Property

Mah Sing Group Berhad (Mah Sing) continued to demonstrate a resilient performance supported by solid operational execution and a strong financial position. With approximately RM1 billion in cash and bank balances, Mah Sing remains well-positioned to pursue strategic landbank expansion and sustain long-term growth momentum. The Group also recorded its highest dividend payout ratio in two decades, at close to 50%, reinforcing its 20-year track record of uninterrupted dividend payouts. The Group secured RM978 million in new property sales in the first five months of 2026. This strong momentum positions the Group well to pursue its full-year sales target of RM2.76 billion, supported by sustained domestic demand, particularly in the affordable and mid-market segments, alongside a well-timed pipeline of property launches. “Mah Sing continues to see sustained demand across its M Series developments, supported by encouraging take-up from recent launches including M Aria in Sentul and M Aurora in Old Klang Road. This positive momentum is expected to continue through the remainder of 2026, underpinned by an approximately RM2.06 billion pipeline of new residential and industrial offerings, as well as our growing focus on data centre-related opportunities. Backed by unbilled sales of RM3.33 billion, the Group remains well-positioned to deliver stronger earnings in 2026,” said Mah Sing’s Group Chief Executive Officer and Executive Director, Dato’ Voon Tin Yow. Upcoming launches include M Mira in Setapak; M Hana in Puchong; M Amaya and M Cora in Penang, as well as M Tiara 2 and MS Industrial Park @ Kulai in Johor. The pipeline is further reinforced by new phases of existing projects, namely M Legasi in Semenyih; M Sinar Tower B in Southville City, Bangi; M Grand Minori and Meridin East in Johor. Beyond the M Series, the Group adopts a market-driven approach by aligning its product offerings with the unique characteristics and demand dynamics of each location and catchment. In prime city centre locations such as the landmark Corus Hotel site in Kuala Lumpur, Mah Sing is strategically introducing luxury developments targeted at both local and foreign markets, while continuing to unlock long-term value from its premium landbanks. Strong Cash Flow to Support Strategic Landbank Expansion On the financial front, the Group’s balance sheet remains healthy, with cash and bank balances and investments in short-term funds of approximately RM1 billion, and a net gearing of 0.39x as at 31 March 2026. With more than RM430 million in vacant possession funds expected over the next few months, the Group’s gearing position is anticipated to improve further. This strong financial position provides the Group with flexibility to pursue strategic landbank expansion and selective acquisitions in high-growth locations, while maintaining disciplined capital allocation. On 26 May 2026, Mah Sing paid approximately RM128 million dividend to shareholders, representing close to a 50% payout ratio, the highest in two decades and well above the Group’s minimum dividend payout policy of 40%. Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum, said, “Our focus remains on building a resilient and future-ready business underpinned by disciplined execution, strong financial management and sustainable growth strategies. Mah Sing will continue to leverage its diversified development pipeline and strategic market position to capture opportunities across resilient segments. We also remain actively focused on securing strategic landbank opportunities to strengthen our development pipeline in line with future growth opportunities.” Disciplined and timely project execution, coupled with steady construction progress, continued to support the Group’s revenue, earnings and cash flow generation. The Group recently delivered vacant possession of M Astra in Setapak, which was completed 15 months ahead of schedule. Upon completion, M Astra achieved an 89% score under the Quality Assessment System in Construction (QLASSIC), the highest score recorded for a high-rise development in Malaysia. Upcoming property completions in 2026 include M Nova in Kepong; Phase 3A and 3B landed link homes of M Senyum in Salak Tinggi; Phase 2 of M Panora in Rawang, and Parcel 4A1 and 4A2 of Meridin East in Johor Bahru. These completions are expected to generate more than RM430 million in vacant possession funds, further strengthening the Group’s liquidity position. Financial Performance for Q1 2026 The Group recorded a profit after tax (“PAT”) of RM68.1 million for the quarter ended 31 March 2026, representing a 3% increase compared to the preceding year’s corresponding quarter. Revenue from property development was RM460.6 million compared to RM521.0 million in the previous year’s corresponding quarter, while operating profit was RM108.6 million as compared to RM103.4 million in the previous year’s corresponding quarter. The performance was mainly attributable to a higher proportion of sales secured from new projects, where revenue contribution is expected to pick up as construction progresses beyond the initial stages. Operating profit was also strengthened by the finalisation of construction costs for certain contracts nearing completion. The development projects that were key earnings contributors include M Nova and M Zenya in Kepong; M Astra in Setapak; M Legasi in Semenyih; M Senyum in Salak Tinggi, as well as Meridin East, M Tiara and M Minori in Johor Bahru. Other projects that also contributed include M Azura in Setapak; M Aspira in Taman Desa; M Terra in Puchong; Southville City in Bangi; and M Panora in Rawang. Mah Sing 1-2-3 Campaign Launched recently, the Mah Sing 1-2-3 Campaign is a homeownership programme designed to provide added value and greater ease of ownership for homebuyers. The campaign runs from 18 May 2026 to 31 October 2026. Customers who purchase any of the 12 participating Mah Sing projects across Klang Valley, Johor and Penang will automatically qualify for this campaign. The Mah Sing 1-2-3 Campaign offers homebuyers three incentives with a single purchase: a one-year homeownership booster, up to two years of free maintenance fees, and a RM3,000 gold coin reward for eligible units in participating projects, subject to terms and conditions

The joint venture agreement was signed by IJM Land CEO Datuk Tony Ling Thou Lung (third from right), chief operating officer Datuk Chai Kian Soon (right), Socat chief operating officer Mohd Shahreza Maswan (third from left) and chief financial officer Syed Agil Syed Hashim (left) in the presence of Ministry of Finance Malaysia’s Government Investment Companies Division head of special investment, real estate & services section Mohd Hisyamuddin Awang Abu Bakar (centre), Socat board of director Datuk Seri Azmar Talib (second from right) and IJM Corporation Bhd group CEO and managing director Datuk Lee Chun Fai (second from left). IJM Land Bhd, a subsidiary of IJM Corp Bhd, has entered into a joint venture to develop a 307.17-acre industrial and commercial project in Sedenak, Johor, within the Johor-Singapore Special Economic Zone (JS-SEZ), with an estimated gross development value (GDV) of RM1.96 billion. In a statement, IJM said the project will be jointly developed over a six- to eight-year period with Southern Catalyst Sdn Bhd (Socat), a Ministry of Finance Inc (MOF Inc)-linked company and the master developer of the Southern Catalyst Innovation District in Sedenak. The broader Southern Catalyst Innovation District spans 2,940 acres. Strategically located near the Sedenak toll plaza with access to the North-South Expressway, the development will focus on sectors including advanced manufacturing, renewable energy, biopharmaceuticals, logistics, agri-technology, and food technology. The collaboration will be carried out through a joint venture company, IJM Land Sedenak Sdn Bhd, in which IJM Land will hold a 70 per cent stake, while Socat will own the remaining 30 per cent. IJM Land CEO Datuk Tony Ling Thou Lung said Johor’s industrial market continues to show strong growth momentum, supported by its proximity to Singapore, competitive cost advantages, and continued foreign direct investment inflows. He said the partnership aligns with IJM Land’s industrial expansion strategy and strengthens its participation in strategically located, master-planned developments within a high-growth corridor. Meanwhile, Socat chief operating officer Mohd Shahreza Maswan said the collaboration aims to create an integrated industrial ecosystem focused on agri-tech, green technology, advanced manufacturing, and logistics, while supporting food security, attracting global investments, and positioning the area as a regional hub for sustainable and innovation-driven growth. IJM Group also highlighted its experience in large-scale industrial developments, including the Malaysia-China Kuantan Industrial Park (MCKIP), which spans over 3,500 acres and has attracted more than RM30 billion in investments. The JS-SEZ, launched on Jan 7, 2025, is a joint initiative between Malaysia and Singapore to establish an integrated trade and investment hub. Covering over 357,000 hectares across six local council areas in Johor, the zone combines Singapore’s strengths in finance and research with Johor’s land availability and lower operating costs. The initiative aims to raise Johor’s gross domestic product (GDP) to RM260 billion by 2030 and create 20,000 high-skilled jobs, while supporting sectors such as logistics, manufacturing, finance, digital economy, tourism, healthcare, education, energy, and the green economy. At Monday’s market close, IJM Corp shares rose five sen, or 2.4 per cent, to RM2.12, giving the group a market capitalisation of RM7.73 billion.

Hektar Real Estate Investment Trust (Hektar REIT) has proposed the acquisition of the leasehold interest in a 2.43-hectare site in Setapak, Kuala Lumpur, together with the KYS KL East International School (KYSKLEIS) located on the land, for a total purchase consideration of RM125 million. In a filing with Bursa Malaysia, MTrustee Bhd, acting on behalf of Hektar REIT, said it had entered into a conditional agreement with KYS College Sdn Bhd (KCSB) for the proposed acquisition and lease arrangement. The purchase consideration will be settled through a combination of RM106.55 million in cash and the issuance of Hektar REIT units to the vendor. According to Hektar REIT, KCSB currently holds a 30-year ground lease on the land, effective from March 1, 2016, to Feb 28, 2046, under a Master Lease Agreement (MLA) signed with Sime Darby Property (KL East) Sdn Bhd, the landowner. The proposed acquisition is subject to several conditions, including the extension of the MLA tenure to 99 years through a supplemental agreement with the lessor, as well as the completion of a secondary school building by KCSB within a stipulated timeframe. The 2.43-hectare parcel currently houses a pre-school building and a primary school building, and forms part of a larger 3.84-hectare freehold site owned by Sime Darby Property (KL East). Upon completion of the acquisition, Hektar REIT plans to grant a sub-lease of the land and buildings to KCSB, allowing the continued operation of KYS KL East International School. Hektar REIT said the proposed sale and leaseback arrangement would be supported by a long-term lease structure of up to 99 years, providing the REIT with fixed and contractually secured rental income from the sub-lessee. Barring unforeseen circumstances, the proposed acquisition and lease are expected to be completed in the first quarter of 2027. UOB Kay Hian (M) Sdn Bhd has been appointed as the principal adviser for the proposed transaction.

Artist’s impression of AEON Mall KLMidtown, located alongside office towers, residential components and the Hyatt Regency Kuala Lumpur at KL Midtown. AEON today unveiled a selection of key retail partners set to be part of AEON Mall KL Midtown, marking another milestone ahead of the mall’s opening in the fourth quarter of this year at KL Metropolis. Held at the Hyatt Regency Kuala Lumpur at KL Midtown, the AEON Mall KL Midtown Hard Hat Party brought together representatives from participating brands, business partners and stakeholders. The event offered an exclusive first look at the mall’s retail direction, with a selection of confirmed tenants revealed to media and invited guests. Artist’s impression of the mall’s interior design. Among the tenants confirmed to date are Oriental Kopi, Dolly Dim Sum, Sushiro, Verrona Hills Bakery & Patisserie, KOMEHYO, Seiko Vision Specialist, Omakase Lab and Luxe Hair & Nail, with further names to be announced in the lead-up to opening. Anchoring the mall will be the AEON Store, which will bring AEON’s full retail proposition to the heart of the development, reinforcing the mall’s positioning as a well-rounded destination spanning fashion, dining, lifestyle and everyday essentials. In addition to the tenant unveiling, guests were given updates on the mall’s overall progress, including its leasing direction, marketing plans, tenant design coordination and customer engagement initiatives. The event also included a site visit, providing attendees with an early preview of the development as it progresses towards completion. According to AEON managing director Tsugutoshi Seko, the strong participation from established brands reflects positive leasing momentum and growing confidence in the project. AEON Mall KL Midtown Hard Hat Party brought together representatives from participating brands, business partners and stakeholders. “AEON Mall KL Midtown represents an important addition to our portfolio as we continue to strengthen our presence in key growth areas across Malaysia. The response from retail partners has been encouraging, and it speaks to the confidence they have in the mall’s positioning and its long-term potential within KL Metropolis. “As our first mall within a development of this scale, we are focused on building a destination that genuinely serves the surrounding community, where everyday convenience and meaningful experiences come together in a place people want to return to. We look forward to bringing that vision to life later this year,” he said. AEON Mall KL Midtown is AEON’s 28th mall in Malaysia and forms part of the broader KL Midtown development within KL Metropolis. The mall is expected to further enhance the retail offering within the area, contributing to a more vibrant mix of commercial and lifestyle experiences in Kuala Lumpur city centre. Further announcements will be made as the opening approaches.

OSK Holdings Bhd has entered into an agreement to acquire a freehold land parcel measuring approximately 98.33 acres in Bandar Sungai Petani, Kedah, for RM40.69 million from SP Baiduri Sdn Bhd. In a statement, OSK said the acquisition represents a strategic move to strengthen its presence in Sungai Petani while supporting its long-term property development plans in Kedah. The group said the land is well-positioned due to its strong connectivity to key regional hubs including Gurun, Alor Setar, Butterworth and Kulim, making it suitable for future residential and commercial development. It added that the site is also supported by established public amenities such as schools, retail outlets, healthcare facilities and safety services, which further enhance its attractiveness for township development. OSK said the proposed project is planned as a large-scale integrated township comprising double-storey terrace homes, townhouses and apartments. The development is expected to generate an estimated gross development value (GDV) of RM489 million once completed. The group said the acquisition aligns with its strategy to expand its property development footprint in high-growth areas, leveraging improving infrastructure and rising demand for housing in northern Peninsular Malaysia.

International Workplace Group (IWG), the world’s largest platform for work and parent company of brands including Regus, HQ, Signature and Spaces, is strengthening its presence in Malaysia with the launch of a new Spaces centre at Republik TTDI in Taman Tun Dr Ismail, Kuala Lumpur. (L-R): Subha Thurairaja, Partner Sales Manager, IWG; Nik Ashman, Executive Director, Nik Ariff, Executive Director, and Datuk Abdul Ghani, Director, Kuala Sentral Point Sdn Bhd; and Vijayakumar Tangarasan, Country Head for Malaysia, Singapore and Brunei, IWG at the launch of Spaces Republik TTDI. The new centre is the result of a strategic partnership with Kuala Sentral Point Sdn Bhd, representing a pioneering shift for the local property landscape. By leveraging IWG’s global platform, Kuala Sentral Point is introducing a new way of working to the TTDI area, transforming its property into a hub for flexibility, creativity and collaboration. Spanning 24,700 sq ft, Spaces Republik TTDI offers a versatile mix of private offices, collaborative coworking areas, professional meeting rooms and dedicated creative zones. Designed to cater to a diverse range of industries — from professional services to creative arts and technology — the centre supports tailored workspace solutions, allowing businesses of all types and sizes to configure their workspace environment according to specific operational needs. Strategically located in the heart of TTDI, the centre provides seamless access to the Damansara-Puchong Highway (LDP) and is just a short walk from the TTDI MRT station. It is also in close proximity to major commercial hubs across the Klang Valley, making it a prime destination for companies of all sizes. This opening follows a year of significant growth for IWG in 2025, marked by its highest-ever revenue and the addition of 1,132 new centre signings and 782 openings globally. This growth is mirrored in Malaysia, where IWG now operates 48 centres across its four brands — Signature, HQ, Regus and Spaces — including 35 locations within Kuala Lumpur and Selangor alone. Mark Dixon, CEO and Founder of International Workplace Group PLC, commented: “We are establishing a stronger and much-needed footprint with this latest opening. As an important business hub, TTDI is a fantastic place for us to boost our expansion plans. “We are very pleased to work in partnership with Kuala Sentral Point Sdn Bhd to develop the Spaces brand under a management agreement that will add a cutting-edge workspace to their building. “This new opening comes at a time when more and more companies are discovering that flexible and platform working is incredibly popular with employees, improving their work-life balance and satisfaction, while also providing a multitude of benefits to companies. “Our workplace model is proven to increase productivity and allows for a business to scale up or down at significantly reduced costs while providing access to thousands of locations.” Vijayakumar Tangarasan, IWG Country Head for Malaysia, Singapore and Brunei, said: “We continue to see strong demand for high-quality flexible workspace solutions, particularly in well-connected neighbourhoods like TTDI. “With its accessibility and established business community, Republik TTDI offers an attractive environment for companies that are looking to balance convenience with a more dynamic way of working.” As hybrid working becomes a permanent fixture of the corporate landscape, research underscores its advantages. Studies conducted by IWG in collaboration with workplace consultancy Arup indicate that hybrid models can boost productivity by up to 11% while significantly optimising operational costs. Industry projections suggest that up to 30% of all office space could be flexible by 2030. Nik Ashman, Executive Director of Kuala Sentral Point Sdn Bhd, added: “We are excited to welcome IWG’s Spaces brand to Republik TTDI as part of our vision to create a dynamic and connected business community. “This partnership introduces a new way of working to the area — one that blends flexibility, creativity and convenience for businesses looking to grow and collaborate.” Through its global network of over 5,000 locations across more than 120 countries, IWG continues to lead the transition toward a more scalable and adaptable workspace ecosystem. For more information, visit International Workplace Group

Integrated engineering specialist providing construction management services, mechanical and electrical (“M&E”), and specialised engineering consultancy services, Southern Score Builders Berhad (“SSBB” or the “Group”) (聚宝建设), through its 51%-owned subsidiary, SJEE Engineering Sdn. Bhd. (“SJEE”), has accepted a letter of award from a local construction company to undertake a subcontract project more particularly described as “Supply, Installation, Testing & Commissioning of Electrical, ELV, Telco & Security Works” for a data centre project at a total subcontract sum of RM47.5 million (“Contract”). The Contract is expected to be completed by March 2027, contributing positively to the Group’s earnings from FY26 onwards until its completion. Executive Director and Chief Executive Officer of SSBB, Mr. Gan Yee Hin (颜宇恒) said, “Fresh from securing our largest-ever M&E contract, we are pleased to receive the continued trust of a returning client with this latest data centre job. This is a further testament to the depth of relationships and quality of execution that our M&E division has established over the years, reinforcing SJEE’s healthy customer base and strong standing in the high-tech and data centre space.” “This win brings our total contract value secured in FY26 to RM456.1 million, providing the Group with clear earnings visibility for the coming years. Meanwhile, our team remains actively focused on capitalising on the ample opportunities in the data centre sector, where the tender pipeline continues to be exciting. At the same time, we have been channelling more resources to strengthen and grow the M&E team and will continue to scale up to support the division’s continued growth.”

Ally Logistic Property (ALP), a Taiwan-based logistics and property developer, has launched its first purpose-built smart cold chain facility in Malaysia and its second OMEGA project in the Klang Valley, with an investment of about RM500 million. The facility, known as OMEGA 2 Shah Alam, is located on a 3.64-hectare site in Selangor and is expected to be completed by the second quarter of 2028. ALP said the project will be Malaysia’s first developer-built multi-storey automated storage and retrieval system (AS/RS) cold chain facility, offering about 5.36 hectares of built-up space and more than 30,000 pallet positions. The development will operate on a multi-tenant model, allowing multiple supply chains to share infrastructure, reduce duplication of logistics assets, and lower overall energy consumption. It will also function as a multi-temperature logistics hub, integrating ambient, chilled, and frozen storage zones to serve industries such as food and beverage, pharmaceuticals, retail, and e-commerce. ALP said the project comes amid rising demand for modern cold chain infrastructure in Malaysia, where automated and purpose-built facilities remain limited despite rapid industry growth. The company added that the facility is expected to improve energy efficiency, resource use, and operational performance, aligning with Malaysia’s National Energy Transition Roadmap (NETR) and the New Industrial Master Plan (NIMP) 2030. Bryan Yeo, managing director of Ally Logistic Property Malaysia, said cold chain logistics is becoming increasingly important across sectors such as food distribution, pharmaceuticals, retail, and e-commerce. He added that Malaysia’s cold chain infrastructure market is still underdeveloped in terms of automation, scalability, and energy efficiency. He said OMEGA 2 Shah Alam is designed to address these gaps by offering a smarter and more sustainable logistics solution, while also supporting Malaysia’s broader goal of becoming a high-income, technology-driven economy.

Southern Score Builders Berhad said its 51%-owned subsidiary has secured a RM47.52 million subcontract for infrastructure works on a data centre project. The job was awarded to SJEE Engineering Sdn Bhd by an undisclosed local construction firm. It covers the supply, installation, testing and commissioning of electrical systems, extra low voltage works, telecommunications and security systems, according to a filing on Monday. Work began on May 7 and is scheduled for completion by March 11, 2027. This latest win adds to SJEE Engineering’s growing order book since Southern Score acquired a majority stake in the company in January last year for RM20.66 million. The remaining 49% is held by engineer-turned-businessman Ngo Hea Bing. In March, SJEE Engineering also secured two data centre-related electrical contracts worth a combined RM189 million from a local construction company. Shares of Southern Score Builders Berhad closed 0.5 sen or 0.92% lower at 54 sen on Monday, giving the group a market value of RM1.22 billion.

Tan Sri Syed Mokhtar Albukhary  has emerged as a major shareholder in EcoWorld Development Group Berhad and EWI Capital Berhad after acquiring substantial stakes previously held by Datuk Leong Kok Wah. The acquisition gives Syed Mokhtar control of a 30.1% stake in EcoWorld and a 33.28% stake in EWI Capital, further expanding his property portfolio. The deal value was undisclosed, but based on market prices as of May 15, the combined stakes are estimated to be worth over RM2 billion. According to filings, Leong transferred all his shares in Syabas Tropikal Sdn Bhd to Syed Mokhtar on May 15. Through the transaction, Syed Mokhtar gained indirect holdings in both EcoWorld and EWI Capital. Liew Kee Sin, executive chairman of EcoWorld, welcomed Syed Mokhtar as the group’s new substantial shareholder and expressed optimism about the company’s future growth. The move comes amid reports that Syed Mokhtar is considering an IPO for WM Senibong Bhd, a joint venture linked to Australian developer Walker Corp, which could reportedly raise up to RM500 million. EcoWorld owns over 12,000 acres of landbank across the Klang Valley, Johor, Penang and Negeri Sembilan, with an estimated gross development value of RM100 billion. EWI Capital, formerly known as Eco World International, focuses mainly on property developments in the UK and Australia. Shares of EcoWorld Development Group Berhad closed at RM2.09 on Monday, while EWI Capital Berhad ended unchanged at 19 sen.