Property

KUALA LUMPUR, Inta Bina Group Bhd has secured a RM264.5 million contract to construct two serviced apartment blocks in Segambut, Kuala Lumpur. The company’s wholly owned subsidiary, Inta Bina Sdn Bhd, accepted the contract on Monday from GDP Architects Sdn Bhd, acting on behalf of 368 Segambut Sdn Bhd — a joint venture between IJM Land Bhd and FCW Holdings Bhd. The 38-month project is set to begin on August 18, according to a filing with the stock exchange. Inta Bina said the development will be financed through internally generated funds and external borrowings, and is expected to positively contribute to the group’s earnings during the contract period. As of end-March, Inta Bina’s construction segment had an unbilled order book valued at RM1.5 billion, while its property development segment held unbilled sales of RM90 million, providing earnings visibility for the next two to three years. The group reported cash and short-term deposits of RM117.64 million, compared to RM133.33 million in short-term borrowings and RM23.65 million in long-term borrowings. On Monday, Inta Bina’s shares closed 0.5 sen higher, or up 1.18%, at 43 sen, valuing the group at RM258.83 million.

KUALA LUMPUR, SkyWorld Development Bhd has acquired four adjoining freehold land parcels in Seberang Perai Tengah, Penang, for RM82.7 million. The purchase was made through its 70% indirect subsidiary, Prefab Master (Penang) Sdn Bhd, and covers a total of 10.64 hectares. The land will be used to build a factory for manufacturing prefabricated and prefinished modular systems (PPVC), supporting SkyWorld’s joint development projects in Penang with the Penang Development Corp and PDC Properties Sdn Bhd. SkyWorld Development Bhd has bought four adjoining parcels of freehold lands in Seberang Perai Tengah, Penang for RM82.7 million Located about 12km from Batu Kawan and 15km from Seberang Jaya, the factory will strengthen SkyWorld’s capabilities in delivering affordable housing across the northern region. CEO Lee Chee Seng said the acquisition marks a major milestone, expanding the group’s presence in modular construction and taking inspiration from partner Teambuild’s success in delivering large-scale HDB projects in Singapore. The deal will be funded through a mix of internal funds and bank borrowings, and is expected to be completed within three months.

KUALA LUMPUR, Mah Sing Group Bhd saw its shares edge up in early trade Thursday, buoyed by the launch of its M Grand Minori development in Johor. As of 10.13 am, the stock rose two sen to RM1.21, with 1.21 million shares changing hands. The M Grand Minori project marks Mah Sing’s first premium development under its M Grand Series in Johor, boasting an estimated gross development value (GDV) of RM1.5 billion. According to the company, Phase 1 of Tower A—featuring 843 serviced apartment units—achieved a 90% take-up rate within a single weekend, signalling strong market interest. Situated on 2.42 hectares of freehold land in the well-established Taman Pelangi neighbourhood, the project is just three kilometres from the future Bukit Chagar Johor Bahru-Singapore Rapid Transit System (RTS) Link station.

PETALING JAYA, Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd — a wholly owned special-purpose vehicle (SPV) of Hartasuma Sdn Bhd — have officially partnered to deliver the upcoming Penang Hill cable car project. Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim. This key infrastructure initiative, valued at RM367.2 million, aims to improve accessibility to Penang Hill and enhance connectivity to the Penang Hill Biosphere Reserve, while boosting the state’s tourism appeal. Under the agreement, Hartasuma Ropeways will act as the long-term concessionaire, responsible for the full development, financing, operation, and maintenance of the cable car system. BPMB’s managing director of group corporate and investment banking, Mohamed Nazri Omar, said the funding reflects BPMB’s mission to support infrastructure that drives sustainable development and long-term economic growth. “This RM367.2 million financing facility underscores our commitment to supporting sustainable tourism infrastructure that delivers lasting social and economic value,” he said during the MoU signing ceremony in George Town yesterday. “By enabling this project, we aim to elevate Penang’s status as a premier tourism destination and open up new opportunities for local communities.” The Penang Hill cable car system will feature a 2.73km route connecting the Penang Botanical Gardens to the summit, with a journey time of approximately 10 minutes. It is designed to accommodate up to 1,400 passengers per hour in each direction and will include three main stations: the Garden Station at the base, a mid-way Turn Station, and the Hill Station at the top. As an alternative to the existing funicular railway, the cable car is slated for completion by December 2026, followed by a three-month trial and dry commissioning phase before opening to the public.

KUALA LUMPUR, HCK Capital Group Bhd is purchasing two freehold land parcels in Selangor from Bandar Setia Alam Sdn Bhd for a total cash consideration of RM38.64 million. In a filing with Bursa Malaysia, the company said the acquisition will be made through its indirect wholly-owned unit, Reside Capital Sdn Bhd, which has signed two conditional sale and purchase agreements (SPAs) with Bandar Setia Alam. The first parcel, measuring 1.2107 acres, is priced at RM19.51 million, while the second parcel, at 1.2199 acres, will cost RM19.13 million. Both are located within Setia City BizPark, a commercial area in Selangor. Bandar Setia Alam is mainly involved in property development and investment. HCK Capital noted that the deals are subject to several conditions, including approval from the Economic Planning Unit (EPU) if the purchase amount exceeds RM20 million, the issuance of separate land titles, and state authority consent where required. The acquisition is expected to be completed in the first half of 2026. “The strategic location and strong demand for commercial properties in the area are expected to support HCK’s earnings over the medium to long term,” the company said. As of Friday, HCK Capital’s share price closed flat at RM2.16, giving the group a market capitalisation of RM1.35 billion.

PETALING JAYA, Paramount Corp Bhd is acquiring 18.97 acres of freehold land in Bandar Cassia, Penang, from Penang Development Corp for RM57.84 million, marking a strategic expansion of its northern region land bank. In a statement, the property developer said the land acquisition aligns with its plan to drive sustainable growth, with the project expected to contribute a gross development value (GDV) of RM744 million. This adds to Paramount’s existing land bank of 358.9 acres and remaining GDV of RM5.497 billion. The purchase will be financed through a mix of internal funds and bank borrowings. Bandar Cassia, Penang Located just 600 metres from the award-winning Utropolis Batu Kawan development, the newly acquired site sits within the city centre of Bandar Cassia. The proposed development includes serviced apartments, semi-detached townhouses, and shop offices, with construction targeted to begin in 2027 and completion expected by 2033. Paramount noted that the project would boost housing supply and create a vibrant commercial hub to support Penang’s economic growth. TA Research: Confident in Envictus Stake Acquisition Meanwhile, TA Research expressed increased confidence in Paramount’s proposed acquisition of a 28% stake in Singapore-listed Envictus International Holdings Ltd. This follows a recent briefing that addressed key concerns related to earnings, integration, and capital impact. Paramount’s RM126.32 million cash deal—via its wholly owned Venice Concepts Sdn Bhd—to acquire the stake from JAG Capital Holdings Sdn Bhd (a company majority-owned by Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani) is seen as a strategic move into the food and beverage (F&B) sector. Envictus is the operator of brands such as Texas Chicken and San Francisco Coffee in Malaysia. TA Research believes the investment offers long-term value, given Envictus’s turnaround prospects and attractive entry valuation. The research house also highlighted Paramount’s disciplined approach in limiting further F&B acquisitions. However, it warned of risks including potential underperformance of the investment, lack of operational control due to the minority stake, and exposure to foreign investment regulation changes—although no such restrictions are currently in place. Paramount intends to protect its interests by appointing representatives to Envictus’s board. Property Market Outlook & Valuation Looking ahead, Paramount has flagged a cautious outlook for the property sector in the second half of 2025, citing external trade uncertainty, rising costs due to fuel subsidy rationalisation, and the expanded sales and service tax (SST). With RM600 million in sales recorded so far this year—well below its RM1.5 billion full-year target—TA Research noted the possibility of a target revision. Nonetheless, it sees potential for an uptick in sales once clarity on SST and tariff policies emerges. TA Research maintained its FY25–FY27 earnings projections and target price of RM1.48, based on a 0.6x price-to-book valuation. Paramount remains undervalued, trading at just 6.4x 2026 earnings and 0.4x price-to-book—well below the sector averages of 13.9x and 0.8x, respectively. With a dividend yield of over 7%, significantly above the industry’s 3.7% average, the research house sees limited downside risk for the stock.

KUALA LUMPUR, Sunway Real Estate Investment Trust (Sunway REIT), through its manager Sunway REIT Management Sdn Bhd, has completed the acquisition of AEON Mall Seri Manjung in Perak. Sunway REIT Management Sdn Bhd said Sunway Real Estate Investment Trust (Sunway REIT) has completed the acquisition of Sunway Seri Manjung Mall, formerly known as AEON Mall Seri Manjung. In a statement today, Sunway REIT said the newly acquired asset is a two-storey retail complex situated on 12.24 hectares (30.25 acres) of prime freehold commercial land, featuring ample parking facilities. The mall is fully tenanted by AEON Co (M) Bhd under a long-term lease agreement, which offers income certainty with 12 years remaining until December 2037. Sunway REIT said the property is expected to be yield-accretive, providing an initial net property income (NPI) yield of 6.5%, with an average yield of 7% projected over the remaining lease term. Ng Bee Lien, Sunway REIT’s acting chief executive officer and chief financial officer, said the acquisition is part of the trust’s ongoing strategy to strengthen its portfolio with high-quality, income-generating assets. “AEON Mall Seri Manjung offers immediate earnings contribution through a stable, long-term lease with a leading retail operator and enhances the resilience of our earnings with an attractive yield profile,” she said. Ng added that the acquisition reinforces Sunway REIT’s position as one of the country’s leading real estate investment trusts and reflects its proactive approach to securing assets with strong fundamentals and long-term income visibility. “We remain committed to identifying similar opportunities that enhance our portfolio quality and support our long-term growth strategy,” she said.

MELAKA, Property developer MTD Properties Sdn Bhd is set to launch a major development project in Ayer Keroh with an estimated investment value of RM4 billion. Melaka Chief Minister Datuk Seri Ab Rauf Yusoh said the investment reflects strong private sector confidence in the state’s growth potential and is expected to deliver significant benefits to the local community. “This large-scale investment will generate employment opportunities, stimulate economic activity, and bring positive socio-economic impact to the people,” he said at the opening of MTD Properties’ new sales office in Ayer Keroh. Also in attendance were State Health, Human Resources and Unity Committee chairman Datuk Ngwe Hee Sem, State Secretary Datuk Azhar Arshad, MTD Group director Nik Faizul Nik Hussain, and Chief Operating Officer Dr Nik Fauzan Nik Faizul. Ab Rauf noted that MTD Properties has been active in Melaka since 1995, completing 41 projects across residential, commercial, and industrial segments, with a cumulative investment of RM4.5 billion. He added that 65.76 hectares in Taman Tasik Utama have been developed in partnership with the state government, delivering public amenities such as schools, a mosque, parks, and other community infrastructure. The developer’s ongoing projects include MTD Cinerea Heights, MTD Nexus 28 Industrial Park, and MTD Elysia Heights.

KUALA LUMPUR – Pelaburan Hartanah Bhd (PHB), an investment holding company under Yayasan Pelaburan Bumiputera, has expanded its industrial portfolio with the acquisition of two prime properties in Kedah and Johor, valued at approximately RM247 million. The first asset, located in Kulim Hi-Tech Park, was acquired from Kulim Technology Park Corporation. Spanning 0.809 hectares, it comprises three industrial buildings—a four-storey main facility, a single-storey warehouse, and a production area—all fully leased to Schott Glass, a global leader in glass and materials technology. PHB Group Managing Director and CEO Mohamad Damshal Awang Damit The second property, purchased from Rancak Beta Sdn Bhd, is situated within the Port of Tanjung Pelepas, a major logistics hub in southern Malaysia. Covering 3.804 hectares, it features a single-storey warehouse that is fully tenanted by global logistics giant Maersk. In a statement, PHB Group Managing Director and CEO Mohamad Damshal Awang Damit described the acquisitions as high-performing assets located in strategic economic zones beyond the Klang Valley, offering long-term lease security and reputable tenants. “With demand for quality industrial and logistics properties on the rise, PHB remains committed to expanding into high-growth industrial corridors to optimise long-term returns and deliver sustainable value to unitholders of Amanah Hartanah Bumiputera,” he said. He added that the acquisitions are aligned with PHB’s strategy to enhance portfolio yield, rebalance sector exposure, and ensure steady, long-term revenue generation. PHB noted that the new assets form part of its broader roadmap to diversify its real estate holdings and strengthen its position in the industrial sector. With the latest additions, industrial properties now make up around 10% of PHB’s total investment portfolio.

The manager of Mapletree Pan Asia Commercial Trust (MPACT) has announced the sale of two office buildings in Japan to unrelated third parties for a total of approximately JPY8.73 billion (S$78.7 million). MPACT’s Mapletree Anson along Singapore’s Tanjong Pagar The transaction, conducted through MPACT’s subsidiary Tsubaki Tokutei Mokuteki Kaisha, involves the sale of ABAS Shin-Yokohama (ASY) for JPY3.3 billion and TS Ikebukuro Building (TSI) for JPY5.4 billion. The combined sale price represents a 1.7% premium over the total original purchase price of JPY8.58 billion (around S$104.1 million). The divestment will be fully settled in cash and is expected to be completed by the end of August in the FY2025/2026 financial year. Following the completion, MPACT’s portfolio will consist of 15 high-quality commercial properties across five key gateway cities in Asia, with a total net lettable area of 10.4 million square feet and an independent valuation of S$15.9 billion. MPACT units ended flat at S$1.28 on July 23.