Property

KUALA LUMPUR, Axis Real Estate Investment Trust (Axis-REIT), via its trustee RHB Trustees Bhd, has signed a sale and purchase agreement to acquire an industrial property in Port Klang from Barry Callebaut Malaysia Sdn Bhd for RM50 million. In a statement, Axis-REIT said the asset is located within the Bandar Sultan Suleiman Industrial Zone and consists of a 3.64-hectare leasehold industrial land parcel. The acquisition, to be financed through existing bank facilities, is slated for completion in the first quarter of 2026. Following the transaction, Axis-REIT’s financing ratio is projected to rise to 33.92% of audited total assets as at Dec 31, 2024. Axis REIT Managers Bhd chief executive officer and executive director Leong Kit May said the purchase aligns with the trust’s strategy of acquiring assets in prime industrial locations. “The property’s designation for both light and heavy industrial use offers greater flexibility and broadens our ability to serve a wider tenant base,” she noted.

PETALING JAYA, Luxchem Corp Bhd is set to acquire three parcels of freehold industrial land totaling 24,206 sq metres in Bandar Bukit Raja Industrial Park, Selangor, from Sime Darby Property (Bukit Raja) Sdn Bhd for RM40.55 million. In a filing with Bursa Malaysia, the plastics materials and resin manufacturing company said the acquisition aligns with the group’s capital optimisation strategy and prudent cash management approach. The company added that the land purchase will support its long-term operational expansion, allowing Luxchem to enhance production capacity and improve supply chain efficiency. The parcels are strategically located within a well-developed industrial hub, providing easy access to logistics networks and infrastructure critical for manufacturing activities. Luxchem noted that the acquisition is expected to be funded through a combination of internal cash reserves and bank financing, without materially affecting the company’s gearing or cash flow position. Industry analysts say the move reflects Luxchem’s strategy to strengthen its manufacturing footprint in Malaysia amid growing demand for plastics and resin products in both domestic and export markets. The acquisition also positions the company to explore potential future development or facility upgrades on the site. The transaction is subject to regulatory approvals and is expected to be completed in the coming months, further cementing Luxchem’s commitment to sustainable growth and operational excellence.

KUALA LUMPUR, Hextar Global Bhd (HGB) announced that its indirect subsidiary, PHG Ever Fresh Plantation Sdn Bhd, via its 51 per cent-owned unit Hextar Fruits Sdn Bhd (HFSB), has entered into three separate Sale and Purchase Agreements (SPAs) with Chateau MSK Sdn Bhd for the disposal of three parcels of freehold agricultural land in Raub, Pahang. The parcels, collectively measuring approximately 10.02 hectares, are being sold for a total cash consideration of RM13.75 million. In a filing with Bursa Malaysia, HGB explained that the land, which has been cultivated as a durian plantation, has not met the group’s anticipated yield levels. The harvest performance has been below expectations, rendering the plantation commercially unviable over the long term. “The proposed disposal presents an opportunity for PHG to unlock value and realise a favourable return, as the purchaser has offered an attractive price for the land,” the group said. HGB emphasised that the divestment is aligned with its broader business strategy to rationalise non-performing assets and focus resources on higher-value segments of the durian supply chain. Moving forward, the group intends to strengthen its position in the durian industry by operating collection centres, where durians sourced from various sellers can be aggregated, sorted, and processed. “These collection centres will allow HGB to focus on sorting and processing durians into pulp, paste, and frozen products for export markets. By shifting its business model towards processing and value-added activities, the group is positioning itself to tap into the growing global demand for Malaysian durians while ensuring greater consistency and scalability of supply,” it said. The group added that the proposed disposal is expected to be completed within six months from the date of the agreements, subject to the fulfilment of customary conditions precedent. Upon completion, the disposal proceeds are expected to strengthen the group’s financial position, providing additional liquidity for reinvestment into its core operations and future growth initiatives.

KUALA LUMPUR, Inta Bina Group Bhd’s wholly owned subsidiary, Inta Bina Sdn Bhd (IBSB), has accepted a Letter of Award (LoA) from Sime Darby Property (KL East) Sdn Bhd for a construction project valued at RM212.34 million. In a filing with Bursa Malaysia, the company said the scope of works comprises the construction of the main building, external works, as well as mechanical and electrical installations. “The construction period is 36 months, commencing on Oct 7, 2025, with completion scheduled for Oct 6, 2028,” it said. According to IBSB, the project entails the development of a condominium complex consisting of two blocks: Block A, a 30-storey tower with 233 units, and Block B, a 32-storey tower with 247 units. The towers will be built atop an eight-level podium comprising five basement levels and two above-ground levels of car parking, along with resident facilities located on the ground and third floors, as well as one sub-basement level. “Barring unforeseen circumstances, the contract is expected to contribute positively to the group’s earnings over the duration of the project,” the company added.

PETALING JAYA, IOI Properties Group Bhd (IOIProp), which announced its fourth-quarter results for the period ended June 30, 2025 (4Q25), is gearing up to launch RM2 billion worth of property projects in Malaysia, with its property investment division expected to remain the main earnings driver. Despite a 14% year-on-year increase in revenue, the developer’s net profit for 4Q25 fell 47%, weighed down by lower fair-value gains from investment properties and higher interest costs. IOIProp also declared an interim dividend of eight sen per share. Analyst opinions remain mixed. Hong Leong Investment Bank Research maintained its “buy” call with an unchanged target price of RM4.05, citing expectations of a stronger earnings recovery than the market anticipates. It also highlighted the group’s planned real estate investment trust (REIT) listing, which should unlock asset value. Meanwhile, MBSB Research maintained a “neutral” stance, citing weak earnings visibility and elevated net gearing of 0.7 times. The research house cut its earnings forecasts for FY26 and FY27 by 38% and 32%, respectively, revising its target price to RM2.09 from RM2.15. TA Research, however, reiterated a “buy” call with a target price of RM2.78, pointing to the group’s FY26 project pipeline, which includes high-rise developments in Bandar Puteri Puchong, 16 Sierra, and IOI Resort City, as well as landed homes in Kulai, Johor, where demand remains resilient. The firm noted that the property investment segment continues to underpin earnings, supported by stable recurring income and a 6% rental reversion across its retail portfolio, which lifted mall valuations. TA Research added that the group’s hospitality and leisure segment stands to benefit from Visit Malaysia 2026, though challenges persist at its recently opened Sheraton Grand Xiamen Jimei in China. To support the planned REIT listing, IOIProp has incorporated a new subsidiary and appointed Maybank Investment Bank Bhd and AmInvestment Bank Bhd as joint principal advisers. The company has guided for the REIT to be listed within 12 to 18 months.

Saudi Arabia’s Alrajhi family is once again seeking a buyer for its Wisma Mont Kiara office building in Kuala Lumpur, with sources indicating that the asking price will be revised from RM150 million to RM130 million to better align with market conditions. Wisma Mont Kiara is located in the affluent Mont’Kiara township and has been on the market since early this year. The 16-storey property, located along Jalan Kiara in the affluent Mont’Kiara township, has a net lettable area of 181,992 sq ft and currently enjoys an occupancy rate of more than 95%. Its tenants include the Malaysian French Chamber of Commerce and Industry, co-working operator Common Ground, and technology firm Concentrix. Rental rates at the building are said to range between RM4.50 and RM5.50 psf. Wisma Mont Kiara forms part of the 1 Mont Kiara integrated development, which also comprises the 30-storey Menara 1 Mont Kiara office suites and the 1 Mont Kiara Mall retail podium. The development was completed in 2010. Rahim & Co International Sdn Bhd has been appointed as the exclusive marketing agent for the transaction. While confirming the appointment, a spokesperson declined to comment further on the family’s divestment plans. At the earlier asking price of RM150 million, the valuation worked out to about RM824 psf — nearly 23% higher than the RM670 psf the family paid when acquiring the building from Singapore-based ARA Asset Management Ltd in 2018 for RM122 million. At the revised price of RM130 million, the valuation comes down to RM714 psf, which a local agent described as “more realistic, given current market conditions and the upgrading required for a 15-year-old building”. The purchase in 2018 was carried out via R J Seven Sdn Bhd, making it the Alrajhi family’s maiden property acquisition in Malaysia. Corporate records show that R J Seven fully owns 1MK Office Sdn Bhd, the holding company of Wisma Mont Kiara, with 11 family members each holding equal stakes of 9.09%. Financial data from CTOS indicates that 1MK Office Sdn Bhd generated RM6.1 million in revenue and RM2.15 million in net profit for the financial year ended Dec 31, 2023. The Alrajhi family is closely linked to Al Rajhi Bank of Saudi Arabia, one of the world’s largest Islamic banks by assets, and its Malaysian subsidiary Al Rajhi Bank Malaysia, which entered the market in 2005 as one of the first Middle Eastern lenders to establish operations here. Strategically located between Kuala Lumpur city centre and Damansara, Wisma Mont Kiara enjoys connectivity via major highways including the Sprint Expressway, NKVE, Penchala Link, Kerinchi Link and Jalan Duta. A mass rapid transit (MRT) station has also been planned adjacent to the site. The Mont’Kiara area continues to attract institutional investors. Just last year, Sunway REIT acquired the seven-storey Sunway 163 Mall (formerly 163 Retail Park), located down the road from Wisma Mont Kiara, for RM215 million from YNH Property Bhd. The mall joins Sunway REIT’s extensive portfolio, which includes Sunway Pyramid Mall, Sunway Resort Hotel, multiple hypermarkets and Sunway Kluang Mall.

KUALA LUMPUR, Singapore-listed developer GuocoLand Ltd is divesting one of its Malaysian hospitality assets as part of its ongoing portfolio rebalancing. The group announced that it is selling the five-star Thistle Johor Bahru hotel together with the land it sits on to YTL Hotels & Properties Sdn Bhd, a wholly-owned subsidiary of YTL Corp Bhd, for RM150 million. In a filing with the Singapore Exchange (SGX), GuocoLand said the transaction is expected to generate a net gain of RM35 million (US$11 million) upon completion. Proceeds from the disposal are likely to strengthen its balance sheet while unlocking value from its hospitality portfolio. The 381-room Thistle Johor Bahru, located in the city centre near the causeway to Singapore, has long been a key landmark property within GuocoLand’s hospitality assets in Malaysia. The hotel is part of the Thistle brand, which has a strong presence in the UK and Malaysia. This sale, however, may not be GuocoLand’s last move in the sector. According to The Edge Malaysia, the developer is also open to selling its other hotel — the 251-room Thistle Port Dickson Resort, located along the coastal town of Port Dickson. Market sources cited by The Edge indicated that the asking price for the property ranges between RM135 million and RM150 million. The Johor Bahru disposal had been anticipated since mid-August, after The Edge Malaysia reported that GuocoLand was in advanced discussions with YTL Hotels for the asset. The deal is now confirmed, adding another prime hospitality property to YTL’s growing portfolio under its hotels and resorts division. YTL Hotels, which owns and manages luxury properties worldwide, including the Ritz-Carlton in Kuala Lumpur and the JW Marriott in Singapore, is expected to integrate the Johor Bahru hotel into its expanding hospitality business. Meanwhile, GuocoLand continues to focus on its core property development and investment businesses across Singapore, China, and Malaysia, while selectively divesting non-core assets. On the Singapore Exchange, GuocoLand’s shares closed at $1.86 on Aug 29, down 1.06% from the previous day.

KUALA LUMPUR, KSK Group’s flagship 8 Conlay project — its first foray into property development after pivoting from insurance — has been officially put up for sale following years of financial troubles and legal battles. Receivers and managers Adam Primus & Co listed the stalled RM5.4 billion mixed-use project in central Kuala Lumpur for sale over the weekend. Interested buyers have until Nov 15 to submit their bids. The move marks the end of a two-year impasse between project owner KSK Land Sdn Bhd and its former main contractor, GDB Holdings Bhd (KL:GDB), which had brought construction to a halt and pushed the venture into receivership. Once marketed as an iconic development featuring the world’s tallest twisted twin towers, 8 Conlay was launched in 2015 on a 3.65-acre site along Jalan Conlay. Plans included three luxury residential towers branded under YOO8, a Kempinski Hotel, retail podium, and other facilities. Work initially progressed, with Tower A reaching structural completion in 2021. But by 2022, disputes over payments triggered lawsuits, suspensions, and ultimately termination of GDB’s RM1.25 billion contract. Attempts to revive the project with a new contractor in 2023 also stalled amid fresh legal claims. GDB later secured multiple court rulings against KSK Land, including orders for unpaid sums exceeding RM140 million. These financial and legal setbacks created a deadlock that culminated in the decision to sell the entire project. KSK Land managing director Joanne Kua. KSK Group, formerly Kurnia Asia Bhd, sold its insurance business in 2012 and shifted into property through KSK Land. The 8 Conlay venture was intended as its bold debut, led by executive chairman Tan Sri Kua Sian Kooi and his daughter, Joanne Kua. Despite the setbacks, market observers note that a sale could pave the way for new ownership to revive the project, offering a potential lifeline after years of delays.

KUALA LUMPUR, Eastern & Oriental Bhd (E&O) said its indirect wholly-owned unit, Hammersmith Properties Ltd, has proposed to sell two freehold land parcels in Hammersmith, London, to Varsity Capital 1 Propco Ltd for at least £75 million (RM427.8 million). In a filing with Bursa Malaysia, E&O said the proceeds will be used for new property development and investment opportunities, or alternatively to pare down existing borrowings. From the sale, about RM221.8 million (net of estimated expenses) has been earmarked for expanding its property business, including potential land acquisitions, joint ventures, or development rights. The sale and purchase agreement is expected to be completed within three years, with the proceeds fully utilised in that timeframe. E&O added that the disposal is expected to generate a net gain of about RM239.3 million, after factoring in the reversal of impairment losses worth RM248.3 million and disposal expenses of RM6 million.

ORLANDO, The Marriott Vacation Clubs part of Marriott Vacations Worldwide, is strengthening its presence in Asia Pacific with several major developments. These include the opening of Marriott Vacation Club, Khao Lak Beach Resort in Thailand this August, new vacation ownership options in Bali, and an expanded marketing call center in Shanghai. John Geller, president and CEO of Marriott Vacations Worldwide. “Asia Pacific continues to be a key growth region for us,” said John Geller, president and CEO of Marriott Vacations Worldwide. “The rising interest in vacation ownership among both local and international travelers makes this the right time to expand.” New Resort in Khao Lak Debuting on August 28, 2025, Marriott Vacation Club, Khao Lak Beach Resort will feature 52 two-bedroom apartments within JW Marriott Khao Lak Resort & Spa. Blending Southern Thai-inspired design with modern comforts, the apartments are ideal for families and extended stays. Guests will also enjoy access to JW Marriott Khao Lak’s extensive facilities, including Southeast Asia’s largest lagoon pool, multiple dining outlets, and sustainable initiatives such as the JW Garden and eco-friendly amenities. Future plans include new recreation facilities by 2026 and a sales gallery that will showcase Marriott Vacation Clubs’ portfolio and Thai-inspired design. Reservations are now open, with Owners and Members able to book stays using Club Points. Expansion in Bali In early 2026, Marriott Vacation Clubs will add 32 new apartments at Marriott’s Bali Nusa Dua Terrace, each with private plunge pools, kitchens, and access to new poolside facilities. In addition, the brand will launch Marriott’s Enclave at Bali Nusa Dua Terrace, featuring 26 spacious apartments (two- and three-bedroom units), each with private pools and dedicated amenities such as a kids’ club, fitness studio, and Owners lounge. Guests at both properties will also enjoy full access to the Renaissance Bali Nusa Dua Resort next door, with its spa, fitness center, and dining options. Strengthening in Shanghai The group is also growing its Shanghai marketing call center, expanding its team from 80 to 125 associates. The larger office will better support Marriott Vacation Clubs’ Owners, Members, and new vacationers across China, ensuring stronger engagement and service.