Property

Mah Sing Group Bhd’s wholly owned subsidiary, Maxim Heights Sdn Bhd, is set to acquire a 1.129-hectare leasehold land parcel in Setapak from The Rampai Development Sdn Bhd for RM44.5 million. The site will be developed into a new project, M Mira, with an estimated gross development value (GDV) of around RM300 million. According to a Bursa Malaysia filing, the development will benefit from the upcoming MRT 3 stations at Rejang and Setapak, as well as existing LRT stations at Sri Rampai and Wangsa Maju. This marks Mah Sing’s fifth land acquisition in 2025, following M Aria in Sentul, the Corus Hotel site, M Legasi 2 in Semenyih, and M Cora in Penang, with a combined estimated GDV of approximately RM4.1 billion. The company expects the Setapak acquisition to positively contribute to future earnings, with completion targeted for the first quarter of 2026. Separately, Mah Sing announced that its subsidiary, Fusion Heights Development Sdn Bhd, has mutually terminated the sale and purchase agreement for 227.29 hectares of land in Sepang, Selangor, originally signed with Premier Land Resources Sdn Bhd on Jan 31, 2024. The deposit and accrued interest will be refunded. Mah Sing said the termination allows for better allocation of capital to projects that align more closely with its investment strategy and offer faster returns. The company added that the termination is not expected to materially affect its earnings per share, net assets, gearing, share capital, or shareholding structure for the financial year ending Dec 31, 2025.

Titijaya Land Bhd is moving ahead with plans to revive an abandoned Universiti Malaysia Sabah (UMS) student hostel development through the proposed acquisition of two strategic property assets in Kota Kinabalu for RM105 million. In a statement on Monday, the property developer said the purchase — originally announced in May — will see Titijaya stepping in as the white knight to rescue the long-delayed Blocks B1 and B2 of the UMS Numbak student residential complex. The project has been left idle for several years, leaving UMS with a shortage of on-campus accommodation. Titijaya group managing director Datuk Lim Poh Yit said the appointment underscores the company’s commitment and track record in rehabilitating distressed developments in the state. “This marks our third successful intervention in Sabah involving abandoned or ailing projects. We are honoured to be entrusted with the responsibility of delivering a long-awaited solution for UMS students,” Lim said. He added that the revived development will focus on providing safe, comfortable and cost-effective housing, catering to the university’s growing population. UMS currently hosts more than 18,000 students, but available on-campus rooms remain limited, prompting the need for a sustainable accommodation plan. The project is also being positioned as a model for private-public collaboration, combining government support, industry expertise and institutional needs to accelerate social and economic benefits for the community. On Saturday, Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir visited the stalled project site together with UMS vice-chancellor Professor Datuk Dr Kasim Mansor and senior executives from Titijaya. The visit signalled renewed federal backing for the project’s resumption, as well as confidence in Titijaya’s capability to bring the long-stalled development back on track. Once completed, the revived Blocks B1 and B2 are expected to improve student welfare, ease housing constraints and enhance UMS’ campus facilities to support future enrollment growth.

Property developer Bedi Bhd, formerly WMG Holdings Bhd, has entered into an agreement to sell its hypermarket property in Sandakan, Sabah, to retailer and wholesaler Mydin for RM85 million. Mydin is also the current tenant of the property. The 4.39-acre site, which includes a double-storey hypermarket, was independently valued at RM93 million by CH Williams Talhar & Wong (Sabah) Sdn Bhd on Nov 3, making the agreed sale price an 8.6% discount. The property has been leased to Mydin under a 20-year agreement signed in July 2019. Bedi said it approached Mydin with a sale offer in April this year, exercising the lease’s first right of refusal clause, which Mydin accepted. Bedi described the sale as part of its ongoing strategy to streamline its assets and strengthen its financial position, while supporting its broader property development objectives. Proceeds from the transaction will be allocated primarily to fund new property acquisitions and development projects in Sabah, amounting to RM45.52 million. Another RM35.78 million will be used to repay bank borrowings, with the remainder covering transaction-related expenses. The company expects to record a net gain of RM22.1 million from the disposal, which is scheduled for completion in the first quarter of 2026, subject to shareholder approval at an extraordinary general meeting. Bedi underwent a change in management last year after Exsim Development Sdn Bhd became its largest shareholder with a 52.5% stake, purchased from Syarikat Kretam (Far East) Holdings Sdn Bhd for RM75.12 million. In a related transaction, Ben Kong Chung Vui, acting in concert with Exsim, acquired a 17.5% stake from Syarikat Kretam. Shares of Bedi closed at 31 sen on Nov 12, giving the group a market capitalisation of RM268.82 million.

Property developer Eco World Development Group Bhd has launched a RM1.878 billion unrated medium-term note (MTN) programme to help fund land acquisition and the development of its build-to-lease data centre project in Selangor. According to a Bursa Malaysia filing on Thursday, the MTN programme was set up under EcoWorld’s wholly-owned subsidiary, Quantum Alpha Sdn Bhd (QASB), which is leading the data centre initiative. The first tranche of RM3.58 million was issued on Thursday. EcoWorld said the notes, to be issued periodically, were fully subscribed by a major local financial institution, demonstrating “strong investor confidence in the group’s credit profile and the long-term potential of the data centre project.” QASB signed a build-and-lease agreement in February with Pearl Computing Malaysia Sdn Bhd, a Google affiliate, to develop and lease data centres within Eco Business Park V in Puncak Alam, Selangor. Under the agreement, QASB will construct the shell and core structures of the data centres on 92.44 acres of land according to the lessee’s specifications. The project, expected to be completed in 2027, will be leased to Pearl Computing for an initial 20-year term, with total rent projected at up to RM4.8 billion and a 10-year renewal option. At the same time, EcoWorld also sold 58.19 acres of industrial land within the park to Pearl Computing for RM266.1 million. The group confirmed on Thursday that discussions are ongoing with potential institutional investors interested in participating in the data centre development. Any investment could involve taking a stake in QASB, though EcoWorld plans to retain up to 80% ownership of the unit. EcoWorld shares closed unchanged at RM2.08 on Thursday, giving the group a market value of RM6.66 billion. Year-to-date, the share price has fallen nearly 3%.

Oriental Holdings Bhd is set to acquire three Malaysian hotels from its major shareholder, the Loh family, for RM411 million in cash, strengthening its domestic hospitality portfolio. The group, which also distributes Honda vehicles in Malaysia, will buy Bayview Beach Resort Penang for RM167 million and Bayview Hotel Georgetown for RM153 million from Boon Siew Sdn Bhd, a company owned by the Loh family. Bayview Hotel Langkawi will be acquired from Boon Siew Development Sdn Bhd for RM91 million. Oriental noted in a filing that the purchase prices are below independent valuations. The acquisitions will increase Oriental’s domestic hotel count from one to four, diversifying its hospitality segment, which previously contributed only 4% of the hotels and resorts revenue in FY2024. Globally, the group now owns seven hotels. Oriental plans to spend RM210.73 million refurbishing and rebranding the properties: RM107.62 million for Bayview Beach Resort Penang (to become Ascott Batu Ferringhi Penang), RM92.2 million for Bayview Hotel Georgetown (Oakwood Georgetown Penang), and RM10.79 million for Bayview Hotel Langkawi (FOX Hotel Langkawi). The deal, expected to close in Q3 2026, requires approval from non-interested shareholders at an extraordinary general meeting. Oriental shares ended unchanged at RM6.82, valuing the group at RM4.23 billion.

Axis Real Estate Investment Trust (Axis-REIT) is garnering positive attention from analysts following its proposal to acquire an industrial property in Seberang Perai, Penang, from Ann Joo Resources Bhd for RM800 million. The proposed acquisition, if completed, would further strengthen Axis-REIT’s portfolio, which is already diversified across industrial, retail, and office assets in Malaysia. Market watchers noted that the addition of a high-value industrial property aligns with the trust’s strategy to expand its footprint in the industrial sector, which has been resilient amid ongoing demand for logistics and manufacturing spaces. Analysts said the acquisition could potentially enhance Axis-REIT’s long-term income stream and asset base. “This is a strategic move that reinforces Axis-REIT’s position in the industrial property market, especially in a key logistics hub like Penang,” one analyst said. The trust’s management has indicated that the acquisition will be funded through a combination of debt and internal resources, ensuring minimal impact on its gearing levels. Axis-REIT’s portfolio currently has a healthy occupancy rate, and the inclusion of the new property is expected to contribute positively to future distributable income. Investors responded favorably to the announcement, with Axis-REIT shares experiencing an uptick in early trading. The proposal also highlights the ongoing appetite for prime industrial assets in Malaysia, particularly in strategic locations such as Seberang Perai, which continues to attract local and foreign investment. Axis-REIT’s management has stated that the acquisition remains subject to regulatory approvals and due diligence, with the trust committed to completing the transaction in a timely manner.

KUALA LUMPUR, Kerjaya Prospek Group Bhd has clinched an RM87.66 million contract from Eastern & Oriental Bhd to undertake building works for a commercial development in Shah Alam. In a statement on Wednesday, the group said the contract was awarded to its wholly owned unit, Kerjaya Prospek (M) Sdn Bhd, by E&O’s indirect subsidiary, Eastern & Oriental Express Sdn Bhd. The project involves constructing 104 two-storey shop offices, six three-storey shop offices, 23 affordable shop units, two electrical substations, and one compact substation. Work is set to begin on Nov 17, 2025, with completion expected within 30 months. “We are pleased to secure another project in Shah Alam, a rapidly growing area with strong demand,” said chief executive officer Tee Eng Tiong. With this win, Kerjaya Prospek has secured seven projects worth about RM958 million this year, bringing its total outstanding order book to RM3.6 billion. At Wednesday’s close, Kerjaya Prospek shares slipped 10 sen or 3.57% to RM2.70, giving the group a market value of RM3.42 billion. E&O’s shares eased half a sen to 80.5 sen, valuing it at RM2.03 billion.

KUALA LUMPUR, Sunway Property has announced the rebranding of its Singapore operations to Sunway MCL, following the group’s S$738.7 million (RM2.42 billion) acquisition of MCL Land. Nava Grove, an award-winning residence at Pine Grove, seeks to redefine refined living with a seamless blend of nature, design and wellness-inspired amenities. In a statement released on Friday, Sunway said the newly formed entity currently manages nine ongoing residential projects across Singapore, comprising 4,937 units with a combined gross development value (GDV) of S$4.5 billion (RM14.9 billion). Among the key developments under the Sunway MCL brand are ELTA, Nava Grove, Tembusu Grand, and The Continuum. Sunway Group’s executive deputy chair Datin Paduka Sarena Cheah said the establishment of Sunway MCL represents a major milestone in the group’s regional growth strategy. “Singapore has always been a key market for us, and this step strengthens our long-term commitment to developing sustainable communities that create lasting value,” she said. “Through Sunway MCL, we are deepening our presence in one of Asia’s most vibrant property markets and reinforcing the group’s foundation for future growth.” The rebranding combines MCL Land’s six decades of experience in Singapore’s residential market with Sunway’s five decades of expertise in Malaysia, creating a stronger platform for delivering sustainable, mixed-use communities. Sunway MCL is led by chief executive officer Lee Tong Voon, under the supervision of Sunway Property managing director Chung Soo Kiong. Lee said the company remains focused on crafting high-quality homes built on craftsmanship, care, and connection. “Our aim is to create residences that embody timeless design and enduring warmth, offering spaces that hold long-term value for homeowners,” he said. The acquisition also includes MCL Land’s Malaysian assets, such as development land banks in Wangsa Maju and Forest Heights, Seremban, along with Wangsa Walk Mall, which offers a net lettable area of 330,000 sq ft. These additions are expected to strengthen Sunway Property’s position as a master community developer, expanding its regional presence while reinforcing its base in Malaysia. Sunway Property also maintains a strong cross-border footprint through its flagship developments in Johor, including Sunway City Iskandar Puteri, a 2,000-acre township near the Second Link, and the upcoming Bukit Chagar RTS transit-oriented development at the First Link.

SINGAPORE, CapitaLand Investment Ltd (CLI) has issued a statement addressing a report by The Wall Street Journal (WSJ) suggesting that the company is exploring a potential merger with Mapletree Investments Pte Ltd. In its statement, CLI said it “does not comment on rumours or speculation” and declined to provide further details regarding the report. Earlier on Monday, WSJ reported that the two Singapore-based property giants were in the very early stages of evaluating a possible merger, which could potentially create one of the region’s largest real estate investment and management groups. The report also noted that discussions are still preliminary, and there is no certainty that any agreement will be reached. CapitaLand Investment, which manages a global portfolio of real estate assets across multiple markets, was listed on the Singapore Exchange in 2021 following the restructuring of CapitaLand Ltd. Mapletree, meanwhile, is a government-linked real estate developer and investment firm wholly owned by Temasek Holdings. Both companies are considered major players in Asia’s property sector, with extensive portfolios spanning commercial, logistics, and residential developments. A merger, if it materialises, could reshape Singapore’s real estate landscape and strengthen their combined global presence.