for RM57.84 million, marking a strategic expansion of its northern region land bank. In a statement, the property developer said the land acquisition aligns with its plan to drive sustainable growth, with the project expected to contribute a gross development value (GDV) of RM744 million. This adds to Paramount’s existing land bank of 358.9 acres and remaining GDV of RM5.497 billion. The purchase will be financed through a mix of internal funds and bank borrowings. Bandar Cassia, Penang Located just 600 metres from the award-winning Utropolis Batu Kawan development, the newly acquired site sits within the city centre of Bandar Cassia. The proposed development includes serviced apartments, semi-detached townhouses, and shop offices, with construction targeted to begin in 2027 and completion expected by 2033. Paramount noted that the project would boost housing supply and create a vibrant commercial hub to support Penang’s economic growth. TA Research: Confident in Envictus Stake Acquisition Meanwhile, TA Research expressed increased confidence in Paramount’s proposed acquisition of a 28% stake in Singapore-listed Envictus International Holdings Ltd. This follows a recent briefing that addressed key concerns related to earnings, integration, and capital impact. Paramount’s RM126.32 million cash deal—via its wholly owned Venice Concepts Sdn Bhd—to acquire the stake from JAG Capital Holdings Sdn Bhd (a company majority-owned by Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani) is seen as a strategic move into the food and beverage (F&B) sector. Envictus is the operator of brands such as Texas Chicken and San Francisco Coffee in Malaysia. TA Research believes the investment offers long-term value, given Envictus’s turnaround prospects and attractive entry valuation. The research house also highlighted Paramount’s disciplined approach in limiting further F&B acquisitions. However, it warned of risks including potential underperformance of the investment, lack of operational control due to the minority stake, and exposure to foreign investment regulation changes—although no such restrictions are currently in place. Paramount intends to protect its interests by appointing representatives to Envictus’s board. Property Market Outlook & Valuation Looking ahead, Paramount has flagged a cautious outlook for the property sector in the second half of 2025, citing external trade uncertainty, rising costs due to fuel subsidy rationalisation, and the expanded sales and service tax (SST). With RM600 million in sales recorded so far this year—well below its RM1.5 billion full-year target—TA Research noted the possibility of a target revision. Nonetheless, it sees potential for an uptick in sales once clarity on SST and tariff policies emerges. TA Research maintained its FY25–FY27 earnings projections and target price of RM1.48, based on a 0.6x price-to-book valuation. Paramount remains undervalued, trading at just 6.4x 2026 earnings and 0.4x price-to-book—well below the sector averages of 13.9x and 0.8x, respectively. With a dividend yield of over 7%, significantly above the industry’s 3.7% average, the research house sees limited downside risk for the stock.

KUALA LUMPUR, Sunway Real Estate Investment Trust (Sunway REIT), through its manager Sunway REIT Management Sdn Bhd, has completed the acquisition of AEON Mall Seri Manjung in Perak. Sunway REIT Management Sdn Bhd said Sunway Real Estate Investment Trust (Sunway REIT) has completed the acquisition of Sunway Seri Manjung Mall, formerly known as AEON Mall Seri Manjung. In a statement today, Sunway REIT said the newly acquired asset is a two-storey retail complex situated on 12.24 hectares (30.25 acres) of prime freehold commercial land, featuring ample parking facilities. The mall is fully tenanted by AEON Co (M) Bhd under a long-term lease agreement, which offers income certainty with 12 years remaining until December 2037. Sunway REIT said the property is expected to be yield-accretive, providing an initial net property income (NPI) yield of 6.5%, with an average yield of 7% projected over the remaining lease term. Ng Bee Lien, Sunway REIT’s acting chief executive officer and chief financial officer, said the acquisition is part of the trust’s ongoing strategy to strengthen its portfolio with high-quality, income-generating assets. “AEON Mall Seri Manjung offers immediate earnings contribution through a stable, long-term lease with a leading retail operator and enhances the resilience of our earnings with an attractive yield profile,” she said. Ng added that the acquisition reinforces Sunway REIT’s position as one of the country’s leading real estate investment trusts and reflects its proactive approach to securing assets with strong fundamentals and long-term income visibility. “We remain committed to identifying similar opportunities that enhance our portfolio quality and support our long-term growth strategy,” she said.