Property

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.

Axis Real Estate Investment Trust is acquiring an industrial property in Shah Alam for RM38 million in cash in a related-party transaction. In a Bursa Malaysia filing on Wednesday, trustee RHB Trustees Bhd said it had entered into a sale and purchase agreement with Rubicon Assets Sdn Bhd for the leasehold property. The deal is classified as a related-party transaction as Rubicon Assets director and major shareholder Stephen Tew Peng Hwee @ Teoh Peng Hwee is also the non-independent non-executive deputy chairman of Axis REIT Managers Bhd. The property comprises a single-storey detached factory with an integrated double-storey office block and a four-storey factory and storage block, with a net lettable area of about 120,177 sq ft. Axis REIT said the asset is fully leased to three tenants — OCK Telco Infra Sdn Bhd, Tamura Electronics (M) Sdn Bhd and Seng Hup Lightings & Decor Sdn Bhd — generating combined monthly rental income of RM210,476.75. The REIT said the acquisition is expected to be earnings-accretive, supported by stable recurring rental income, and will strengthen long-term portfolio returns. The purchase will be funded via existing bank financing, with Axis REIT’s gearing expected to rise to 32.84%, still within the regulatory limit of 50%. The acquisition is expected to be completed in the second half of 2026. Axis REIT units closed three sen higher at RM2.01 on Wednesday, giving the REIT a market capitalisation of RM4.07 billion.

Tanco Holdings Bhd is entering the concrete products manufacturing business through a joint venture with Hong Kong-based King Well Holdings Ltd (KWHL). In a Bursa Malaysia filing on Monday, Tanco said its indirect wholly-owned subsidiary, Tanco Precast Industries Sdn Bhd, signed a joint venture and shareholders agreement with KWHL to manufacture, supply and sell concrete-related products in Malaysia. Under the agreement, a new joint venture company will be formed, with Tanco holding a 51% stake and KWHL owning the remaining 49%. KWHL is a Hong Kong-incorporated company whose shareholders and board members have experience in the concrete manufacturing industry in China. The new venture plans to set up its first factory on land owned by Tanco and its subsidiaries, while KWHL will lead the factory setup and manufacturing operations. Tanco said the partnership will help strengthen its construction materials supply chain and support its future property development projects, while also tapping into demand for concrete products in Malaysia. The agreement is subject to feasibility assessments and approvals from relevant Malaysian authorities. Tanco shares closed one sen higher at RM1.67 on Monday, giving the group a market capitalisation of RM10.24 billion.

Parkson Retail Group Ltd has renewed the tenancy for its Shanghai Hongqiao property in China in a deal involving a right-of-use asset valued at about RMB374.5 million. In a stock exchange filing, the group said its indirect wholly-owned subsidiary, Shanghai Hongqiao Parkson Development Co Ltd, signed the renewal agreement with Shanghai Changning Real Estate Management Co Ltd. The renewed tenancy will run from July 1, 2026 to Dec 31, 2036, covering about 49,480 sq m of retail space in Shanghai’s Changning district. Under the agreement, monthly rent will be about RMB5.19 million for the first five years, rising to RMB5.34 million for the remaining term. Parkson said the transaction is classified as a very substantial acquisition under Hong Kong listing rules due to the size of the recognised right-of-use asset under IFRS 16. The company will seek shareholder approval for the deal at an extraordinary general meeting. Parkson said the Shanghai Hongqiao outlet remains strategically important due to its location in a mature commercial area and its “Urban Outlets” retail concept featuring a Korean Wave theme. The group added that the fixed-rent structure and planned upgrades are expected to improve cost visibility, support refurbishment efforts and strengthen the store’s competitiveness and customer experience.

Gamuda Bhd has secured a RM3.3 billion contract for the Kaohsiung MRT Xiaogang–Linyuan Line project in Taiwan. The contract was awarded by the Kaohsiung City Government Mass Rapid Transit Bureau. Gamuda said the project strengthens its presence in Kaohsiung, where it is already involved in several rail infrastructure developments, including the MRT Yellow Line and Orange Line projects. The contract was awarded to a joint venture between Gamuda and Taiwanese firm Shang Ting, with Gamuda holding a 70% stake, equivalent to RM2.31 billion of the total contract value. The seven-year-and-four-month project includes the construction of three underground stations, one elevated station, nearly 4km of underground twin-track railway, and six cross passages. This marks Gamuda’s 10th contract win in Taiwan since entering the market in 2002. Apart from MRT projects, Gamuda’s portfolio in Taiwan also includes marine and power transmission infrastructure works.

QEW Group Berhad has officially launched a Request for Proposal (RFP) for the development of the QEW Smart Integrated Industrial Park (QSIIP), a strategic industrial initiative positioned at the Malaysia–Thailand border in Bukit Kayu Hitam, Kedah. Developed via its wholly-owned subsidiary, QEW Smart Integrated Industrial Park Sdn. Bhd., and in collaboration with Invest Kedah Berhad, the project underscores a broader push to strengthen cross-border economic activity and regional industrial integration. Spanning approximately 258 acres, the development is strategically located within a key trade corridor and aligned with the Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT) framework. The initiative is expected to serve as a catalyst for enhanced logistics connectivity, industrial expansion, and cross-border trade flows between Malaysia and its northern neighbours. The QSIIP development will be executed in two phases. The first phase comprises a 200-acre Smart Integrated Industrial Zone, designed to accommodate advanced manufacturing and industrial activities. This will be complemented by a 58-acre commercial and mixed-use component, aimed at supporting business ecosystems and ancillary services. With an estimated Gross Development Value (GDV) of approximately RM1.0 billion, the project is projected to be developed over a period of three to ten years. As part of its rollout, QEW Group has initiated an Expression of Interest (EOI) stage under the RFP process, inviting participation from qualified developers, infrastructure partners, contractors, and strategic investors. This marks the first step in assembling a consortium of stakeholders to drive the project’s development and long-term viability. EOI submissions are set to close on 4 May 2026, with a formal briefing scheduled to take place on 7 May 2026 at QEW Group Berhad’s headquarters in Putrajaya. The launch of QSIIP reflects a growing emphasis on regional connectivity, industrial modernisation, and investment-led growth, reinforcing Malaysia’s position as a strategic gateway within Southeast Asia’s evolving economic landscape. Enquiries and RFP Registration For further information or to register your interest: Corporate Finance Investment DepartmentAsfiah Zulaikha📞 017-2170727✉️ [email protected]

Avaland Bhd said it is acquiring a 7,613 sq m freehold land parcel in Taman U-Thant, Kuala Lumpur for RM86.04 million as part of its expansion into the high-end residential segment in the Klang Valley. In a Bursa Malaysia filing on Tuesday, the property developer said the land is being purchased through its wholly owned subsidiary Nexus Advertising Sdn Bhd from Tong Ah Company Sdn Bhd. The site is currently zoned for residential use and is planned for a high-rise luxury residential development with a preliminary gross development value (GDV) of about RM700 million. Avaland said the acquisition supports its long-term strategy to strengthen its presence in the Klang Valley property market, particularly in the premium housing segment. “This acquisition will further enhance the group’s presence in the luxury residential segment, building on the strong market response and success of the group’s earlier luxury developments, Aetas Damansara and Aetas Seputeh,” it said. The group added that the Taman U-Thant location, which sits within an established embassy enclave with limited new large-scale residential supply, presents a strong development opportunity. The purchase will be funded through a mix of internally generated funds and bank borrowings. The deal is expected to be completed by the first quarter of 2027. Avaland shares rose 1.5 sen or 8.33% to 19.5 sen on Tuesday, giving the group a market capitalisation of about RM284.1 million.