Property

Adnex Group Bhd has secured a RM10.96 million subcontract for an interior design fit-out project at Sunway Square Corporate Tower 1, further strengthening its presence in Malaysia’s commercial interior construction sector. In a filing with Bursa Malaysia, the group said its wholly-owned subsidiary, Adnex Interior Solution Sdn Bhd (AIS), has entered into a subcontract agreement with JLL Project and Construction Management Sdn Bhd, the project’s general contractor, to undertake the interior fit-out works for Hilti Asia IT Services Sdn Bhd. The subcontract covers the execution of interior design and fit-out works in accordance with the project specifications and requirements set out by JLL. AIS, which specialises in commercial interior fit-out solutions, will be responsible for delivering the project to the required quality and completion standards. The project officially commenced yesterday and is scheduled for completion on Dec 24, 2026, with a construction period of approximately five months. Upon practical completion, the project will be subject to a 12-month defects liability period, during which AIS will be responsible for rectifying any defects identified in accordance with the terms of the subcontract agreement. Adnex said the contract reflects the group’s continued ability to secure quality projects within the commercial property sector and highlights AIS’s expertise in delivering interior fit-out solutions for corporate office developments. The company expects the project to contribute positively to the group’s earnings over the duration of the contract.

LSH Capital Bhd is expanding its property development portfolio with the acquisition of approximately 17.4 acres of land in Subang Jaya, Selangor, through its wholly-owned subsidiary Astana Setia Development Sdn Bhd. In a statement, the group said it had signed a sale and purchase agreement with Railway Assets Corporation (RAC) to acquire the two land parcels for RM197.9 million. The land is earmarked for a mixed-use development comprising up to six residential towers integrated with retail and commercial components. The project is expected to have an estimated gross development value (GDV) of RM1.91 billion and will be developed in phases over an estimated five-year period. LSH Capital said the development is strategically located to support transit-oriented development (TOD) and is expected to enhance connectivity within one of Selangor’s key transportation hubs. The project is also anticipated to contribute to economic growth by creating employment opportunities, stimulating construction-related activities, and promoting sustainable urban development. The company estimates the project will carry a gross development cost (GDC) of RM1.32 billion, further strengthening its construction and property development pipeline. Non-executive chairman Tan Sri Datuk Seri Lim Keng Cheng said the agreement reflects RAC’s confidence in LSH Capital’s ability to deliver large-scale developments with disciplined execution. He added that the acquisition will enable the group to unlock the long-term value of the strategic landbank while creating sustainable returns for shareholders and delivering lasting benefits to the surrounding community.

YNH Property Bhd is disposing of a prime 2.61-acre freehold land parcel along Jalan Sultan Ismail, Kuala Lumpur, to Chin Hin Group Property Bhd’s 70%-owned subsidiary, Chin Hin Property (JSI) Sdn Bhd (CHPJSI), in a RM455 million cash-and-share transaction. In separate filings with Bursa Malaysia, the companies said the deal comprises RM409.48 million in cash and RM45.5 million worth of redeemable preference shares in CHPJSI. Following the transaction, YNH Property’s wholly-owned subsidiary, YNH Land Sdn Bhd, will also acquire a 10% equity stake in CHPJSI, allowing it to participate in the future value creation of the project while avoiding the costs and risks associated with developing the land. The remaining purchase consideration will be funded through a combination of a RM91 million interest-free shareholder’s loan from EC Properties (M) Sdn Bhd and RM318.5 million in bank financing secured by CHPJSI. The strategically located land, situated opposite the Concorde Hotel Kuala Lumpur, was acquired by YNH Property in 2004 for RM109.87 million. The vacant site has an approved development order valid until June 2027 for a mixed-use commercial project. The company had previously planned to develop the site into Menara YNH, a project with an estimated gross development value (GDV) of RM4 billion, comprising a hotel, serviced apartments, and a retail mall. YNH Property said the disposal forms part of its capital recycling strategy, enabling the group to unlock the value of the land while strengthening its financial position. The majority of the cash proceeds, amounting to RM375 million, will be used to redeem perpetual securities secured against the land, with the balance allocated towards settling part of the real property gains tax arising from the transaction. As of March 31, 2026, YNH Property had total borrowings of approximately RM406 million, while its cash and short-term deposits stood at RM22.4 million. Meanwhile, Chin Hin Group Property plans to transform the site into a RM3.6 billion mixed-use development featuring serviced apartments, a hotel, and retail components. The project is expected to be launched in the second quarter of 2027 and completed by the second quarter of 2034. The acquisition aligns with Chin Hin Group Property’s strategy of expanding its landbank within Kuala Lumpur’s Golden Triangle, strengthening its presence in one of the city’s most sought-after commercial and residential locations. The company described the acquisition as a rare opportunity to secure a sizeable freehold development site in the KLCC vicinity, supporting its long-term growth and premium property development ambitions.

Hartanah Kenyalang Bhd has secured a RM283.9 million contract from the Public Works Department Sarawak (JKR Sarawak) for the construction of Wisma JKR Sarawak in Kuching, marking a significant milestone for the construction group as the largest contract awarded to the company to date. In a filing with Bursa Malaysia, the company announced that the contract was secured through its wholly owned subsidiary, Hartanah Construction Sdn Bhd. The project further strengthens the group’s construction portfolio and expands its involvement in major infrastructure and building development projects in Sarawak. The contract has a duration of 30 months, with construction works scheduled to commence on July 23, 2026. Upon completion, the project will contribute to the development of a key government facility in Kuching, supporting the state’s ongoing efforts to enhance public infrastructure and administrative facilities. Hartanah Kenyalang said, barring any unforeseen circumstances, the contract is expected to contribute positively to the group’s earnings and net assets for the financial year ending Oct 31, 2026, as well as throughout the remaining period of the project. The company noted that the newly secured contract will not result in any changes to its share capital or the shareholding structure of Hartanah Kenyalang and its subsidiaries. The latest contract win reflects the group’s continued growth in the construction sector and its ability to secure large-scale projects that support its long-term business expansion strategy.

Careplus Group Bhd has entered into an agreement to dispose of a parcel of land in Pekan Bukit Kepayang, Negeri Sembilan, for RM42 million as part of its efforts to unlock the value of its property assets and strengthen its financial position. The land, measuring approximately 40,680 sq m, will be sold to Delloyd Asset Portfolio (M) Sdn Bhd. A purpose-built single-storey retail complex is currently situated on the property. In a filing with Bursa Malaysia, Careplus said the proposed disposal represents an opportunity for the group to monetise its investment in the property and realise value from the asset at an attractive consideration. The company expects the transaction to result in a pro forma gain of approximately RM2.09 million, which will contribute positively to its financial position upon completion of the disposal. Careplus said proceeds from the sale will be strategically utilised to support the group’s future growth initiatives, including the construction of a new energy vehicle (NEV) manufacturing hub, the acquisition of related equipment, as well as the repayment of existing bank borrowings. The company added that the disposal will allow it to reallocate capital towards its core expansion plans, particularly in strengthening its capabilities within the new energy vehicle manufacturing segment. Subject to the fulfilment of relevant conditions and barring any unforeseen circumstances, Careplus expects the proposed disposal to be completed by the end of the 2026 calendar year. The transaction forms part of the group’s ongoing strategy to optimise its asset portfolio while creating greater value for shareholders and supporting its long-term business growth objectives.

Sime Darby Property Bhd (SimeProp) is set to expand its presence in Kuala Lumpur’s prime property market after accepting a binding letter of offer from Permodalan Nasional Bhd (PNB) for the proposed acquisition of Wisma Universiti Tun Abdul Razak (Wisma UniRazak) for RM160 million. The acquisition involves a 1.46-acre freehold site strategically located along Jalan Tun Razak, one of Kuala Lumpur’s established commercial and residential corridors. The property currently comprises a 15-storey office building supported by a basement car park facility. Following the completion of the acquisition and subject to the necessary approvals for its development plans, SimeProp intends to transform the site into a premium mixed-use development with an estimated gross development value (GDV) of RM900 million. The proposed redevelopment is expected to introduce a new landmark project in the city centre, combining residential, commercial, and lifestyle elements to cater to the growing demand for well-connected urban developments. SimeProp plans to launch the project in 2028, with completion targeted within five years from the launch date. The property developer said the acquisition aligns with its strategy to strengthen its portfolio in high-value locations while capitalising on opportunities within Kuala Lumpur’s mature and strategic urban areas. SimeProp added that the development will build on the group’s track record in delivering premium projects in the city, including Jendela Residences and The Ophera at the Kuala Lumpur Golf and Country Club, further enhancing its position as a key player in the urban property development segment. The proposed acquisition remains subject to the fulfilment of relevant conditions, including approvals from the relevant authorities and completion of the transaction process.

Axis Real Estate Investment Trust (Axis-REIT) is acquiring a fully occupied distribution centre in Bandar Saujana Putra, Selangor, from City-Link Express (M) Sdn Bhd for RM128 million in cash. In a filing, Axis-REIT’s trustee RHB Trustees Bhd said it has entered into a sale and purchase agreement for the property, which consists of a distribution centre and ancillary buildings located on two contiguous leasehold commercial land parcels measuring a total of approximately 46,776 sq metres. The facility has a total lettable area of around 355,023 sq ft and currently serves as one of City-Link Express’ key distribution hubs, supporting its logistics and delivery operations. Axis-REIT said the acquisition is in line with its strategy to expand its portfolio of income-generating logistics assets, particularly in strategic locations within the Klang Valley. The transaction is expected to be completed in the fourth quarter of 2026. Upon completion, City-Link Express will enter into a 15-year leaseback arrangement, ensuring continued occupation of the facility while providing stable and long-term rental income for the REIT. Under the lease agreement, Axis-REIT will receive an initial monthly rental income of RM661,878, with provisions for periodic rental escalations throughout the lease tenure, enhancing the asset’s long-term income profile. Axis-REIT said the acquisition will be funded via existing bank borrowings and is expected to increase its gearing level to approximately 33.94% of audited total assets as at Dec 31, 2025. The property is strategically positioned near several major highways, including the ELITE, SKVE, West Coast Expressway (WCE) and KESAS, providing strong connectivity to key logistics and industrial corridors across the Klang Valley and supporting efficient distribution operations.

BDB Land Sdn Bhd (BDB Land), a wholly owned subsidiary of Bina Darulaman Bhd (BDB), is developing the Darulaman Commercial District (DCD), a new commercial centre with a gross development value (GDV) of RM41.5 million in Bandar Darulaman, Jitra. BDB group chief executive officer Che Abdul Khalid Md Din said the project spans 5.01 acres (2.02 hectares) and comprises 45 units of two- and three-storey shop offices, alongside a new BDB Land corporate office building. He said the development will function as a business hub and lifestyle destination serving the surrounding community. The project is strategically located next to the North-South Expressway (PLUS) and close to Darulaman Golf & Country Club (DGCC), Tasik Darulaman Park, and Fantasia Aquapark, all of which are BDB-owned assets, offering strong accessibility and potential economic spillover effects. “This strategic location will enhance the area’s economic connectivity by integrating residential, commercial, recreational, and tourism components into a complementary ecosystem, supporting Bandar Darulaman’s position as a key growth centre in the northern region,” he said in a statement. He added that the development is part of the group’s broader efforts to strengthen the property ecosystem within the 2,200-acre Bandar Darulaman township, which currently comprises more than 5,000 residential units and various mixed-development components. “This initiative also supports BDB’s long-term strategy to enhance the overall value of the township. DCD is designed to provide a more organised and modern business environment that meets the current and future needs of the business community and stimulates activity in retail, services, and entrepreneurship,” he said. He noted that preliminary works have already begun, including site clearing and land preparation ahead of the next construction phase. Che Abdul Khalid said BDB Land remains committed to ensuring that every development delivers long-term value to property owners and enhances community well-being in Bandar Darulaman, in line with the ESG principles upheld by the group. “Each development is not solely focused on physical infrastructure but also on social and governance aspects through more liveable urban planning that supports sustainable economic growth. This approach forms the foundation for a more organised, balanced, and high-quality environment for future generations,” he said. The project is now open for bookings. For more information, contact BDB Land at 04-919 9080 or 013-496 4288.

S P Setia Berhad (“Setia” or “the Group”) today broke ground on its 509-acre Setia Fontaines Industrial Park in Bertam, Kepala Batas, marking a major milestone in the Group’s growth strategy and reinforcing Penang’s position as a future-ready investment destination. The ceremony was graced by Prime Minister Datuk Seri Anwar Ibrahim and Penang Chief Minister Chow Kon Yeow. Groundbreaking Ceremony for Setia Fontaines Industrial Park S P Setia broke ground on the 509-acre Setia Fontaines Industrial Park in Bertam, Penang on 20 June 2026. The event was witnessed by Dato’ Seri Utama Anwar Ibrahim, Prime Minister of Malaysia, and Chow Kon Yeow, Chief Minister of Penang. From left: 1. Dato’ Dr Mohamad Abdul Hamid, Deputy Chief Minister I of Penang 2. Chow Kon Yeow, Chief Minister of Penang 3. Dato’ Seri Utama Anwar Ibrahim, Prime Minister of Malaysia 4. Datuk Ir. Khairil Anwar Ahmad, Senior Independent Non-Executive Director, S P Setia Bhd 5. Datuk Zaini Yusoff, President and Chief Executive Officer, S P Setia Bhd. The event also witnessed the exchange of a Memorandum of Collaboration (MoC) between Setia Fontaines and the Northern Corridor Implementation Authority (NCIA) to explore the supply of green energy to the park, enhancing its appeal as a sustainability-led destination for businesses and investors. Part of the 1,691-acre freehold Setia Fontaines township, the industrial park offers light industrial, medium industrial and commercial lots catering to a broad range of occupiers, from small and medium enterprises (SMEs) to larger corporations. The development enjoys strong connectivity to Penang Island, Bukit Mertajam, Seberang Jaya and Kulim, with direct access to the North-South Expressway. Datuk Zaini Yusoff, President and Chief Executive Officer of S P Setia, said, “The groundbreaking of Setia Fontaines Industrial Park is a landmark moment for S P Setia and a strong signal of our confidence in Penang’s future. More than an industrial development, it reflects our vision to build a next-generation economic hub with world-class infrastructure for advanced manufacturing, digital infrastructure and high-technology industries in the Northern Region. “More importantly, this development reflects Setia’s capacity to translate national aspirations into tangible outcomes on the ground. In advancing the aspirations of Ekonomi MADANI, Setia Fontaines Industrial Park is designed to support innovation-led growth, strengthen industrial competitiveness and create broader economic participation across the value chain. From SMEs to multinational corporations, this development opens up meaningful opportunities for businesses to grow within a sustainable, future-ready ecosystem, underscoring Setia’s commitment to shaping progress that is both high-value and inclusive,” he added. Ready Supply of Green Electricity Under the MoC, Setia Fontaines and NCIA will explore a Corporate Renewable Energy Supply Scheme (CRESS), enabling Setia Fontaines Industrial Park and its tenants to access green electricity via the national grid from regional renewable energy developers. The collaboration highlights the role of public-private partnerships in advancing sustainable industrial development, supporting Malaysia’s low-carbon ambitions and strengthening Penang’s attractiveness to high-value investors. Exchange of Memorandum of Collaboration (MoC) Between NCIA and Setia Fontaines Sdn Bhd   Datuk Zaini Yusoff, President and Chief Executive Officer of S P Setia Bhd (right), and Dato’ Mohamad Haris Kader Sultan, Chief Executive of the Northern Corridor Implementation Authority (NCIA), exchange a Memorandum of Collaboration (MoC) between NCIA and Setia Fontaines Sdn Bhd. Datuk Zaini said, “Demand across our industrial developments is increasingly shaped by occupiers’ sustainability requirements. This collaboration reflects Setia’s commitment to integrating sustainability into our industrial strategy while enhancing long-term competitiveness and value creation.” NCIA Chief Executive Datuk Mohamad Haris Kader Sultan said, “The Special Renewable Energy Economy Zone (SREEZ) under the Northern Corridor Economic Region (NCER) is a demand-driven ecosystem that integrates renewable energy supply with committed industrial offtake to support bankable green investments. “Our collaboration with S P Setia positions Setia Fontaines Industrial Park as an anchor green consumer, strengthening demand certainty and project viability. This enhances NCER’s attractiveness as a hub for sustainable industrial growth and supports the attraction of investments requiring low-carbon energy solutions,” he said. Pipeline of 640 Affordable Homes Setia Fontaines and the Penang State Housing Board (LPNPP) also exchanged Memorandum of Agreement (MoA) documents for Pangsapuri Pinang Setia, comprising 640 affordable homes targeted for completion in 2029. Each 650 sq ft unit will feature three bedrooms and two bathrooms, and will be priced at RM42,000. Pangsapuri Pinang Setia reflects Setia’s commitment to delivering sustainable communities and enriching lifestyles to more families across its townships. Residents will benefit from the wider Setia Fontaines ecosystem, including 37 acres of central parks and 63 acres of manmade lakes. The affordable homes will also enjoy proximity to educational institutions such as Pusat Kanser Tun Abdullah Ahmad Badawi Universiti Sains Malaysia (USM), Universiti Teknologi MARA (UiTM), Maktab Rendah Sains Mara (MRSM) and Kolej Matrikulasi Pulau Pinang. Expected to reach a population of 30,000 by 2041, Setia Fontaines aims to set a new benchmark for integrated development in northern Penang. The Prime Minister toured the township’s 100-acre Heritage Park, which features the largest Musical Fountain in Northern Malaysia, interconnected islands with jogging and cycling tracks, and a Waterfront Lifestyle Centre. Envisioned to drive socio-economic growth and create employment opportunities, Setia Fontaines is expected to contribute towards both state and national aspirations of positioning Penang as a hub for investment and sustainable development. With more than 50 years of experience in delivering quality developments, Setia remains committed to its purpose of building sustainable communities with enriching lifestyles through sustainable homes and expansive green spaces across its townships.

Propel Global Bhd is expanding into property development with the launch of a commercial project in Kuantan carrying an estimated gross development value (GDV) of RM64 million. The project, named Riverpoint, marks the group’s maiden venture into commercial property development and is part of its broader strategy to diversify beyond its core oil and gas and engineering-related businesses, the company said in a statement on Monday. Developed by its wholly owned subsidiary Propel Global Development Sdn Bhd, Riverpoint comprises 31 units of three-storey freehold shoplots located along Jalan Tanah Putih, next to the “Welcome to Kuantan” arch. “We aim to establish Riverpoint as a landmark commercial destination and a catalyst for the area’s continued commercial growth, while generating sustainable value for shareholders, business partners and the wider community,” said group chief executive officer Angeline Lee. The move into property comes as Propel Global continues to face an uneven earnings performance. The group slipped into the red for the financial year ended June 30, 2025 (FY2025), posting a net loss of RM22.79 million on revenue of RM111.48 million. For the first nine months of FY2026 ended March 31, it recorded a net loss of RM17.44 million on revenue of RM56.98 million. Prior to FY2025, the company was profitable in FY2023 and FY2024, after recording nine consecutive years of losses from FY2014 to FY2022. Its balance sheet remains geared, with cash and bank balances of RM14.01 million as at March 31, 2026, against short-term borrowings of RM9.06 million and long-term debt of RM24.99 million, resulting in a net debt position. Propel Global is primarily involved in oil and gas services, including pipe recovery and well intervention, as well as building technical services covering engineering, construction, project management and maintenance for commercial and industrial facilities. The group has also indicated plans to venture into sustainable development and digital technology as part of its longer-term shift towards a lower-carbon business model. Shares in Propel Global closed 0.5 sen or 8.3% higher at 6.5 sen on Monday, valuing the company at about RM54 million. The stock has declined 27.8% over the past year.