Property

Mah Sing Group Bhd is set to strengthen its industrial property portfolio with the development of MS Industrial Park @ Kulai, a large-scale integrated industrial development in Johor with an estimated gross development value (GDV) of RM2.26 billion. The project marks a significant expansion for the property developer following the approval by shareholders at the group’s Extraordinary General Meeting (EGM) for the proposed acquisition of 169.63 hectares (approximately 419 acres) of freehold land in Kulai, Johor. In a statement, Mah Sing said the strategic development is expected to position the group to capitalise on growing demand for industrial spaces driven by the expansion of advanced manufacturing, logistics, technology, semiconductor-related industries, and digital infrastructure sectors. The development is also aligned with the growth potential of the Johor-Singapore Special Economic Zone (JS-SEZ), which aims to enhance cross-border economic collaboration, attract high-value investments and strengthen Johor’s position as a regional business and industrial hub. MS Industrial Park @ Kulai will be undertaken by M Industrial Development Sdn Bhd, a subsidiary in which Mah Sing holds a 60% equity interest, while KLK Land Sdn Bhd will hold the remaining 40% stake. The partnership is expected to leverage the strengths and expertise of both parties in developing a strategic industrial ecosystem in Johor. The approved land acquisition, valued at RM273.87 million, was completed on a willing buyer-willing seller basis and reflects the fair market value of the land. The transaction was supported by an independent valuation of RM274 million conducted by Knight Frank Malaysia Sdn Bhd. With the addition of MS Industrial Park @ Kulai, Mah Sing’s total landbank will increase to approximately 1,085.57 hectares, providing the group with a stronger foundation to pursue future growth opportunities across both the industrial and residential property segments. Subject to obtaining the necessary regulatory approvals, the industrial park is planned to feature a diverse range of industrial offerings, including cluster factories, semi-detached factories and detached factories, catering to the evolving needs of local and international businesses seeking strategic locations in Johor. Located within one of Malaysia’s fastest-growing economic corridors, MS Industrial Park @ Kulai is expected to benefit from Johor’s improving connectivity, proximity to Singapore, and increasing attractiveness as a destination for investment, manufacturing and supply chain activities. The development reinforces Mah Sing’s strategy to expand beyond residential projects and establish a stronger presence in Malaysia’s industrial property sector.

AME Elite Consortium Bhd and KLK Land Sdn Bhd have officially launched i-Park@Coalfields, a RM1.3 billion integrated industrial park development in Coalfields, Selangor, marking a significant expansion of their industrial property footprint in the Klang Valley. In a statement, the companies said the 151.2-acre freehold development will be undertaken by Central Gateway Development Sdn Bhd, a 60:40 joint venture between AME Elite and KLK Land. The project carries an estimated gross development value (GDV) of RM1.3 billion. (From left) Central Gateway Development Sdn Bhd directors Alfred Lee Chun Kiat, Eric Kang Koh Wei, Dylan Tan Teck Eng, Lee Wen Ling and Raymond Kok Thean Long at an event that saw AME Elite Consortium Bhd and KLK Land Sdn Bhd previewing i-Park@Coalfields — a RM1.3bil, 151.2-acre industrial park in Selangor. Central Gateway Development is a 60:40 joint venture between AME Elite and KLK Land. The new industrial park combines AME Elite’s expertise in developing integrated industrial parks with KLK Land’s experience in township planning, creating a modern industrial hub strategically located adjacent to the established Coalfields township. Situated along the Kuala Lumpur–Kuala Selangor Expressway (LATAR), i-Park@Coalfields enjoys excellent connectivity to key transportation networks, including the North-South Expressway and the West Coast Expressway. The development is also located within a 30-kilometre radius of Port Klang and Sultan Abdul Aziz Shah Airport (Subang Airport), providing businesses with convenient access to major logistics and export gateways. The strategic location positions the development within the rapidly growing northern industrial corridor of the Klang Valley, making it an attractive destination for manufacturers, logistics operators, and multinational corporations seeking high-quality industrial facilities. According to Central Gateway Development director Dylan Tan Teck Eng, the project is designed to become a premier industrial destination for companies operating in high-value sectors, including advanced manufacturing, semiconductors and electronics, automotive, medical and pharmaceutical industries, technology-driven businesses, and logistics. He said the development builds on AME Elite’s successful industrial park model in Johor and Penang, with the company now bringing its flagship concept to Selangor to meet growing demand for well-planned, strategically located industrial developments. The launch of i-Park@Coalfields further strengthens both AME Elite’s and KLK Land’s presence in Malaysia’s industrial property sector while supporting the country’s manufacturing and investment ecosystem through the development of modern, sustainable industrial infrastructure.

Mah Sing Group Bhd has secured shareholders’ approval to proceed with the acquisition of approximately 419.17 acres of freehold land in Kulai, Johor, paving the way for the development of its RM2.26 billion gross development value (GDV) MS Industrial Park @ Kulai project within the Johor-Singapore Special Economic Zone (JS-SEZ). The property developer said the proposed acquisition received overwhelming support from shareholders, with 99.9% of votes cast in favour during an extraordinary general meeting held on Wednesday morning. From left: Mah Sing Group Bhd group CEO and executive director Datuk Voon Tin Yow, chairman/independent non-executive director Admiral (R) Tan Sri Abu Bakar Abdul Jamal, deputy group CEO and executive director Lionel Leong Jihn Haur, executive director Datuk Steven Ng Poh Seng, and founder and group MD Tan Sri Leong Hoy Kum. The land will be acquired from Kuala Lumpur Kepong Bhd’s (KLK) wholly owned subsidiary, Aura Muhibah Sdn Bhd, for RM273.87 million. Mah Sing said the purchase consideration was arrived at based on a willing buyer-willing seller basis and is supported by an independent valuation of RM274 million conducted by Knight Frank Malaysia Sdn Bhd. The acquisition is expected to be completed in the fourth quarter of 2026, after which development works for MS Industrial Park @ Kulai are scheduled to commence. The industrial park development will be undertaken by M Industrial Development Sdn Bhd, a joint venture company between Mah Sing and KLK Land Sdn Bhd. Mah Sing will hold a 60% stake in the joint venture, while KLK Land, a wholly owned subsidiary of KLK, will own the remaining 40%. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the strong shareholder support reflects confidence in the strategic importance of the project, which is expected to strengthen the group’s industrial property portfolio and create long-term value for shareholders. The MS Industrial Park @ Kulai is designed to support key growth sectors including advanced manufacturing, logistics, technology and digital infrastructure. Strategically located within Iskandar Malaysia, the development is situated close to major connectivity hubs such as Senai International Airport, Port of Tanjung Pelepas, Johor Port, the North-South Expressway, Senai-Desaru Expressway and the Second Link connecting Malaysia and Singapore. The project will feature a mix of industrial offerings, including cluster factories, semi-detached factories, detached factories and industrial land parcels ranging from one to eight acres. These parcels are expected to cater to customised industrial facilities, logistics operations and potential data centre developments. Upon completion of the acquisition, Mah Sing’s total land bank will increase to approximately 2,682.51 acres, providing the group with greater opportunities to expand its residential and industrial development pipeline. Mah Sing noted that it has established a presence in Johor since 2000, having completed various residential townships and industrial developments in the state with a combined GDV of approximately RM4.47 billion. The group’s ongoing and upcoming Johor projects, including M Grand Minori, M Minori, Meridin East, M Tiara 2 and Tiara Hills, collectively carry an estimated development value of RM11.62 billion. Mah Sing first announced the MS Industrial Park @ Kulai project through a joint venture signing ceremony with KLK on Dec 19, 2025. Under the arrangement, Mah Sing will oversee the planning, development and execution of the industrial park through a project management agreement. The latest development marks another step in Mah Sing’s strategy to expand its industrial property portfolio amid growing demand for manufacturing, logistics and technology-related infrastructure in the Johor region.

Geohan Corp Bhd has strengthened its project pipeline after securing a contract worth RM40.9 million from China State Construction Engineering (M) Sdn Bhd to undertake construction works for a mixed development project in Kuala Lumpur. In a statement, the foundation and geotechnical specialist said the contract covers key construction activities for a prestigious development located along Persiaran KLCC, Kuala Lumpur. The project comprises two 65-storey serviced apartment towers with a combined total of 850 residential units. Under the awarded contract, Geohan’s scope of works includes bored piling works, reinforced concrete works and basement wall construction, which form critical components of the development’s foundation and structural requirements. The company said the construction works are expected to be completed by early June 2027, contributing to the group’s ongoing efforts to maintain a healthy project pipeline and reinforce its position within the construction and infrastructure sector. Geohan added that the latest contract win comes shortly after the group secured another major project, namely the RM28 million Xintiandi development project located in Genting Permai, where construction activities commenced in May 2026. The two recent project awards have helped sustain Geohan’s order book at approximately RM420 million, supported by a diversified portfolio comprising residential developments, mixed-use projects and infrastructure-related works across Peninsular Malaysia. The group said these project wins reflect continued confidence from industry players in Geohan’s technical capabilities and execution expertise, particularly in foundation engineering and complex construction works.

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.