Property

Private equity firm Creador, through its philanthropic arm Creador Foundation, has reportedly picked up two more buildings in downtown Kuala Lumpur — the historic RHB building on Jalan Tun H S Lee and Bangunan UOB on Medan Pasar — according to sources familiar with the deals. The RHB building, a 13-storey office block at 75 Jalan Tun H S Lee, had been listed earlier this year with a reserve price of RM30 million. Sources say it sold close to that figure. The building carries real history — it was once the headquarters of Kwong Yik Bank, Malaya’s first local bank, founded in 1913, and was officially opened in 1965 by then-prime minister Tunku Abdul Rahman. It later became linked to RHB Bank through a series of mergers in the 1990s. RHB has confirmed its branch there will close in January 2027. Fewer details are available on the Bangunan UOB deal, but sources say Creador Foundation bought the building along with two neighbouring shoplots for just under RM40 million. The property sits in the same historic banking district, just north of Dataran Merdeka. The area is clearly in transition — construction and restoration work is visibly underway. According to one source, Creador has now acquired 17 of the 27 buildings in the Medan Pasar area, with another 10 under lease. In August, the government announced a partnership between Kuala Lumpur City Hall and Creador Foundation to revamp the area’s public spaces and improve drainage. These latest purchases continue a heritage-restoration effort Creador Foundation has run since 2024, focused on Medan Pasar and the nearby Central Market district. Past projects include restoring a row of shophouses now home to KLCG Confectionery & Bakery. Its biggest undertaking so far is Muara Arts Gallery, a roughly 20,000 sq ft public art space set across six 1930s Art Deco shophouses, due to open in November. A companion performing arts theatre is under construction and expected to finish by 2029. Creador Foundation was founded in 2018 by Creador’s CEO Brahmal Vasudevan and his wife, lawyer Shanthi Kandiah. Creador itself, set up in 2011, is a well-known private equity investor in Southeast Asia — backing brands like MR DIY, Hock Kee Kopitiam and BIG Pharmacy — and manages about US$3.1 billion in assets.

LBS Bina Group Bhd has secured MYDIN as the anchor supermarket for its flagship KITA @ Cybersouth township in Dengkil, Selangor, strengthening the range of retail and everyday amenities available within the growing development. MYDIN will become the first supermarket to operate within KITA @ Cybersouth, occupying approximately 1.37 acres of land with a built-up area of about 24,000 sq ft. The supermarket will serve residents of the 633-acre Malay Reserve Land township as the community continues to expand. The addition of MYDIN forms part of LBS Bina’s efforts to develop KITA @ Cybersouth into a more self-sufficient township by providing residents with convenient access to groceries, household necessities and other daily essentials closer to home. From left: LBS group managing director and CEO Datuk Lim Hock Guan, LBS group executive chairman Tan Sri Lim Hock San, MYDIN managing director Datuk Ameer Ali Mydin and MYDIN executive director Ahimmat Mydin Mohamed (Pix by LBS Bina Group). The supermarket will also complement the ongoing development of KITA Avenue Square, the township’s commercial component. Shoplots within the development are currently under construction, with prices starting from RM1.39 million. LBS Group Managing Director and Chief Executive Officer Datuk Lim Hock Guan said the introduction of MYDIN reflects the developer’s focus on ensuring that amenities within the township grow alongside the needs of its residents. “As KITA @ Cybersouth continues to grow, it is important that the amenities and services within the township evolve in line with our residents’ needs. The introduction of MYDIN as the township’s first supermarket is another step towards creating a more complete community, where everyday essentials are within easy reach,” he said. KITA @ Cybersouth currently has an estimated population catchment of about 67,000 people, with younger homebuyers forming a significant proportion of the township’s demographic. Buyers aged 40 and below account for approximately 63% of the total, highlighting the development’s appeal among younger households and families. The township is planned to comprise approximately 16,000 units upon completion. Nearly 40% of the units have already been completed, while another 5% are currently under construction. The remaining 55% are at various stages of planning, providing further room for residential and commercial growth. MYDIN Managing Director Datuk Ameer Ali Mydin said the decision to establish a supermarket at KITA @ Cybersouth reflects the retailer’s confidence in the long-term growth potential of Cybersouth. He said the collaboration with LBS is significant given the property developer’s experience in developing established communities as well as emerging growth areas. “Our decision to open MYDIN as the first supermarket in KITA @ Cybersouth also reflects our confidence in the strong potential of Cybersouth, which is developing rapidly and attracting a growing number of residents, particularly young families,” he said. The partnership is expected to further strengthen KITA @ Cybersouth’s retail offering as the township’s population grows, while providing residents with greater convenience and supporting the development of a more integrated residential and commercial community.

Axis Real Estate Investment Trust is acquiring three adjoining parcels of industrial land with warehouse facilities in Taman Perindustrian Pulau Indah, Klang, for RM61 million. In a Bursa Malaysia filing on Wednesday, the REIT said its trustee, RHB Trustees Bhd, had entered into a sale and purchase agreement with Megalift Sdn Bhd, the owner of the properties, for the proposed acquisition. The 99-year leasehold land, spanning a total area of 29,101.59 sq m, houses three blocks of warehouses and ancillary buildings with a gross floor and net lettable area of approximately 16,856 sq m. The property is currently fully owner-occupied by Megalift and used for warehousing operations. Upon completion of the acquisition, Megalift will lease back the property under a five-year leaseback arrangement, providing Axis REIT with an initial monthly rental of RM316,826.90, subject to agreed rental increases over the course of the lease period. In a separate statement, Axis REIT Managers Bhd chief executive officer and executive director Leong Kit May said the proposed acquisition aligns with Axis REIT’s strategy of expanding its portfolio through industrial assets located in prominent areas. “The property is located within Taman Perindustrian Pulau Indah, an important industrial hub within Port Klang with access to major highways,” she said, adding that its close proximity to Northport, Westport and Southport — key shipping terminals serving Port Klang — further supports its strategic role in supply chain and distribution operations. The acquisition will be funded through Axis REIT’s existing bank facilities and is expected to be completed by the first quarter of 2027. Axis REIT units closed seven sen, or 3.7%, lower at RM1.85 on Wednesday, valuing the industrial-focused REIT at RM3.75 billion.

Matrix Concepts Holdings Bhd is targeting RM1.8 billion in new property sales for the financial year ending March 31, 2027 (FY2027), according to a press statement on Thursday. The property developer said the sales target represents a step up from the record RM1.5 billion achieved in FY2026, supported by RM2 billion worth of planned new project launches across Negeri Sembilan, the Klang Valley and Johor. In the first quarter ended June 30, 2026 (1QFY2027), group revenue grew 11% year-on-year to RM315.6 million, while new property sales rose 9.2% to RM416.7 million. As at June 30, 2026, unbilled sales stood at RM1.5 billion, providing earnings visibility over the next 15 to 18 months. “As we celebrate our 30th anniversary, FY2027 marks an important milestone in Matrix Concepts’ growth journey,” said chairman Datuk Mohamad Haslah Mohamad Amin. “Over the past several years, we have broadened our geographical footprint, enhanced our development capabilities and integrated complementary businesses around our core property operations,” he added. Mohamad Haslah said the group’s confidence is underpinned by its development pipeline and growing contributions from new and recurring income streams, as it moves towards the upper tier of Malaysia’s property development industry. Its Sendayan developments in Negeri Sembilan remain the group’s largest revenue contributor, supported by take-up rates exceeding 80%. Meanwhile, MVV City — a 2,382-acre integrated development jointly developed with the Negeri Sembilan government, with an estimated gross development value of RM15 billion — serves as a key catalyst for future growth. Initial focus will centre on its industrial precinct, MVV TechValley, before expanding into residential and commercial components. Outside Negeri Sembilan, the group is expanding its presence in the Klang Valley across Puchong, Kota Warisan, Sepang and Banting, a push that is projected to contribute 20% to 25% of group sales over time. Over the longer term, revenue contributions from outside Negeri Sembilan are expected to exceed 30%. Matrix Concepts is also widening its earnings base through recurring income initiatives, including its M333 St Kilda build-to-rent asset in Melbourne, Australia, which generates approximately A$2 million (RM5.83 million) in annual profit before tax. Non-property operations also include hospitality, education and healthcare initiatives, such as the planned Matrix Medical Centre Sendayan in 2027 and a 130-bed nursing care centre. For 1QFY2027, the group declared a first interim dividend of 1.40 sen per share, amounting to a total payout of RM26.3 million.

Axis Real Estate Investment Trust’s (Axis-REIT) trustee, RHB Trustees Bhd, has entered into a sale and purchase agreement with Megalift Sdn Bhd to acquire three adjoining warehouse facilities located in Taman Perindustrian Pulau Indah, Klang, for a total cash consideration of RM61 million. In a statement, Axis-REIT said the proposed acquisition comprises three adjoining parcels of leasehold industrial land, with a total land area of 29,101.59 sq m, on which three blocks of warehouses, including ancillary buildings, have been erected. “The property is currently fully owner-occupied by Megalift and utilised for warehousing operations,” the statement said. Upon completion of the acquisition, which is targeted for the first quarter of 2027, Megalift will lease back the property under a five-year leaseback arrangement, providing Axis-REIT with an initial monthly rental of RM316,826.90. This rental amount is subject to step-up increases over the course of the lease period. The proposed acquisition will be funded through Axis-REIT’s existing bank facilities and is expected to raise the trust’s financing ratio to approximately 33.12% of its audited total assets as at Dec 31, 2025. Commenting on the proposed acquisition, Axis REIT Managers Bhd chief executive officer and executive director Leong Kit May said the deal further emphasises the trust’s strategy of expanding its portfolio through industrial assets situated in prominent locations. “The property is located within Taman Perindustrian Pulau Indah, an important industrial hub within Port Klang with access to major highways. These include the Pulau Indah Highway, New Klang Valley Expressway, Shah Alam Expressway, South Klang Valley Expressway and North-South Expressway,” she said. She added that the property’s close proximity to Northport, Westport and Southport — key shipping terminals serving Port Klang — further supports its strategic role in supply chain and distribution operations, reinforcing the appeal of the asset within Axis-REIT’s broader industrial portfolio strategy.

FBG Holdings Bhd is seeking to end its collaboration with Penang Development Corporation (PDC) on the proposed MediCity joint development project in Batu Kawan, Penang. In a filing with Bursa Malaysia today, FBG said its wholly owned subsidiary, FBG Land Sdn Bhd (FBL), had written to PDC on Aug 21, 2026, regarding the Master Purchase and Development Agreement (PDA) previously entered into by FBG, FBL and PDC for the project. “FBG is proposing that the parties discuss an orderly conclusion of the existing collaboration under the PDA,” the company said in the filing. The construction and property development group said discussions between FBL and PDC on the proposed cessation are currently ongoing, adding that further announcements would be made upon any material development, or once the parties reach an agreement on the terms and conditions surrounding the termination of the collaboration. FBG and FBL had originally entered into the PDA with PDC on Jan 20, 2025, laying the groundwork for what was envisioned as a significant healthcare and mixed-use development in the region. Under the agreement, FBG had anticipated that the first phase of the Penang Medi-City project would carry a gross development value (GDV) of RM2 billion, positioning it as a major project within the group’s development pipeline. About 30% of the phase one development was planned to comprise medical components, including a 200-bed specialist hospital, a wellness centre, and a healthcare complex, reflecting the project’s original ambition to establish a comprehensive medical hub within Penang. Phase one was also expected to include the construction of FBG Global Park, which was intended to serve as a commercial area, alongside an international school and residential components comprising serviced apartments and villas, rounding out what was envisioned as an integrated township development combining healthcare, education, commerce and residential living. The proposed cessation of the collaboration raises questions over the future direction of the MediCity project and what it could mean for FBG’s broader development plans in the Batu Kawan area moving forward.

Mah Sing Group Bhd is disposing of approximately 78.8 acres of its Mah Sing DC Hub @ Southville City land for RM617.9 million, as part of its strategy to move further up the digital infrastructure value chain. The group said it has, through its wholly-owned subsidiary Southville City Sdn Bhd, proposed to dispose of the commercial land to WG Malaysia X Sdn Bhd, a wholly-owned subsidiary of an established international digital infrastructure group. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum. In a statement, Mah Sing said the transaction marks a significant monetisation of its development-ready digital infrastructure landbank, allowing it to recycle capital into higher-value opportunities. The move represents a key milestone in the company’s strategic transformation from a property developer into an integrated digital and artificial intelligence (AI) infrastructure developer. “Digital infrastructure represents a natural extension of our development capabilities, and we intend to build this into a meaningful second growth engine for Mah Sing over time,” said Tan Sri Leong Hoy Kum, Mah Sing’s founder and group managing director. The group’s digital infrastructure strategy is driven by a “monetise, develop and own” approach, involving three complementary pathways: the selective monetisation of development-ready land, the development of enabling infrastructure and core-and-shell facilities, and the ownership of income-generating digital infrastructure assets in partnership with experienced operators. While property development remains Mah Sing’s core strength, the group said it is leveraging its capabilities in landbanking, development, infrastructure delivery and strategic partnerships to expand into the digital infrastructure sector. Through this second growth engine, the group aims to unlock capital from its landbank, progressively build recurring-income opportunities and establish long-term ownership of digital infrastructure assets, broadening its earnings base and creating sustainable long-term value for shareholders. Mah Sing also said it is in the preliminary stages of plans to develop a colocation data centre within Mah Sing DC Hub @ Southville City, in partnership with an experienced colocation operator. Beyond this, the group said it also sees further opportunities at Meridin East in Johor Baru and MS Industrial Park @ Kulai within the Johor-Singapore Special Economic Zone, which could potentially support multiple phases of hyperscale, AI and colocation development. “AI is reshaping the global digital infrastructure landscape, and Malaysia is well positioned to capture a meaningful share of this growth,” Leong said. “Our ambition is to build Mah Sing into a company that can participate not only in property development, but also in the infrastructure supporting the next generation of AI and digital services.”

Sime Darby Property Bhd is acquiring 225.39 hectares of freehold land in Kulai, Johor, from SD Guthrie Bhd for RM418.5 million. The land, located along Jalan Kulai-Kota Tinggi within Flagship Zone F of the Johor-Singapore Special Economic Zone (JS-SEZ), will be developed into a township with an estimated gross development value of RM3 billion. Sime Darby Property Bhd is acquiring 225.39 hectares of freehold land in Kulai, Johor, from SD Guthrie Bhd for RM418.5 million to develop a township with an estimated gross development value of RM3 billion. The acquisition is being made through Sime Darby Property (Kulai) Sdn Bhd, which has signed an agreement with SD Guthrie. The planned township will include landed residential and commercial properties, with the first phase expected to be launched in 2028. The entire development is expected to take 10 to 15 years to complete. Sime Darby Property group managing director and CEO Datuk Seri Azmir Merican said the acquisition would strengthen the company’s presence in Johor and expand its development portfolio. He said the site’s location within the JS-SEZ provides an opportunity to develop a sustainable township that supports growing market demand, economic activity and job creation. The acquisition will add to Sime Darby Property’s existing Johor developments, including Bandar Universiti Pagoh and Taman Pasir Putih in Pasir Gudang. The company said the purchase would also diversify its earnings beyond the Klang Valley and Negri Sembilan while strengthening its long-term development pipeline.

IOI Properties Group Bhd (IOIPG) has received approval from the Securities Commission Malaysia (SC) for the establishment and proposed listing of its IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) on Bursa Malaysia’s Main Market. IOIPG said the Reit will have an initial fund size of 5.5 billion units and acquire a portfolio of properties for a total purchase consideration of RM7.57 billion. The proposed REIT will have an initial fund size of 5.5 billion units and will acquire a portfolio of properties from IOIPG with a total purchase consideration of RM7.57 billion. The acquisition will be funded through a combination of units issued to IOIPG and cash. Under the proposal, 5.5 billion REIT units will be issued at 90 sen per unit, while the remaining RM2.65 billion will be paid in cash. The cash portion will be funded through the issuance of sukuk. The portfolio to be transferred to the REIT comprises several prominent commercial, hospitality and mixed-use properties across Malaysia. These include IOI City Mall, IOI City Towers and PFCC Towers, alongside a number of established hotels such as Putrajaya Marriott Hotel, Le Méridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang. The proposed listing is expected to provide IOIPG with a platform to unlock value from its existing property assets while allowing the group to retain an interest in a diversified portfolio of income-generating properties. For investors, the REIT will provide exposure to a portfolio spanning retail, office and hospitality assets located in established commercial and tourism destinations. As part of the proposed offering, approximately 715.61 million units will be made available to retail investors, while up to 1.48 billion units will be offered to institutional and selected investors. The proposed establishment and listing of IOIPG REIT marks another step in IOIPG’s efforts to optimise its property portfolio and create a dedicated investment vehicle for its income-generating assets. The listing remains subject to the fulfilment of the relevant conditions and requirements set by the authorities.

Malaysian Resources Corp Bhd (MRCB) is set to sell a parcel of land in Cyberjaya for RM419.05 million cash as part of its ongoing asset monetisation strategy. The disposal will be carried out through MRCB’s indirect wholly owned subsidiary, Subang Sentral Sdn Bhd (SSSB), which has entered into a conditional Sale and Purchase Agreement (SPA) with Digital Cosmos Malaysia Sdn Bhd for the sale of seven land parcels. The land parcels, which currently span approximately 36.66 acres, will be consolidated into a single title following the surrender and re-alienation process, resulting in a larger combined tract measuring about 45.81 acres. In a filing with Bursa Malaysia, MRCB said the land is strategically located within Cyberjaya City Centre, an area positioned as a key technology and business hub. An independent valuation conducted by Raine & Horne International Zaki + Partners Sdn Bhd valued the land at RM419.1 million, equivalent to approximately RM210 per square foot, which is in line with the proposed disposal consideration. MRCB expects the transaction to generate a pro forma gain of approximately RM81.4 million, strengthening the group’s financial position while unlocking value from its existing property assets. The company said the proceeds from the disposal will primarily be used to support its financial management initiatives. Approximately RM350 million from the proceeds will be allocated towards the repayment of its Sukuk Murabahah financing due within the next 12 months. Based on the prevailing interest rate of 4.24% per annum, MRCB expects the repayment of borrowings to generate estimated gross interest cost savings of RM14.84 million annually. The remaining RM31.12 million will be utilised to support the group’s working capital requirements, including its ongoing construction and property development activities. MRCB said the proposed disposal aligns with its strategy of actively managing its asset portfolio, improving capital efficiency and strengthening its financial flexibility to support future growth opportunities.