Property

KUALA LUMPUR: WORQ, Malaysia’s leading coworking and flexible workspace provider, in partnership with master community developer Sunway Property, is proud to announce the launch of WORQ Sunway Velocity at Sunway V2 Tower, located within Sunway Velocity TWO. This partnership reflects the strong role of Sunway Property and WORQ as key enablers in developing a vibrant business hub as a leading MSC Cybercentre. By introducing a coworking community that supports entrepreneurs, startups, and remote professionals, WORQ strengthens Sunway Property’s vision of building a future-ready, dynamic business hub in Cheras and acts as a catalyst for innovation and collaboration. This is WORQ’s second outlet in a Sunway Property development following the success of WORQ Sunway Putra in Sunway Putra Mall, Kuala Lumpur. The first outlet in Sunway Putra achieved full occupancy within one month, surpassing industry standards of up to twelve months. Chong Sau Min, Chief Executive Officer of Sunway Property shared “We extend our heartfelt congratulations to WORQ on the launch of their 10th outlet – a remarkable milestone that we’re honoured to be part of. As the Master Community Developer, we’re proud to continue our partnership with WORQ again, after the continuing success of the Sunway Velocity location. This partnership reflects our Build-Own-Operate model – where we not only build and invest in our townships, but actively curate the right components to ensure long-term vibrancy and value creation. WORQ fits perfectly into this broader vision as the ‘Work’ pillar within our ‘Live, Learn, Work, Play’ ecosystem at Sunway Velocity TWO, delivering flexible workspaces that support today’s evolving workforce. This is the perfect location for WORQ’s 10th outlet, as it functions as a hub where you have public transport, medical centres, a shopping mall, and more — providing a holistic environment for those at work. This is a partnership that combines two companies that share the same goals of creating amazing spaces that serve the needs of those who occupy them.” The partnership between WORQ and Sunway Property is the beginning of a larger mission to cultivate an ecosystem where businesses can grow and integrate work-life balance seamlessly into the surrounding community. With WORQ, Sunway Velocity TWO aims to become a more dynamic, accessible, and innovation-driven business hub, in line with Sunway Property’s long-term vision of creating future-ready urban ecosystems. Creating an inclusive and sustainable hub  Sunway Property has transformed a once-dilapidated area into Sunway Velocity, a sustainable township in Cheras where people live, learn, work, and play within a safe and connected ecosystem. Designed as a 15-minute city, it offers easy access to public transport, green spaces, healthcare, retail, and business hubs. Sunway Velocity TWO builds on this vision with a 65:35 mix of residential and commercial spaces, seamlessly linked to the main township, reflecting Sunway’s mission to elevate urban living through sustainable, people-focused design. The latest WORQ outlet at Sunway Velocity TWO redefines the modern workplace by seamlessly blending retail therapy, hospitality comforts, and accessible healthcare into one dynamic destination. This holistic approach to urban planning elevates the needs of today’s workforce, offering a convenient, well-rounded environment that supports both professional productivity and well-being. With its integrated amenities, Sunway Velocity TWO fosters a balanced, efficient, and vibrant lifestyle for its community. Implementing the flex work lifestyle  As the modern workforce continues to evolve, flexibility has become more than just a perk, it’s a necessity. The latest location at Sunway Velocity TWO fits in seamlessly with WORQ’s expansive network of cloud offices that offer professional-grade workspaces, all conveniently located closer to home. This decentralised model helps reduce the strain of long, stressful commutes, making it easier for professionals to attend meetings, team meet-ups, or work gatherings without sacrificing time, energy, or productivity. With over 10 outlets linked to the train transit lines, WORQ’s transit-oriented development (TOD)-integrated model aims to make commuting easier for everyone and to take advantage of the extensive public transport network available. Around 50% of WORQ’s members use trains as part of their daily commute, supporting a shift toward more sustainable transportation and contributing meaningfully to ESG goals by reducing reliance on cars. “We are glad to extend our successful partnership with Sunway Property with the launch of our 10th outlet at Sunway V2 Tower in Sunway Velocity TWO. Together, we are creating what will be a thriving hub where people don’t just work, but collaborate and build something together beyond work. Like all of our locations, the latest one is right in the heart of the city centre, within walking distance, with access to MRT and LRT stations. We are redefining what it means to work in Malaysia, and collaborating with partners like Sunway is helping us reach our goal of improving the work-life experience for millions of Malaysians,” expressed Stephanie Ping, co-founder and CEO of WORQ. WORQ targets 1 million sq ft of managed space by 2030, with its expansion already underway and its next hub set to launch in Bandar Utama in Q2 2025. This latest outlet further strengthens WORQ’s cloud office infrastructure, empowering members of the WORQ community with greater freedom to work from anywhere, offering seamless mobility across all locations. As more young Malaysians join the workforce and companies look for ways to adopt flexible work arrangements, businesses that prioritise flexibility will attract and retain top talent, with coworking spaces like WORQ supporting this shift. The launch of WORQ Sunway Velocity encourages Malaysia’s workforce to step into a new era where work-life balance is not a luxury but a fundamental part of the professional journey.

Myra, the residential brand under Oriental Interest Berhad (OIB), has launched its most ambitious project yet in Shah Alam with the introduction of Myra Tenuman. Spanning 70 acres within the vibrant Alam Impian township, the development has a projected gross development value (GDV) of RM1 billion. Positioned as a benchmark for community-centric urban living, Myra Tenuman is set to enhance the residential landscape in one of Klang Valley’s rapidly maturing corridors. Myra Tenuman is designed not just as a residential project but as a comprehensive township that harmonises premium landed homes, upcoming serviced apartments, commercial zones, and public spaces. At the heart of the township is a village hub, envisioned as a focal point connecting green corridors, pocket parks, and public areas. This integrated design aims to foster a sense of community while appealing to multigenerational families and upwardly mobile professionals. Speaking at the project’s exclusive preview, Akil Hassan, Chief of People and Growth at Myra, expressed the brand’s commitment to elevating suburban living standards. “Myra Tenuman marks a deliberate step forward in how we think about the liveability of place and permanence. Homeowners today are not just looking for a house; they are seeking a living environment where lifestyle, values, and future aspirations converge. Our role is to anticipate these expectations and deliver a township that raises the standards of suburban living,” he said. The first phase of Myra Tenuman will include the Halaman collection, featuring 54 semi-detached homes and 16 bungalows with an estimated GDV of RM165.5 million. The freehold units, designed by Tangu Architecture, embrace the concept of a “Green Village Compound.” This approach combines contemporary architectural styles with tropical design principles, emphasising openness and a harmonious connection with nature. Bungalows within the Halaman collection occupy land sizes ranging from approximately 6,652 to 8,826 sq ft, with built-ups of up to 3,982 sq ft, priced from RM3 million. The semi-detached homes feature lot sizes between 4,166 and 7,535 sq ft, with built-ups of up to 3,376 sq ft, starting at RM2 million. These residences are crafted with open-plan layouts and expansive windows to blend indoor and outdoor spaces seamlessly. Myra has also introduced a pioneering financing solution in collaboration with RHB Banking Group. As part of this partnership, Myra Tenuman homebuyers can access a bundled Home & Renovation Loan/Financing package, offering up to 120% financing of the Sales and Purchase Agreement (SPA) price or open market value. Up to 30% of this amount can be used specifically for renovations, covering enhancements such as tiling, fittings, structural upgrades, and interior design. Jeffrey Ng Eow Oo, Managing Director of Group Community Banking at RHB Banking Group, noted that the collaboration aligns with RHB’s mission to support homeowners. “We recognise that today’s buyers want spaces that reflect their personal style and needs. This partnership with Myra enables us to offer a flexible financial pathway to achieve this vision, contributing to more vibrant and personalised living environments,” he said. Renovation financing will be progressively disbursed over 12 months after the full disbursement of the home loan. The initiative covers costs such as legal and valuation fees and mortgage protection insurance, ensuring a comprehensive financial package from purchase to personalisation. The offer will also be extended to selected completed properties within Myra’s portfolio, including Myra Saujana Phase 4 in Sepang and Myra Gardens Phases 2 and 3 in Sungai Buloh. As Myra transitions from a provider of accessible housing to a developer of township-scale projects, Myra Tenuman stands as a testament to the brand’s evolving vision. The project is backed by collaborative efforts with Naza TTDI and Triterra, further underscoring the strategic importance of Shah Alam’s suburban corridors. Prospective homebuyers can register their interest at www.myra.com.my or follow Myra Homes on Instagram and Facebook for updates.

Kuala Lumpur : Pavilion Real Estate Investment Trust (Pavilion REIT) has received unitholder approval to acquire two landmark hospitality assets, Banyan Tree Kuala Lumpur (BTKL) and Pavilion Hotel Kuala Lumpur (PHKL), in a RM480 million yield accretive transaction that strengthens the REIT’s long-term performance and reinforces its presence within Bukit Bintang. The resolutions, passed earlier today at a unitholders’ meeting, enable MTrustee Berhad, acting on behalf of Pavilion REIT, to proceed with the acquisitions from Lumayan Indah Sdn Bhd and Harmoni Perkasa Sdn Bhd. Dato’ Philip Ho, Chief Executive Officer of Pavilion REIT Management Sdn Bhd, said, “We are pleased with the strong support from our unitholders. These hotels are highly synergistic with Pavilion Kuala Lumpur Mall and Elite Pavilion Mall, allowing for an elevated visitor and hotel guest experience.” Ho added that Pavilion REIT remains focused on owning and managing high-performing retail-led assets, especially super-regional and integrated developments, and this acquisition presents a value-aligned opportunity within the REIT’s existing footprint in Bukit Bintang, contributing to the overall vibrancy of the area while enhancing the REIT’s income resilience and growth prospects. The two properties are 5-star hotels operated and managed by Banyan Tree Hotels & Resorts Pte Ltd, and have consistently achieved average occupancy rates of 82.1% (BTKL) and 81.5% (PHKL) for the financial year ended 31 December 2024. BTKL, housed within a 59-storey integrated building, offers 55 well-appointed rooms, the award-winning Banyan Tree Spa and a rooftop bar. PHKL, which sits atop Pavilion Kuala Lumpur Mall, comprises 325 well-appointed rooms with comprehensive meeting and event facilities. The acquisition will be funded through a combination of debt and or equity, including the issuance of up to 172.4 million new units to the vendors and or their nominees and a private placement of up to 386.0 million new units to raise between RM264 million and RM552 million. Under the transaction structure, the hotels will be lease to Harmoni Perkasa Sdn Bhd, for an initial 10-year term with renewal options of up to 20 years. The lease guarantees a fixed annual rental of RM33.5 million for the first five years, reflecting a gross yield of approximately 7.0%. Rental escalations and variable components linked to the hotels’ performance offer further upside potential. This structure offers both predictability and upside, with a variable component linked to the hotels’ performance over time. Post-acquisition, the hotels will comprise approximately 5.5% of Pavilion REIT’s enlarged total asset under management, while Pavilion Kuala Lumpur Mall’s share of the portfolio will decrease from 61.8% to 58.5%. Ho noted that Malaysia’s economy is well-positioned to navigate ongoing global trade concerns, supported by its growing role in regional supply chain diversification, a robust recovery in tourism and resilient domestic consumption. Malaysia’s tourism sector is currently on a strong trajectory, with 2024 already surpassing pre-covid figures. Recent forecasts indicate international tourist arrivals are expected to reach 34.1 million in 2025 and 35.6 million in 2026, driven by the Visit Malaysia 2026 campaign, enhanced visa-free access from China and India and increasing air connectivity from key source markets. While the acquisition enhances Pavilion REIT’s presence in Bukit Bintang, the REIT continues to benefit from the performance of its existing assets across the Klang Valley, notably Pavilion Bukit Jalil. “Pavilion Bukit Jalil continues to be a key growth driver for the REIT. Its performance has been supported by rising occupancy levels, positive rental reversions and a vibrant, expanding tenant mix. We are also encouraged by the rapid growth of Bukit Jalil’s catchment area, which is attracting a rising residential and working population, further reinforcing the mall’s long-term upside potential,” he said.

KUALA LUMPUR : Majuperak Holdings Berhad, a subsidiary of the Perak State Development Corporation (PKNPk), has announced the launch of Taman Tasik Ardea, a new residential development in Sungai Terap, Batu Gajah. The project is designed to provide affordable, high-quality housing for first-time buyers and young families, in line with the state’s long-term housing aspirations under the Perak Sejahtera 2030 framework. Developed on land owned by PKNPk-linked company Syarikat MajuPerak Berhad (SMB), the project forms part of a broader state initiative to maximise the value of government-linked assets while supporting sustainable community development. With a gross development value (GDV) of RM141 million, the project comprises 601 residential units, to be delivered in three phases: Phase One: 161 units Phase Two: 264 units Phase Three: 176 units Spanning 46.13 hectares, the development features single-storey terrace homes ranging between 1,075 and 1,275 square feet, offering three to four bedrooms per unit. Properties are priced between RM90,000 and RM250,000, depending on the type (Rumah Perakku 1 to Rumah Perakku 3). A select number of units will also be made available to non-Bumiputera buyers. At the project’s official launch, Perak Menteri Besar Datuk Seri Saarani Mohamad reaffirmed the state government’s commitment to ensuring equitable access to quality housing, particularly for young families and underserved groups. PKNPk Chief Executive Officer and Executive Chairman of Majuperak, Datuk Redza Rafiq Abdul Razak, stated that the initiative reflects a coordinated effort to align private sector participation with public policy objectives. “Under Majuperak, our goal extends beyond constructing homes — we are shaping communities that are inclusive, sustainable, and well-integrated with public amenities,” he said. “This project is a tangible representation of our vision to utilise state assets to enhance the socio-economic wellbeing of the people of Perak.” The development will also prioritise environmental sustainability and community-building through thoughtful planning and infrastructure support. –Business Times

KUALA LUMPUR : TCS Group Holdings Bhd’s wholly owned subsidiary, TCS Construction Sdn Bhd, has received clearance from Kuala Lumpur City Hall (DBKL) to resume construction of the J. Satine mixed development in Wangsa Maju, following a positive safety assessment. In a filing with Bursa Malaysia, the company confirmed that DBKL has granted approval for work to recommence on Phase 3 (SOHO Block) and Phase 2 (Blocks A and B) of the project. This decision follows DBKL’s review and acceptance of findings from an independent check consultant’s report, which verified that the site met the required safety and stability standards. Construction on Phase 1 (Blocks C and D) will continue once ongoing foundation strengthening works are completed and independently verified. TCS Director Datuk Tee Chai Seng welcomed the decision, stating that it reflects the company’s dedication to meeting safety requirements and maintaining construction integrity. “We are pleased with DBKL’s approval, which recognises the positive findings regarding the project’s structural stability and safety. This allows us to progress with construction while upholding our unwavering commitment to quality and compliance,” he said. Datuk Tee added that TCS will continue to work closely with relevant authorities and stakeholders to ensure all conditions set forth by DBKL are met. The project was temporarily suspended on 9 November 2024 following a site explosion, prompting DBKL to issue a stop-work order pending a full investigation. –Bernama

KUALA LUMPUR : Sunway Malls, Malaysia’s largest mall owner-operator by total retail space and number of properties, is accelerating its retail expansion with two new upcoming developments: Sunway Pier in Port Klang, Selangor, and Sunway Ipoh Mall in Sunway City Ipoh, Perak. Both malls are slated for completion by 2027. Sunway Pier will offer approximately 400,000 square feet of retail space, while Sunway Ipoh Mall is poised to be one of the group’s largest assets, featuring a net lettable area (NLA) of 1.2 million square feet. Further enhancing its portfolio, parent company Sunway Group has announced plans for a RM3 billion mixed-use development adjacent to the Bukit Chagar Rapid Transit System (RTS) Link station in Johor Bahru. Scheduled for completion by 2028, the development will feature a 400,000-square-foot retail component, reinforcing Sunway’s strategic footprint in key urban centres. With these new projects, Sunway Malls—the retail division of Sunway Group—is expected to expand its portfolio to 13 malls, collectively offering 8.2 million square feet of NLA. Future asset injections into Sunway REIT are anticipated to strengthen the group’s integrated property and investment platform, according to Sunway Malls Chief Executive Officer, Chan Hoi Choy. Despite recent downward revisions to Malaysia’s gross domestic product (GDP) growth forecasts by the International Monetary Fund (IMF) and the World Bank, Chan remains confident in Sunway Malls’ growth trajectory. The group aims to maintain the 5 per cent growth achieved in 2024. “Our retail business is closely correlated with national GDP growth, underpinned by millions of transactions recorded annually. Whether customers spend RM5 or RM5,000, the aggregated data provides a clear reflection of prevailing consumption trends,” Chan stated during the unveiling of the group’s 10th mall at Sunway City, Kuala Lumpur. He added that historically, Sunway Malls has consistently outpaced national GDP growth and expects this trend to continue. In 2024, Sunway Malls recorded 5 per cent year-on-year growth, with December sales increasing by 5.6 per cent year-on-year despite a shorter school holiday period. This positive momentum has been sustained into the first quarter of 2025, bolstered by festive spending during Chinese New Year and the school holidays. The Klang Valley continues to be the group’s dominant market, contributing 67.2 per cent of total NLA, followed by the Southern region at 15.8 per cent and the Northern region at 17 per cent. Sunway Square Mall, due to open in September, will span 300,000 square feet of NLA across four floors, accommodating over 150 retail outlets and offering 3,000 parking bays. Chan noted that 95 per cent of the mall’s retail space has already been successfully leased, with the remaining 5 per cent strategically reserved for tenants capable of delivering high-impact, experiential retail offerings. “Our commitment to enhancing consumer engagement and maintaining a dynamic tenant mix remains central to our growth strategy,” Chan concluded. –Business Times

PETALING JAYA :  IGB Real Estate Investment Trust (IGB-REIT), owner of Mid Valley Megamall and The Gardens Mall, is poised to deliver resilient occupancy rates and sustained rental growth following recent asset reconfigurations. According to CGS International (CGSI) Research, IGB-REIT maintained an impressive average occupancy rate of nearly 100% for the first quarter ended 31 March 2025 (1Q25), supported by steady footfall and growth in tenant sales. The gross monthly rental rate at Mid Valley Megamall rose from RM18.10 per sq ft in the financial year 2024 (FY24) to RM19.45 per sq ft in 1Q25, aided by the completion of the South Court reconfiguration in September 2024. The project saw the conversion of a large net lettable area (NLA) previously occupied by anchor tenant Metrojaya into multiple smaller, higher-yielding tenants. For The Gardens Mall, the gross monthly rental rate also improved, rising from RM14.94 per sq ft in FY24 to RM16.63 per sq ft in 1Q25. CGSI Research noted that IGB-REIT’s 1Q25 core net profit of RM110.6 million was in line with expectations, representing 27%–28% of both its and Bloomberg consensus full-year forecasts. Management reiterated its rental reversion guidance of mid-single digits for FY25 and expressed confidence in achieving a high renewal rate for leases expiring this year. As at 31 March 2025, 17.4% of Mid Valley Megamall’s NLA and 51.5% of The Gardens Mall’s NLA are scheduled for renewal in FY25, including several key anchor tenants. While management flagged potential softer results in the second quarter due to seasonally weaker tenant sales, it expects FY25 earnings growth to be underpinned by full-year contributions from the South Court reconfiguration, continued rental rate increases, and potential gains from gross turnover rent. CGSI Research maintained its “Hold” rating on IGB-REIT, with a target price of RM2.21. Meanwhile, Kenanga Research reported that overall tenant sales at Mid Valley Megamall and The Gardens Mall remained stable in 1Q25, even as some rival malls saw declines. Following a recent site visit, Kenanga expressed optimism that the new higher-yielding tenants occupying the reconfigured Metrojaya space would continue supporting rental and sales growth throughout FY25. Kenanga also maintained its earnings forecasts, RM2.20 target price, and “Market Perform” rating. The revitalisation of the malls saw the introduction of around 20 new tenants, including brands such as Urban Revivo and Love, Bonito in the fourth quarter of 2024. With approximately 10% of the total NLA now fully occupied by these higher-yielding tenants since November 2024, the reconfiguration is expected to be a key earnings driver in the coming year. Kenanga Research added that the potential injection of Mid Valley Southkey into IGB-REIT remains a medium-term catalyst. At the time of writing, shares of IGB-REIT were trading at RM2.29. –The Star