Property

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.

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.