Property

OSK Property is preparing to launch OSK Yarra 33, a RM43.23 million commercial project featuring 33 freehold shop offices within the OSK Yarra Park township in Sungai Petani, Kedah, targeted for unveiling in the third quarter of 2026. Located on a 5.77-acre freehold parcel in Precinct 4, the development will comprise two- and three-storey shop offices tailored for contemporary business use. Indicative prices are expected to begin from RM785,000 for standard intermediate units measuring 22ft by 88ft, with a built-up area of 3,080 sq ft. Corner and end-lot units will also be available. Strategically positioned along Persiaran Yarra 1 and facing an established hypermarket, the project enjoys frontage within a catchment area estimated to serve around 220,000 residents from nearby townships including Bandar Puteri Jaya, OSK Yarra Park, Bandar Mutiara, Taman Batik and SP Heights. OSK Property chief executive officer Ong Ghee Bin said the launch follows the full take-up of BPJ Business Park and reflects growing demand for strategically located, well-designed commercial spaces in Sungai Petani. As OSK Yarra Park continues to evolve, OSK Yarra 33 is envisioned as a key commercial component supporting sustainable business growth and enhancing the township’s overall vibrancy. The project is part of OSK Yarra Park’s ongoing expansion, which has progressively strengthened its mix of residential and commercial offerings in the area.

Malaysia Airports Holdings Bhd (MAHB) has imposed RM9.1 million in liquidated and ascertained damages (LAD) on contractors responsible for the Kuala Lumpur International Airport (KLIA) aerotrain project, Transport Minister Anthony Loke confirmed in a written parliamentary reply on Thursday. The penalties were levied against the Alstom and IJM-Pestech Joint Venture (IPJV), covering a 91-day period from April 1 to June 30 last year. Under the terms of the contract, the LAD is calculated at RM100,000 per day, resulting in a total charge of RM9.1 million. Loke was responding to a parliamentary question from Khoo Poay Tiong (Pakatan Harapan-Kota Melaka), who inquired about the amount of LAD imposed on the Alstom-IJM-Pestech JV for failing to deliver the aerotrain project satisfactorily. The KLIA aerotrain links the satellite terminal building to the main terminal and is a critical part of passenger movement within the airport. Services were suspended in March 2023 following a major breakdown that left passengers stranded midway along the track. The system was initially scheduled to resume operations by March 31, 2025. The aerotrain replacement project was originally awarded to Pestech International Bhd in December 2021, with French rolling stock manufacturer Alstom supplying the trains. However, MAHB terminated Pestech’s contract five months later, citing non-performance, missed project milestones and the risk of further delays. In January 2024, Pestech was reappointed to the project, this time forming a joint venture with IJM Construction Sdn Bhd under a consortium with Alstom. The driverless aerotrain system eventually resumed operations in July 2025. Despite the system’s restart, it has continued to experience service disruptions, prompting complaints from passengers and the public. The RM456 million project, designed to improve connectivity between terminals and enhance passenger convenience, has faced repeated setbacks and operational challenges. The imposition of LAD underscores MAHB’s enforcement of contractual accountability and serves as a warning to contractors on the importance of adhering to project timelines and quality standards. The penalties aim to mitigate losses and ensure that infrastructure projects of strategic importance, such as the KLIA aerotrain, are delivered efficiently and reliably for the benefit of airport users.

Sunway Construction Group Bhd  has won new contracts worth RM1.15 billion for shell-and-core projects from a US-based multinational technology company. In a Bursa Malaysia filing, SunCon said its fully owned subsidiary, Sunway Construction Sdn Bhd, will start work immediately, with completion expected by May 2027. The client’s identity was not disclosed. These latest wins raise SunCon’s total order book to RM6.9 billion, including RM1.2 billion secured in the first two months of 2026. The group aims to replenish RM6 billion in orders this year, following a record RM5.2 billion replenishment in 2025. The new contracts come after a strong 2025 performance, with SunCon declaring a fourth interim dividend of nine sen per share, bringing the total payout to a record 50.5 sen. Full-year net profit jumped 93.6% to RM361.78 million from RM186.91 million the previous year, while revenue hit a milestone of RM5.34 billion. The group credited growth to contributions from all segments, particularly accelerated progress in advanced-technology facilities projects. Shares of SunCon closed 31 sen or 4.7% higher at RM6.90 on Wednesday, giving the company a market valuation of RM9.13 billion. The stock has risen over 21% year-to-date.

Varia Bhd has secured a significant RM155 million subcontract for upgrading works on the Pasir Gudang Highway in Johor, further strengthening its construction order book for the next three years. The award underscores the group’s growing presence in large-scale civil and infrastructure projects. The subcontract was accepted by Varia’s wholly-owned subsidiary, Pembinaan Teguh Maju Sdn Bhd, from Kemuncak Pesaka Sdn Bhd on Wednesday, according to a Bursa Malaysia filing. The scope of work includes the supply of labour, materials, equipment, and machinery required to execute and complete civil and infrastructure upgrading works along the highway. The project is scheduled to run for a duration of 36 months, commencing on Dec 3, 2025, and expected to conclude by Dec 2, 2028. The contract is anticipated to provide steady revenue streams for Varia while enhancing its portfolio of ongoing projects in the infrastructure sector. This subcontract follows Varia’s ongoing efforts to expand its construction footprint in Malaysia, particularly in key highway and transport projects, and positions the company to capitalise on future infrastructure opportunities in Johor and other states. On the stock market, Varia’s shares closed unchanged at 84 sen on Wednesday, giving the company a market capitalisation of RM363.3 million. The group highlighted that successful execution of the Pasir Gudang Highway project will not only contribute to revenue growth but also reinforce its reputation as a reliable contractor for large-scale civil works.

Kerjaya Prospek Group Bhd has secured a substantial contract worth RM502.27 million from Tanjung Pinang Development Sdn Bhd to undertake reclamation and dredging works for the Seri Tanjung Pinang (Phase 2B and 2C) Development, also known as STP2, in Penang. The contract was awarded to Kerjaya Prospek’s wholly-owned subsidiary, Future Rock Sdn Bhd, which received the official letter of award on Monday, 23 February. Tanjung Pinang Development Sdn Bhd is an indirect subsidiary of Eastern & Oriental Bhd (E&O), the developer behind the 760-acre Andaman Island development located in Tanjung Tokong, Penang. Under the agreement, Kerjaya Prospek is tasked with the execution and completion of the reclamation and dredging works, which are scheduled to commence on 11 March 2026. The project is expected to be completed before 31 March 2029, spanning a three-year timeline. The STP2 development represents a major expansion of E&O’s iconic Andaman Island project and is set to enhance the waterfront landscape of Tanjung Tokong, providing opportunities for residential, commercial, and recreational growth in the area. For Kerjaya Prospek, the contract is expected to contribute an additional revenue stream over the next three years and further strengthen the company’s existing order book. Following the announcement, Kerjaya Prospek’s shares were trading slightly lower, down 0.79% at RM2.52 during Monday’s midday session, giving the company a market valuation of approximately RM3.19 billion. With this new contract, Kerjaya Prospek continues to reinforce its position as a leading player in civil engineering and infrastructure projects in Malaysia, particularly in high-value reclamation and dredging works. The successful execution of STP2 is expected to further enhance the group’s portfolio and reputation for delivering large-scale, complex marine and coastal development projects.

YTL Live, the operating arm of YTL Corporation Bhd’s upcoming live entertainment complex in Bristol, has announced Aviva as the official naming-rights partner for its new 20,000-seat indoor arena under a long-term, multimillion-pound sponsorship agreement. In a joint statement, YTL and Aviva confirmed that the venue will be known as Aviva Arena upon its expected opening in late 2028. The arena will rank among the largest indoor venues in the UK and will be the first of its scale in the West of England. The companies estimate that approximately 1.4 million visitors will attend live music performances, sporting events and other entertainment activities at the arena each year. Construction is already underway to repurpose the historic Brabazon Hangars — the original manufacturing site of the UK’s Concorde supersonic jets — into a premier live entertainment destination. The broader development, branded as YTL Live, will place Aviva Arena within the largest of the three hangars and also feature dedicated conference and exhibition facilities. The project is projected to inject around £1 billion (RM5.26 billion) into the Bristol economy during its first decade of operations. More than 2,000 jobs are expected to be generated during the construction phase, with up to 500 permanent positions to be created once the arena becomes operational, contributing to sustained economic and social benefits in the region. Aviva Arena is set to host over 120 large-scale events annually, positioning it as a leading international destination and a “must-play” venue for global artists. YTL Corporation executive chairman Tan Sri Francis Yeoh said the collaboration with Aviva reflects shared corporate principles, particularly in community engagement, inclusion and sustainability. While highlighting YTL’s expansion into digital infrastructure — including 5G networks, artificial intelligence (AI) data centres in partnership with Nvidia, and the launch of an AI-driven digital bank — Yeoh reaffirmed the group’s long-term commitment to its core infrastructure investments. He noted that YTL’s acquisition of the former Filton airfield in 2015 marked a strategic regeneration initiative, similar to projects the group has undertaken across Asia to revitalise dormant sites into thriving communities. Yeoh also pointed out that Prime Minister Datuk Seri Anwar Ibrahim had previously unveiled YTL’s updated master plan for Brabazon New Town. The group has pledged to invest approximately £4 billion in the UK over five years, reinforcing its position as the largest Malaysian investor in the country. Demolition works have been completed, and construction — led by YTL Construction UK — is now commencing, with completion targeted for late 2028.

Atlan Holdings Bhd said its indirect subsidiary, Selasih Eksklusif Sdn Bhd, has ceased duty-free operations at Berjaya Waterfront in Johor Bahru and is terminating its tenancy agreement with the landlord. Selasih decided to close the outlet after failing to secure a renewal of its business licence from the Johor Bahru City Council despite multiple attempts. The tenancy, originally signed in March 2013 with Berjaya Waterfront Sdn Bhd (a unit of Berjaya Assets Bhd), will now be formally ended. Selasih is a subsidiary of Singapore-listed Duty Free International Ltd (DFIL), which sells alcohol, chocolates, tobacco, perfumery, and cosmetics. Atlan holds a 75.53% stake in DFIL. Selasih’s closure was first disclosed by DFIL to the Singapore Exchange, with Atlan making a corresponding announcement to Bursa Malaysia. For the financial year ended Feb 28, 2025, Selasih contributed about 38.6% of DFIL’s revenue and 4.6% of its profit after tax. Atlan said negotiations with Berjaya Waterfront for a mutually agreeable termination failed, and the landlord has not yet responded to the notice. The group noted the closure could result in a one-off exceptional net gain after tax of roughly RM17 million for DFIL, mainly from derecognising the lease, but this would be partly offset by costs related to ceasing operations, including asset write-offs, inventory markdowns, and staff retrenchments. Figures are still being reviewed. Atlan shares closed four sen lower at RM2.75 on Thursday, giving the company a market capitalisation of RM697.54 million.

FBG Holdings Bhd has secured a RM238.1 million contract to construct a 25-storey hotel above The Mall at Mid Valley Southkey in Johor Bahru. The building, Tower 6, will feature 375 rooms along with associated facilities, and is owned by IGB Bhd. The contract was awarded to FBG’s wholly owned subsidiary, FBG Builder Sdn Bhd, by MVS Southpoint Hotel Sdn Bhd. The project is scheduled to begin on March 1, 2026, and is expected to be completed by June 30, 2028. With this win, FBG’s outstanding order book rises to RM1.23 billion, providing earnings visibility through 2028. FBG group executive chairman Tan Sri Chan Kong Choy said the contract underscores the company’s technical expertise, disciplined project management, and consistent delivery of quality workmanship. “We will maintain rigorous standards, timely execution, and close collaboration with stakeholders to ensure successful outcomes. This project strengthens our presence in Johor and contributes to long-term growth,” he added. Major shareholders include Tan Sri Chan (indirect 13.93%), deputy chairman Tan Sri Kuan Peng Ching (indirect 11.94%), the late Tan Sri Ta Kin Yan (8.74%), and group executive director Tan Sri Lau Kuan Kam (1.02% direct, 5.44% indirect). FBG shares closed at 15.5 sen on Thursday, giving the group a market value of RM115 million.

An oil palm plantation along the Segamat–Kuantan Highway in Johor has been put up for sale by tender. The freehold land, owned by Chansun Estate Sdn Bhd, spans about 1,153 acres and is split by the highway. It is located დაახლოებით 22km from Segamat town and 13km from Buloh Kasap. The indicative price of the 103.6-acre tract (foreground) in Gelang Patah said to be RM158 million. Market sources indicate the plantation is priced between RM150,000 and RM180,000 per acre, translating to a total of roughly RM173 million to RM207 million. Recent land deals in the area were reportedly around RM190,000 per acre. The agricultural land consists of prime-aged oil palm trees on generally flat to gently undulating terrain. Large estate land sales of this size are uncommon in Johor, as most plantation land is held by major players such as SD Guthrie, Johor Plantations Group, Kuala Lumpur Kepong, and Genting Plantations, which rarely dispose of such assets. However, some of these groups have monetised land by converting estates into industrial parks or township developments. Separately, several common shareholders of Chansun Estate are also offering a 103.6-acre freehold development site in Gelang Patah, Iskandar Puteri, via tender. The residential-zoned land allows for a density of up to 20 units per acre and is said to carry an indicative price of about RM35 per square foot, or around RM158 million. The Gelang Patah site is located within the Johor-Singapore Special Economic Zone (JS-SEZ) and is well connected via the Second Link Expressway and JB Parkway. Property consultants note that its proximity to industrial hubs, established residential areas, EduCity and retail centres enhances its appeal, particularly for commuters working in Singapore. Both tenders are being managed by CBRE | WTW and are scheduled to close on March 18.

Johan Holdings Bhd announced that its 80%-owned unit, Lumut Park Resort Sdn Bhd, is set to sell the 150-room Orient Star Lumut hotel and three adjoining land parcels in Lumut, Perak, for RM47.43 million in cash. The sale, below the combined market value of the properties, is expected to generate a gain of RM3.88 million for Johan Holdings. Proceeds will be used for working capital and related expenses. The hotel was sold for RM32.96 million, slightly under its market value of RM33.3 million, while the three land parcels, totaling 6.69 acres, were sold at discounts ranging from 1.11% to 15.32%. The deal, signed with Golden Peak Hospitality & Consultancy Sdn Bhd and Bujang Holdings Sdn Bhd, is subject to shareholder approval at an upcoming extraordinary general meeting. Completion is expected in Q3 2026. Johan Holdings’ remaining 20% stake in Lumut Park Resort is held by Syarikat Majuperak Bhd. The company’s shares closed unchanged at 2.5 sen, giving it a market capitalisation of RM24.33 million.