Property

YTL Hospitality REIT (YTL-REIT) has entered into a long-term lease agreement for its hotel property in Puchong, Selangor — now operating as AC Hotel Puchong — with Prisma Tulin Sdn Bhd, a wholly-owned subsidiary of YTL Corp Bhd. In a filing with Bursa Malaysia, YTL-REIT said the lease will commence on April 1, 2026 and run for an initial period of 15 years, with an option to renew for an additional 15 years upon expiry. The arrangement provides the REIT with a stable and recurring income stream over the long term. Under the agreement, the annual rental is fixed at RM3.64 million for the first five years. The rental will then increase to RM3.822 million for years six to 10, and further rise to RM4.013 million for years 11 to 15. The lease also includes a 5% step-up in rental every five years throughout the tenure. The transaction is considered a related-party arrangement as Prisma Tulin is part of the YTL Corp group. However, the structured rental escalation and long-term tenure are expected to provide earnings visibility and support YTL-REIT’s income stability. Separately, YTL-REIT reported improved financial performance for the second quarter ended Dec 31, 2025. Net profit increased to RM47.77 million from RM32.42 million in the corresponding quarter a year earlier, while revenue rose to RM154.47 million compared with RM147.49 million previously.

Kumpulan Kitacon Bhd has secured a RM99.28 million construction contract in Cyberjaya, Selangor, marking its second project win for the year. According to a filing with Bursa Malaysia on Wednesday, the letter of award covers the construction of 128 units of three-storey terraced houses, 19 terrace units with covered parking, a guardhouse, an electrical substation, and a designated facility area. Construction works are scheduled to commence on May 2, 2026, with an expected completion timeline of 24 months. The contract was awarded by ParkCity Botanika Sdn Bhd, a subsidiary of ParkCity Group, which develops the 473-acre Desa ParkCity township. The deal further strengthens Kumpulan Kitacon’s position in the Selangor property development and construction market. Earlier in March, the group also secured an RM89 million contract from Rawang Lakes Sdn Bhd, a unit of the Low Yat Group, for the main building works and ancillary structures of a township in Rawang. Following the latest announcement, Kumpulan Kitacon’s share price rose by 0.5 sen, or 0.7%, to 71 sen at Wednesday’s midday session, giving the company a market capitalisation of RM352 million. The company said the Cyberjaya project is expected to contribute positively to its earnings and strengthen its order book, while showcasing its growing expertise in large-scale residential developments across key townships in Malaysia.

Tropicana Corp Bhd has fully redeemed its RM89.43 million Tranche 1 perpetual sukuk, originally issued in September 2019 to fund key projects across the group’s strategic townships in Malaysia. The redemption is part of Tropicana’s broader initiatives to reduce debt and strengthen its balance sheet, the property developer said in a statement on Wednesday. Tropicana said it remains focused on sustaining its growth trajectory through stronger sales performance, strategic monetisation of landbanks and investment properties, and ongoing financial optimisation. “The full redemption of the Tranche 1 perpetual sukuk demonstrates the steady progress we are making in fortifying Tropicana as a company and underscores our commitment to meeting our financial obligations,” the group said. Tropicana added that it remains focused on sustainable growth, strengthening its core property business through an asset-light model while leveraging its development expertise, unique brand DNA, and ESG commitments. This latest redemption follows the fulfilment of a RM139 million payment in October 2025 under its RM1.5 billion Islamic Medium-Term Notes (IMTN) Sukuk Wakalah programme, bringing total cumulative repayments to RM1.12 billion. Over the past two years, Tropicana has actively reduced its debt and gearing largely through strategic asset sales, though this also led to lower recurring income. In 2024, the group sold Tropicana Gardens Mall to IOI Properties Group Bhd for RM680 million. Earlier, it divested W Kuala Lumpur and Courtyard by Marriott Penang for a combined RM435 million, generating total proceeds of just over RM1.1 billion from these three transactions. As at Dec 31, 2025, Tropicana’s total borrowings stood at RM2.75 billion, slightly higher than RM2.31 billion a year earlier. The group had previously set a target to reduce borrowings to RM1.2 billion by end-2025. Tropicana currently has RM2 billion in unbilled sales and a development pipeline with an estimated gross development value (GDV) of more than RM7.5 billion. Its total landbank spans 1,336.1 acres, with a potential GDV of RM168.4 billion. Financially, the group recorded a net loss of RM118.83 million for the year ended Dec 31, 2025 (FY2025), a 43% improvement from RM208.52 million in FY2024. Cumulative revenue increased 6% to RM1.5 billion, supported by higher progress billings across major projects in the Klang Valley and the Southern and Northern regions. Shares in Tropicana closed three sen, or 2.31%, lower at RM1.27 on Wednesday, giving the developer a market capitalisation of RM3.19 billion.

OCR Group Bhd plans to acquire a 49% stake in property and investment consultancy firm Chester Properties Sdn Bhd through the issuance of new shares. In a statement, the real estate developer said it has signed a heads of agreement with Chester Properties founder and executive chairman Datuk Howard Chew Si Hoo for the proposed acquisition. The purchase consideration will be fully satisfied via the issuance of new OCR shares at 4.1 sen each. OCR, which specialises in property development, construction and project management, said the collaboration is expected to enhance its route-to-market capabilities, strengthen buyer acquisition and support the roll-out of future developments. OCR said the agreement provides for a 60-day due diligence period, followed by the execution of a definitive agreement within 70 days, subject to satisfactory findings. Founded in 2010, Chester Properties has built a wide agency network comprising 17 real estate advisors, 516 real estate negotiators and more than 4,000 agents across 15 branches in the Klang Valley, Johor, Melaka, Negeri Sembilan and Sarawak. The firm focuses on marketing residential and commercial properties, including condominiums, landed homes, shop lots and office spaces, and is currently appointed as marketing agent for several developers and projects. Chester Properties is presently majority-owned by two licensed real estate advisors, who collectively hold a 51% stake. OCR, which is involved in property development, construction and project management, said the proposed partnership is expected to strengthen its route-to-market strategy, enhance buyer acquisition and support the rollout of upcoming developments. Group managing director Billy Ong Kah Hoe described the move as a key milestone in OCR’s strategic roadmap to expand its footprint and unlock value across the property value chain. He noted that Chester’s agency network, combined with OCR’s development pipeline, is expected to improve market reach and support projects such as Residensi Begonia — Phase 2 of the Kyra development in Shah Alam — as well as a planned high-rise lifestyle development in Jalan Alor. Howard Chew said the collaboration aligns Chester’s marketing capabilities with OCR’s development portfolio, creating a stronger value proposition for homebuyers and investors. He added that the partnership aims to enhance how properties are brought to market and deliver broader industry impact. Shares in OCR closed unchanged at 4.5 sen on Wednesday, giving the group a market capitalisation of RM150.3 million.

OCR Group Bhd has entered into an agreement with Magna Prima Bhd to sell 4.58 acres of a 20-acre development property in Section 15, Shah Alam, for RM45 million. The deal involves OCR Group’s wholly-owned unit, OCR Avenue Sdn Bhd, and Magna Prima’s subsidiaries Magna Ecocity Sdn Bhd and Twinicon (M) Sdn Bhd, according to Bursa Malaysia filings. Magna Ecocity is the registered proprietor of the property, while OCR Avenue holds the development rights and power of attorney, allowing it to sell a portion of the land. Under the agreement, Twinicon will acquire the 4.58-acre plot, enabling OCR Group to realise part of the property gains, reduce bank borrowings, and boost cash reserves for future developments. The land’s original cost was RM36.64 million, with a latest audited net book value of RM40.88 million. The sale is expected to yield a net gain of RM4.03 million. For Magna Prima, the acquisition aligns with its strategic expansion and investment plans, aimed at strengthening its asset portfolio and generating long-term value. The purchase will be funded through internally generated funds and bank borrowings. The transaction is expected to be completed within six months. Shares of OCR Group closed unchanged at 4.5 sen on Tuesday, giving the developer a market capitalisation of RM150.3 million, while Magna Prima also ended flat at 74.5 sen, valuing the company at RM299.1 million.

Johor Corporation’s (JCorp) real estate and infrastructure arm, JLand Group Sdn Bhd (JLG), has partnered with property media and data platform EdgeProp to enhance data-driven capabilities and strengthen its market position across Johor’s evolving real estate sector. The collaboration was formalised through a memorandum of understanding (MoU) signed in Kuala Lumpur on Tuesday, according to a joint statement. (From left) Group Managing Director of Juand Group Datuk Akmal Ahmad; JLand Group Chief Innovation‹ Digital Otticer, Is Muhammad Izzat Abdul Aziz; EdgeProj Head of Business Development, Nimalen Parimalam; and Managing Director of EdgeProp, Alvin Ong. Under the agreement, EdgeProp will serve as JLG’s strategic knowledge partner, supporting its digital transformation through the EdgeProp EPIQ platform—an integrated property data and analytics solution that delivers market insights via a centralised digital mapping system. Through the partnership, JLG aims to combine EdgeProp’s data intelligence with its own development expertise and regional market knowledge to improve operational efficiency, sharpen market positioning, and support a more connected, data-driven property ecosystem in Johor. The MoU outlines three main areas of collaboration: improving internal workflows, strengthening market visibility and project positioning, and exploring the development of a regional digital platform. A key initiative includes integrating a unified data dashboard into JLG’s systems to streamline research, planning, and market analysis across its residential, commercial, and industrial portfolios. The partnership will also utilise EdgeProp’s cross-border media platform to boost JLG’s market presence through coordinated, data-driven marketing and content strategies. In addition, both parties will explore building a specialised regional digital platform powered by the EPIQ engine, enabling JLG to integrate its regional data with EdgeProp’s nationwide property database. JLG group managing director Datuk Akmal Ahmad said the collaboration marks a significant step in accelerating the company’s shift towards a data-driven development model. He noted that integrating advanced data analytics will enhance decision-making, from evaluating land bank opportunities to planning developments and responding more effectively to market trends. Meanwhile, EdgeProp managing director Alvin Ong said the partnership provides a strong data foundation to support JLG’s digital ambitions. He added that the collaboration will help drive growth initiatives, including developments linked to the Johor-Singapore Special Economic Zone.

Mieco Chipboard Bhd is selling 16.9 acres (68,532.58 sq m) of land, including an office, factory, and warehouse in Semenyih, Selangor, to hamper specialist Jin Ye Ye Sdn Bhd for RM57 million. The company said in a Bursa Malaysia filing on Thursday that the sale is a strategic move to strengthen its long-term viability amid challenging market conditions. Proceeds will mainly be used to redeem the property, with the remainder allocated for working capital, disposal-related expenses, and taxes. Mieco expects to record a net gain of RM11.27 million from the transaction, as the property’s audited net book value stood at RM40.23 million as of December 2024. Jin Ye Ye, jointly owned by Andy Tan Kim Soon and Alan Tan Kim Chai, is a provider of wholesale, retail, and trading services in confectioneries, processed foods, and beverages, describing itself as a hamper specialist. The sale, executed through Mieco’s unit Seng Yip Furniture Sdn Bhd, is governed by a conditional sale and purchase agreement and is expected to be completed in the second half of 2026. Mieco’s shares were untraded on Thursday, last closing at 65 sen on March 18, giving the company a market value of RM650 million.

Aneka Jaringan Holdings Bhd, a specialist in basement and foundation construction, has secured two letters of award worth a combined RM95.65 million for projects on the New Pantai Highway (NPE) extension and a high-rise residential development in Seputeh. In a statement on Monday (March 16), the group said the first letter of award was from IJM Construction Sdn Bhd for bored piling and reverse circulation drilling works for Package 1 (Sections 1 & 2A) of the NPE extension. The works will be carried out in line with sectional completion requirements, based on site possession timelines to be advised. The second LOA, valued at RM12.8 million, was awarded by MRCB Builders Sdn Bhd for earthwork, piling, and pile cap works for a proposed 50-storey apartment project. The development includes 11 levels of car parks and facilities, as well as an upgraded riverside landscape reserve. Aneka Jaringan’s shares closed unchanged at 11.5 sen on Monday, giving the company a market value of RM80 million.

Chin Hin Group Property Bhd has announced plans to acquire an industrial property in Kota Damansara, Selangor, from Signature Cabinet Sdn Bhd, a wholly-owned subsidiary of Signature International Bhd, for RM66 million. In a filing with Bursa Malaysia, Chin Hin said the acquisition forms part of its strategy to expand its property and industrial portfolio, enabling the group to diversify its income streams and strengthen its presence in key growth areas. The property, located in the well-established industrial hub of Kota Damansara, is expected to support Chin Hin’s ongoing operations and investment objectives, providing potential for rental income or future development. Chin Hin added that the acquisition is subject to the completion of due diligence and any regulatory approvals required under Malaysian corporate and property laws. Management noted that the transaction aligns with the company’s long-term strategy to grow its asset base while maximising shareholder value. The deal also reflects a growing trend among Malaysian property developers to strategically acquire industrial and commercial assets in high-demand areas to capitalise on steady industrial growth and demand for modern facilities.

Exsim Hospitality Bhd’s wholly-owned subsidiary, Exsim Concepto Sdn Bhd (ECSB), has secured a subcontract to supply and install building services and undertake general building works from Binastra Builders Sdn Bhd, marking a strategic step for the company’s planned business expansion. In a filing with Bursa Malaysia, Exsim said the subcontract is valued at RM73.66 million. ECSB, which specialises in providing fit-out services for hospitality property assets, will be responsible for executing the subcontract in line with the master work programme prepared by Binastra. The main contract, under which ECSB’s work falls, commenced on April 29, 2025, and is scheduled for completion on September 28, 2028. The scope of work for ECSB includes both building services and general building construction activities, reflecting the company’s growing capabilities in handling larger-scale projects beyond its traditional fit-out services. Exsim noted that the implementation of the subcontract is subject to approval by shareholders for its proposed diversification into general contracting. This will be discussed at an upcoming extraordinary general meeting (EGM). The move into general contracting aligns with the group’s strategy to expand its revenue streams and leverage ECSB’s existing expertise in hospitality property development to enter new markets. According to the filing, ECSB will carry out its work in close coordination with Binastra, adhering to the project’s master schedule and quality standards. Management said the collaboration with Binastra provides an opportunity for ECSB to enhance its portfolio and strengthen its presence in the construction and property development sector. The subcontract win is also seen as part of Exsim Hospitality’s broader growth strategy, which seeks to diversify its business operations and capitalise on emerging opportunities in Malaysia’s construction and property market.