Property

Eco World Development Group Bhd (EcoWorld Malaysia) has partnered with Johor Corp’s JLand Group through its subsidiary, JLG Investment Holdings Sdn Bhd (JLGIH), to jointly develop three major projects in Malaysia and Australia with a combined estimated gross development value (GDV) of nearly RM2.5 billion. Eco World Development Group Bhd president and CEO Datuk Chang Khim Wah. The partnership is structured through three separate subscription and shareholders’ agreements (SSAs), covering what the companies describe as “three distinct but complementary developments.” Macquarie Development, SydneyEcoWorld’s first direct residential project in Australia, Macquarie Development, will feature a 16-storey tower with 123 units on a 2,751 sq m site. The project, with an estimated GDV of AU$153 million, is slated for launch in the fourth quarter of 2026 (4Q26) and will be held under Versione NODE Sdn Bhd, a 50:50 joint venture between EcoWorld’s wholly-owned subsidiary Ascension Synergy Sdn Bhd (ASSB) and JLG Land Macquarie Park Sdn Bhd. Versione NODE recently acquired the land for RM89.66 million from EWI Capital Bhd, in which EcoWorld holds a 30% stake. Larkin Development, Johor BahruThe second project, Larkin Development, will be managed under Versione WKND Sdn Bhd, a 50:50 joint venture between ASSB and JLG Land Bhd. Located on 34,156.5 sq m (8.44 acres) of freehold land, it will feature a mixed-use development with serviced apartments, retail spaces, and a hotel. The project carries an estimated GDV of RM1.02 billion and is expected to launch in 4Q26. IBTEC Industrial Development, Kulai, JohorThe third project is an industrial development in Kulai, Johor, managed by Eco Business Park 9 Sdn Bhd, a 50:50 joint venture between ASSB and JLG Technopark Sdn Bhd. Spanning 316.15 acres of leasehold land within IBTEC South, infrastructure works are set to begin in 2Q26, with a full launch expected in 1Q28. The project carries an estimated GDV of RM1.01 billion and is intended to support industrial growth in Iskandar Malaysia. In a joint statement, EcoWorld Malaysia and JLand Group said the partnership aims to combine their complementary strengths, capabilities, and resources to deliver developments tailored to the needs of each market. Funding for the projects will be managed by the jointly-owned entities — Versione NODE, Versione WKND, and Eco Business Park 9. As a 50% shareholder, EcoWorld Malaysia will provide its share of the financing for acquisitions and development costs. Datuk Chang Khim Wah, president and CEO of EcoWorld Malaysia, said the partnership creates a platform for long-term, diversified growth beyond individual projects. “Together, these three developments represent a strategic partnership built on collaboration, scale, and long-term value creation,” he said. EcoWorld Malaysia holds a landbank of 11,956 acres across the Klang Valley, Iskandar Malaysia, Penang, and Negeri Sembilan, with a total estimated GDV of RM98 billion.

Mah Sing Group Bhd has entered into supplemental agreements to revise certain terms relating to its proposed acquisition of freehold land in Kulai, Johor, from Aura Muhibah Sdn Bhd, a subsidiary of Kuala Lumpur Kepong Bhd (KLK). The agreements were signed through Mah Sing’s wholly owned subsidiary, M Industrial Development Sdn Bhd. In a filing with Bursa Malaysia, the property developer said the supplemental sale and purchase agreement (SPA) and supplemental project management agreement (PMA) were executed to amend specific terms of the transaction, particularly the subdivision arrangement of a portion of the master land. Under the revised arrangement, the land will now be subdivided into six parcels instead of the two parcels initially planned, or into such other number of parcels as may be mutually agreed upon by the parties. The change was made to facilitate the development planning and implementation of the proposed project. Following the revision, the total land area involved in the acquisition has been slightly adjusted from 419.15 acres to 419.17 acres. Despite the minor adjustment in land size, the purchase consideration for the acquisition remains unchanged at RM273.87 million. The market value of the land also remains consistent at RM274 million. Mah Sing had earlier announced the proposed acquisition on Dec 19, 2025, and Feb 16, 2026. The land is intended for an industrial development project with an estimated gross development value (GDV) of RM2.26 billion. The project is expected to support Mah Sing’s strategy of expanding its presence in the industrial property segment, particularly in Johor, which continues to attract strong demand from manufacturing, logistics and technology-related industries. The company noted that apart from the revisions to the subdivision structure of the land parcels, all other terms and conditions under the original SPA and PMA remain unchanged and continue to be in full force between the respective parties. The acquisition forms part of Mah Sing’s broader expansion strategy to strengthen its industrial development portfolio while capitalising on Johor’s growing role as a key investment and manufacturing hub in the region.

Heng Guan Development (HGD) has broken ground on the Balik Pulau Commercial Centre (BPCC), a boutique commercial development located within the Balik Pulau township on Penang Island. Heng Guan Development (HGD) CEO Lim Tiong Haan; chairman Datuk Seri Lim Tiong Chin; executive directors Andrew Lim Hwa Eng and Melvin Lim Hwa Aik; partners Lim Hang Kok, Lim Han Nge and Datuk Teoh Teng Chor; HG Group directors Lim Pee Tong, Datuk Lim Tiong Boon and Lim Teong Khoon; and G Mark executive directors Tan Ze Hau and Tan See Chong. In a statement, the developer said the project comprises 13 two-storey shop offices with built-up areas ranging from 2,800 sq ft to 3,802 sq ft. The development carries a gross development value (GDV) of RM18.3 million and is being built on a 1.46-acre site. HGD noted that the project was fully taken up prior to construction, with all units acquired to consolidate premises for a supermarket operator serving the surrounding residential community. Situated in the Balik Pulau area, BPCC is designed as a neighbourhood-scale commercial development aimed at supporting nearby residential areas, including Prince of Wales International School and several established housing communities. The developer said the project reflects its strategy of delivering community-focused developments while expanding its footprint across the Northern Region. “BPCC represents another milestone in HGD’s continued growth in the Northern Region. As we expand our development portfolio, we remain committed to delivering well-positioned projects that meet the evolving needs of local communities,” the company said. HGD added that the development forms part of its broader plan to introduce community-scale commercial projects in emerging growth areas, particularly where expanding residential populations are driving demand for neighbourhood retail and services. The company currently has several development activities across Penang and Kedah, as it gradually broadens its presence beyond its traditional markets. Construction of the Balik Pulau Commercial Centre is expected to commence immediately following the groundbreaking ceremony.

Magma Group Bhd is planning to acquire LUMA Hotel in Kota Kinabalu for RM60.9 million through a combination of cash and share issuance, as part of its strategy to expand its hospitality portfolio. In a filing with Bursa Malaysia, the group said its wholly owned subsidiary Magma Avenue Sdn Bhd has signed a heads of agreement to acquire the LUMA Hotel business along with four adjoining buildings in the Sabah capital. Under the proposed deal, Magma will acquire 100% equity in HH Home Hotel Sdn Bhd, which owns the LUMA Hotel brand and operations, for RM12.8 million. The payment will be made through a mix of cash and the issuance of 27.15 million new Magma shares. In addition, the group plans to purchase four buildings where the hotel currently operates from different vendors. Two of the buildings will be acquired from HKT Realty and Gamwon Properties respectively, each for RM16 million, with payment comprising cash and 14.55 million Magma shares per building. The remaining two buildings will be acquired through equity purchases. Magma will buy 100% of Zenith Everise Sdn Bhd from Alan Wong and Chin Chen Nyap for RM7.6 million, partly paid in cash and 16.36 million shares. It will also acquire Upper Domain Sdn Bhd from Alan Wong and Lee Ka Yi for RM8.5 million, settled via cash and 19.09 million shares. All shares issued under the deal will be priced at 33 sen each, based on the five-day volume-weighted average price (VWAP) of Magma shares up to March 4. Magma said the acquisition aligns with its strategy to expand and strengthen its hotel portfolio, while increasing recurring income from its core hospitality business. The group currently manages Impiana-branded hotels, is involved in property development, and operates the Chagee tea chain in Malaysia. Magma shares closed one sen lower, or 3.1%, at 31.5 sen on Thursday, giving the company a market capitalisation of RM541.9 million.

YX Precious Metals Bhd (YXPM) has announced plans to acquire a 720 sq m parcel of land in Kuala Lumpur from XMA Realty Sdn Bhd for RM10 million, in a move aimed at expanding its asset base and supporting future growth initiatives. According to a statement released by the company, the proposed acquisition is part of YXPM’s strategic plan to enhance its property holdings and diversify its investment portfolio. The land, situated in a prime location within the federal territory, is expected to provide potential opportunities for future development or operational use, although the company has not disclosed specific plans for immediate development. YXPM said the acquisition will be funded through its internal cash reserves, and will not have any immediate impact on its share capital. The company also noted that the transaction is subject to the necessary approvals and due diligence procedures, including regulatory and board endorsements. The proposed purchase reflects the company’s focus on securing strategic land assets in key urban locations, which could potentially strengthen its long-term financial position and provide new avenues for growth. Analysts suggest that prime land in Kuala Lumpur continues to hold strong value due to its limited supply and potential for future appreciation. YXPM has a track record in the precious metals and related industries, and this move into property assets signals a strategic diversification that could complement its core business. The company emphasized that the acquisition aligns with its broader corporate strategy of building a sustainable and resilient asset base. No further details were provided regarding the timeline for completion of the transaction, or any intended developments on the site. The company said it will make additional announcements as and when material developments occur. Investors and stakeholders will be watching closely, as the acquisition could potentially influence YXPM’s asset value and long-term growth trajectory, particularly if the land is leveraged for strategic projects in the coming years.

Exsim Hospitality Bhd has partnered with developer Majestic Gen to introduce professionally managed accommodation in selected developments across Malaysia, with a potential pipeline of over 3,000 keys over the next four years. Under the collaboration, Exsim Hospitality’s Mana Mana Hospitality brand will serve as the operator for selected projects within Majestic Gen’s portfolio. Participation in the hospitality management programme will remain optional for homeowners. From left: Majestic Gen executive director Ta Wee Dher, general manager of sales and marketing (group) Grace Foo, Mana-Mana Hospitality managing director Debbie Leow and Exsim Hospitality executive director Paramjit Singh at the signing ceremony on Wednesday. Majestic Gen’s general manager of sales and marketing (group), Grace Foo, said the partnership reflects the developer’s aim to enhance the value and resilience of its projects. “Our collaboration with Mana Mana Hospitality aligns with Majestic Gen’s vision of delivering sustainable, high-quality, and innovative developments across Malaysia,” she said at the partnership-signing ceremony on Wednesday. The programme will be introduced progressively, based on project suitability and rollout plans, with Majestic Residence in Kuala Lumpur among the first developments to adopt it. For Exsim Hospitality, the partnership is part of a strategy to scale Mana Mana Hospitality into a larger hospitality operating platform. Mana Mana Hospitality managing director Debbie Leow said the collaboration supports the brand’s expansion beyond short-term rentals into lifestyle resorts and full-service hotels. “This partnership demonstrates the scalability of our model, and working with a developer with a nationwide pipeline enables us to grow our hospitality platform more consistently,” she said.

Gadang Holdings Bhd has announced plans to acquire a parcel of freehold land measuring 11.179 acres in Johor Baru, Johor, from Tanahmas Kapital Sdn Bhd for RM75.48 million. The proposed acquisition, which will be executed under the company’s ongoing expansion strategy, is aimed at strengthening Gadang’s property development portfolio in one of Malaysia’s fastest-growing urban centres. According to the company, the land is strategically located in a prime area of Johor Baru, offering strong potential for residential, commercial, or mixed-use development projects. In a statement, Gadang Holdings said the acquisition aligns with its long-term growth objectives, enabling the group to capitalize on Johor’s rising property demand and the development opportunities created by the region’s proximity to key transportation hubs and economic zones. The company did not disclose the specific plans for development on the site but emphasized that the acquisition is part of its broader strategy to expand its land bank and enhance shareholder value. The RM75.48 million consideration reflects the strategic value of the land, which spans over 11 acres, and is expected to provide a platform for future property projects that can contribute to Gadang’s revenue and profitability over the medium to long term. The proposed acquisition is subject to the approval of Gadang Holdings’ board of directors, and the company will provide further updates as the transaction progresses.

Tropicana Corporation Bhd has signed 10 memoranda of understanding (MOUs) through its wholly owned hospitality arm, T Journey Collection Sdn Bhd, as part of efforts to strengthen its hospitality ecosystem. T Journey was established as a dedicated hospitality platform to grow Tropicana’s short-stay and experiential hospitality offerings. It brings together partners across mobility, travel services, food and beverage, leisure attractions and hospitality technology. At the core of the ecosystem is the T Concierge platform, an in-house developed guest service system designed to curate and bundle travel services into seamless, bookable end-to-end experiences. The 10 MOUs, signed on Feb 10, 2026, cover collaborations in institutional support, mobility and loyalty programmes, travel agencies, F&B operators, leisure attractions and hospitality tech providers. “Ahead of T Journey’s grand launch in March 2026, this milestone reflects our commitment to building a strong hospitality ecosystem through strategic partnerships, while delivering greater value to our property buyers and a seamless travel experience for guests,” said Ixora Ang, managing director of marketing, sales and business development. T Journey will debut in Langkawi with curated residences anchored by Tropicana Cenang, a 5.28-acre freehold beachfront development at Pantai Cenang. The project features serviced suites and retail components with direct beach access and resort-style facilities. Phase 1 (Assana Serviced Suites) and Phase 2 (Merissa Serviced Suites) reached their topping-off milestone in July 2025 and are on track for completion in the first quarter of 2026, with full operations expected by mid-2026. Both phases have achieved 100% take-up, comprising 831 units in Assana and 60 fully furnished units in Merissa.

Lim Seong Hai Capital Bhd has inked two agreements for mixed-use developments in Kuala Lumpur and Selangor, with a combined estimated gross development value (GDV) of RM903.9 million. The first project, a 52-storey mixed development along Jalan Pahang in Setapak with a GDV of RM500 million, will be undertaken by LSH’s wholly owned subsidiary, Astana Setia Sdn Bhd, in collaboration with Airman Sdn Bhd — a company fully owned by LSH chairman Tan Sri Lim Keng Cheng. The project spans multiple lots and includes an existing three-storey shophouse. This transaction qualifies as a recurrent related-party deal. The second project, a mixed residential and commercial development in Gombak valued at RM403.9 million, will be developed by LSH Best Builders Sdn Bhd, another wholly owned subsidiary, in partnership with Bakti Jaya Impian Sdn Bhd, owned by Syed Azelan Syed Yusof. Both projects fall under LSH’s BEST Collaboration Framework, which allows its subsidiaries to tender for construction works, provide building materials and equipment, and receive first rights on alternative design works. The subsidiaries will also earn 75% of gross profits from each development, after deducting direct HQ costs. LSH said the deals will not impact share capital, net assets, gearing, or current earnings but are expected to contribute positively once the projects are launched. Shareholders Approve Morib Rejuvenation Project LSH shareholders recently approved resolutions related to the Morib rejuvenation project, allowing Besteel Engtech Sdn Bhd to subscribe to new shares in two special-purpose vehicles (SPVs) — LSH Morib Golf & Country Club Sdn Bhd and LSH Morib Development Sdn Bhd. LSH Best Builders will hold 70% and Besteel 30% in each SPV. The project gives LSH access to 450 acres of land, including a core development footprint and first right of refusal over additional land. The first 150 acres have a preliminary estimated GDV of RM850 million over 10 years. LSH shares closed at RM1.97, down five sen or 2.5%, valuing the group at RM1.65 billion. The stock has gained nearly 140% over the past year.

Scanwolf Corporation Bhd’s wholly owned subsidiary, Scanwolf Plastic Industries Sdn Bhd, has secured a significant contract from Vestland Resources Sdn Bhd valued at RM70 million for superstructure and mechanical works. The contract involves the development of two commercial blocks: a 69-storey Small Office Home Office (SoHo) building and a 78-storey Small Office Versatile Office (SoVo) building. These projects form part of Vestland Resources’ broader commercial development plan, highlighting Scanwolf’s growing footprint in large-scale construction works. According to a Bursa Malaysia filing on Friday, the subcontract work is scheduled to commence on February 27, 2026, and is expected to be completed by June 9, 2029. Scanwolf noted that the award is likely to have a positive impact on the company’s earnings and net assets per share for the financial year ending June 30, 2026. This latest contract win reinforces Scanwolf’s reputation in delivering complex mechanical and superstructure projects and adds substantial value to its order book, supporting the company’s long-term growth objectives in the Malaysian construction sector.