Property

AEON CO. (M) BHD. or AEON is set to introduce AEON Mall KL Midtown, further strengthening its presence in Malaysia’s retail landscape. The mall, scheduled to open in the fourth quarter of this year, will form part of KL Metropolis, a 75-acre mixed-use development in Kuala Lumpur city centre. Artist’s impression of AEON Mall KLMidtown, located alongside office towers, residential components and the Hyatt Regency Kuala Lumpur at KL Midtown. Offering approximately 367,000 square feet of Net Lettable Area (NLA), AEON Mall KL Midtown sits alongside office towers, residential and the Hyatt Regency Kuala Lumpur within the KL Midtown development. The project reflects the growing preference for mixed-use developments, enhancing convenience and accessibility for surrounding communities and businesses within the area. Artist’s impression of the mall’s interior design.    Strategically positioned near the established Mont Kiara, Hartamas and Dutamas catchments, AEON Mall KL Midtown is expected to serve a well-established demographic comprising professionals, residents, expatriates and visitors. The presence of the five-star Hyatt Regency Kuala Lumpur at KL Midtown in the same area further strengthens the location’s appeal. It complements the surrounding offices and residences, creating a well-supported catchment. Together, these components are expected to generate steady footfall driven by multiple demand sources. The mall is planned with a balanced mix of retail, dining and lifestyle offerings designed to meet everyday needs while incorporating experiential elements that contribute to a more engaging setting. Complementing the overall concept is a 1.5-acre rooftop linear park, introducing open green space that enhances the appeal of the destination. The key anchor tenant will be the AEON supermarket, while other major tenants will be announced in the coming months as leasing progress continues to advance positively. AEON Mall KL Midtown also benefits from strong accessibility via major highways, including the SPRINT Highway, DUKE, NKVE and Penchala Link, improving connectivity from key residential and commercial areas across the Klang Valley. Accessibility is expected to be further enhanced by the linked MRT3 station once it becomes operational, as well as a proposed link bridge connecting the project to the Malaysia International Trade and Exhibition Centre (MITEC), improving connectivity within the KL Metropolis development. Tsugutoshi Seko, Managing Director of AEON. According to Tsugutoshi Seko, Managing Director of AEON, the project reflects AEON’s continued efforts to evolve its retail approach in line with changing market expectations and development trends. “Consumers today increasingly value destinations where they can spend quality time, whether through dining, socialising or leisure activities. Beyond meeting retail needs, we aim to contribute positively to the surrounding community by creating spaces that support everyday convenience and encourage people to connect. As our first mall within a project of this scale, it marks a meaningful step forward as we continue to refine how our malls create value for customers, partners and the communities around us.”  AEON Mall KL Midtown is AEON’s 28th mall in Malaysia. The development is expected to enhance the retail offering within KL Metropolis, contributing to a more diverse mix of commercial and lifestyle options in Kuala Lumpur city centre.

Samchem Holdings Bhd is leasing industrial land in Johor Bahru for RM21.08 million to develop a bulk liquid storage terminal as part of its expansion plans. In a filing with Bursa Malaysia, the integrated chemicals and lubricants distributor said its wholly-owned unit SC Terminals Sdn Bhd signed a lease agreement with Idemitsu Chemicals (M) Sdn Bhd for a 439,092 sq ft parcel in Plentong. The lease will run until May 29, 2051, with an option for extension. Samchem said the new facility will increase its storage capacity for internal use and rental to customers, while improving its ability to handle a wider range and larger volume of liquid chemicals. The terminal will also allow the group to carry out bulk-breaking activities, which involve repackaging chemicals from bulk quantities into smaller volumes. The company said the project is expected to strengthen its competitive position and move the business further up the value chain. Samchem currently operates chemical storage, warehousing and logistics facilities across Malaysia, Vietnam, Indonesia and Singapore.

Malaysian Resources Corporation Bhd (MRCB) has completed its acquisition of Bukit Jalil Sentral Property Sdn Bhd (BJSP) after settling the remaining purchase consideration. In a filing with Bursa Malaysia, MRCB said its indirect subsidiary, Rukun Juang Sdn Bhd (RJSB), has paid the final cash balance and fully settled shareholder advances linked to the deal. The acquisition, first announced on Sept 8, 2025, involves MRCB taking an 80% equity stake in BJSP along with redeemable preference shares for a total cash consideration of RM1.58 billion. BJSP is involved in property development and investment and owns three parcels of leasehold commercial land in Bukit Jalil, Kuala Lumpur, which are earmarked for future development. MRCB said the completion of the deal gives it full control over the Bukit Jalil land, which is being assessed for potential future projects, including possible data centre development, subject to feasibility studies and approvals.

Integrated industrial park Northern TechValley @ BKE has garnered Foreign Direct Investment (FDI) interest from corporations based in Singapore, US and China, in addition to domestic investments to date. The RM1.3 billion Gross Development Value industrial park – developed by Suling Hill Development Sdn Bhd (Suling Hill), a joint venture between AME Elite Consortium Berhad and Majestic Gen Sdn Bhd – has thus far attracted customers from various industries, including warehousing, distribution hub, show room, printing, service centre, autoparts, construction machinery, CNC (Computer Numerical Control) machine, and logistics sectors. Speaking at the launch of Northern TechValley @ BKE show unit today, Suling Hill Development director Dylan Tan Teck Eng was encouraged by rising awareness of Environmental Social Governance (ESG) compliance as a deciding factor in new facility investments. “Our commitment is clear: We intend to catalyse the trajectory of growth-focused companies by providing infrastructure-ready and ESG-forward facilities in Northern TechValley @ BKE. We are beginning to see companies appreciate that ESG is as much an internal discipline as it is an external practice. As global supply chains evolve, businesses are increasingly required to meet higher ESG and environmental standards. Developments aligned with frameworks such as GreenRE provide a stronger foundation for manufacturers to position themselves, not just for compliance, but for competitiveness in global markets. While Northern TechValley’s GreenRE certification for buildings already points to a fundamental posture, customers are able to augment social indicators for employee wellbeing through the recreational facilities and workers’ accommodation within our industrial park. Hence, being ESG-integrated is a meaningful growth catalyst for customers’ alignment with their own stakeholders, be they suppliers, customers or employees.” Northern TechValley @ BKE has obtained GreenRE certification for both development and buildings, and integrates sustainability features such as eco-conscious materials. Amongst other initiatives, Suling Hill adopts thermally efficient materials, utilises durable construction, and flexible-functional design to reduce long-term operating costs, extend lifecycle performance, and enable efficient operations. The first phase of Northern TechValley @ BKE comprises 1½-storey detached standard factories across over 20 acres, of which the show unit was launched today. Subsequent phases on approximately 150 acres, which run concurrently, consist of larger built-to-suit facilities in accordance with customer requirements, workers’ accommodation, and general access infrastructure. At present, Suling Hill Development is undertaking infrastructure works, such as power and water supply, and high-speed fibre-optic internet. At the same time, it is also constructing a RM30 million flyover bridge to enhance direct access to the Butterworth-Kulim Expressway (BKE). The 413-metre bridge aims to reduce travel time and improve logistics flow for businesses operating within and around Northern TechValley @ BKE. The flyover is slated for physical completion in end-2026, with targeted commencement in early 2027. From a broader perspective, Tan opined that the current market circumstances represent a window of opportunity for Malaysia’s industrial parks in light of the country’s stable fundamentals, including sound fiscal management, skilled workforce, and pro-investment policies. “Our deep experience over the past 30 years has shown that both FDI and domestic direct investment play a significant role, especially when global supply chains are disrupted, and diversification is the preferred strategy for long-term continuity. In addition to enquiries from global and regional companies, we are also registering interest from companies in South Peninsular, indicating their own aspirations to continue their growth journey. We are therefore optimistic that Northern TechValley stands in good stead to capture this demand,” concluded Tan.

Tokyo-listed Lintec Corp is putting its Penang industrial property up for sale via tender after 25 years of operations in Malaysia. The asset is an eight-acre leasehold site located in Bukit Minyak Industrial Park, Penang, and includes a single-storey factory with a total built-up area of about 132,000 sq ft. According to market estimates, the property is valued at between RM45 million and RM50 million. The tender exercise is being handled by CBRE | WTW and will close on April 23. The land lease is valid until Oct 29, 2061. Bukit Minyak Industrial Park is one of Penang’s key manufacturing hubs in Seberang Perai, known for its strong connectivity to the North-South Expressway as well as both Penang bridges. The area is surrounded by other major industrial zones such as Penang Science Park and Batu Kawan Industrial Park. Lintec announced in September 2025 that it would dissolve and liquidate its Malaysian subsidiary, Lintec Industries (M) Sdn Bhd, due to falling competitiveness and declining orders. The unit was established in 2000 and specialised in multilayer ceramic capacitor-related tapes used in electronic devices. The company said growing competition from Chinese manufacturers had reduced demand and market value for its products, leading to the decision to exit manufacturing and sales operations in Malaysia. Lintec still maintains other subsidiaries in Kuala Lumpur, Shah Alam and Kuching, where it also operates a manufacturing plant.

ES Sunlogy Bhd has secured a RM107.5 million subcontract for mechanical, electrical and ventilation works for an industrial development project in Tebrau, Johor Bahru. In a filing with Bursa Malaysia, the mechanical and electrical engineering specialist said the contract was awarded to its wholly owned subsidiary, Savelite Engineering Sdn Bhd, by China State Construction Engineering (M) Sdn Bhd. The scope of works includes the supply, installation and maintenance of air-conditioning and mechanical ventilation systems, smoke control systems, electrical systems, as well as extra low-voltage cable support systems for the proposed industrial building and related external infrastructure works. The subcontract is scheduled to run until Nov 30 this year. The latest contract win is expected to strengthen ES Sunlogy’s order book and provide additional earnings visibility for the group moving forward. It also reflects the company’s continued capability in delivering specialised engineering services for large-scale industrial developments. Shares of ES Sunlogy closed unchanged at 28 sen on Monday, valuing the company at RM189.06 million. The stock has declined more than 11% year-to-date.

A1 AK Koh Group Bhd plans to acquire a one-acre parcel of land in Puchong Jaya for RM16.73 million in cash to develop a new regional sales and marketing office for central Peninsular Malaysia. In a filing with Bursa Malaysia on Monday, the company said its wholly owned subsidiary, AK Koh Enterprise Sdn Bhd, is purchasing the leasehold land from Qualitypack Properties Sdn Bhd. The site already has development approval for a commercial complex and is planned for a five-storey building with an estimated gross floor area of about 29,000 sq ft. A1 AK Koh said the acquisition is in line with its need for larger and more suitable premises as its operations and workforce in the central region have expanded in recent years. The purchase price was agreed on a willing buyer-willing seller basis after considering an independent market valuation of RM16.5 million conducted by Laurelcap Sdn Bhd on April 9. The company said the land purchase will be funded through a combination of bank borrowings and internally generated funds. It also expects to spend around RM8.5 million on construction costs for the proposed building, although the final development cost has yet to be confirmed. While the exercise is not expected to have a material impact on earnings for the financial year ending June 30, 2026, the group noted that borrowings and development costs may affect short-term profitability. However, it expects the project to contribute positively once operational. Shares of A1 AK Koh closed unchanged at 17 sen on Monday, giving the group a market capitalisation of RM142.6 million.

IOI Properties Group Bhd, through its unit IOI Marina View Pte Ltd, is acquiring Asia Square Tower 2 from CapitaLand Integrated Commercial Trust (CICT) for S$2.48 billion (RM7.70 billion). The 46-storey integrated development is located in Singapore’s prime Marina Bay district. The deal was announced following a put and call option agreement signed between both parties, according to a filing with the Singapore Exchange on Monday. The acquisition is expected to be completed in the second half of 2026, subject to shareholder approval and confirmation from Singapore’s tax authority that Additional Conveyance Duty for Buyers will not apply. With the purchase, IOI Properties’ wholly owned property investment assets under management in Singapore will grow to S$10 billion, further strengthening its position as a major landlord in Singapore’s Central Business District. Its total net lettable area will expand to 2.57 million sq ft. Asia Square Tower 2, completed in September 2013, offers approximately 773,000 sq ft of net lettable area, including Grade A office space, retail units and hotel premises leased to a third party. The property also enjoys direct links to the Thomson-East Coast Line and Downtown Line. According to an independent valuation by Cushman & Wakefield VHS Pte Ltd, the property was valued at S$2.25 billion as of Dec 31, 2025.

MGB Bhd has secured a RM34.76 million contract to build residential villas in Jeddah, Saudi Arabia, further strengthening its presence in the Middle East. In a Bursa Malaysia filing on Wednesday, the construction firm said the contract was awarded to its wholly owned subsidiary, MGB International For Industry, by Saudi real estate developer Roshn Group Company. Under the eight-month contract, MGB will construct 75 villa units for the Marafy Al-Arous Development Project, Roshn’s first fully integrated mixed-use development. The group has previously collaborated with Roshn on projects such as the Roshn Alarous development in Jeddah, where it supplied and installed precast elements. MGB said the latest contract is expected to boost its earnings and strengthen its order book, while supporting its strategy to expand its footprint in Saudi Arabia and the broader regional market. According to AskEdge data, MGB is currently trading at a price-to-earnings ratio of 4.9 times, the lowest among its peers and below its historical valuation range. Its price-to-net asset value of 0.4 times is also the lowest in the peer group and near recent lows. Shares in MGB closed one sen or 2.4% higher at 43 sen, valuing the company at RM254.4 million.

Tropicana Corporation Bhd has redeemed another RM133.2 million under its RM1.5 billion Islamic Medium-Term Notes (IMTN) 2020 sukuk programme, the company said in a statement on Wednesday. The redemption of Tranche 5 of the perpetual sukuk brings total repayments under the programme to RM1.25 billion, according to the property developer. Tropicana said the move is part of its ongoing efforts to reduce borrowings and strengthen its balance sheet. This latest repayment follows earlier debt reductions, including a RM89.43 million redemption in March under Tranche 1, and a RM130 million settlement under Tranche 4 in October last year. The group’s unbilled sales stand at RM2 billion, providing continued earnings visibility. It also said its ongoing and upcoming developments carry a combined gross development value (GDV) of about RM7.5 billion. For the financial year ended Dec 31, 2025, Tropicana’s net loss narrowed to RM118.83 million from RM208.52 million a year earlier, while revenue rose to RM1.5 billion from RM1.4 billion. The company plans to launch 11 developments this year with a GDV of RM3.1 billion, including projects in Kota Kemuning, Cyberjaya, Genting Highlands, Langkawi, and Johor. It also expects several project handovers in 2026 across Kota Kemuning, Petaling Jaya, and Langkawi. Tropicana said its landbank currently totals 1,336 acres, with a potential GDV of RM168.4 billion. Shares in Tropicana closed two sen or 1.7% higher at RM1.20, valuing the company at RM3 billion.