Malton Bhd’s wholly owned subsidiary, Bukit Rimau Development Sdn Bhd, has proposed to acquire a 1.5-hectare freehold land parcel in Johor Bahru for RM97.23 million as part of its strategy to strengthen its development pipeline and expand its land bank.
In a filing with Bursa Malaysia, the property developer said its subsidiary has entered into a conditional sale and purchase agreement with Tanjung Nakhoda (M) Sdn Bhd for the acquisition of the land, which is strategically located next to the Johor Golf and Country Club and within the integrated commercial development known as W City Larkinton.
Malton said the acquisition presents an opportunity to secure a prime development site in Johor Bahru, a market that has experienced increasing property development activity in recent years. The company noted that several major developers have already acquired land and launched projects within the surrounding area, reflecting growing confidence in the locality’s long-term growth prospects.
Based on a preliminary assessment, the group plans to develop residential service apartments on the site and estimates that the project could generate a gross development value (GDV) of approximately RM950 million. The estimate was derived after evaluating the development potential of the land and prevailing market prices for comparable service apartment projects in the vicinity.
However, Malton said the detailed development plans have yet to be finalised. Key aspects including the project’s name, number of units, total development cost, funding structure, as well as the targeted commencement and completion dates, will only be determined after obtaining the necessary approvals from the relevant authorities.
The proposed acquisition forms part of the group’s ongoing land banking strategy aimed at ensuring a sustainable pipeline of future developments.
Malton said the initiative is particularly important following the recent completion and handover of its Mutiara Hilltop development in Puchong, Selangor, as well as several project launches this year, including Nova Business Hub in Sungai Buloh, Mutiara Lake Puchong, Mutiara Kempas in Johor Bahru, and The Hill Residences in Seremban. The group is also preparing for the upcoming launch of its Ukay Spring development in Ampang.
“With the group’s recent project completions and ongoing launches, it is crucial to undertake land banking exercises to maintain a healthy land reserve and support the long-term sustainability of our property development business,” the company said.
Malton added that the acquisition would further strengthen its development land bank and provide greater flexibility to pursue future growth opportunities.
The group also expressed confidence in the development potential of the Johor Bahru market, citing the strong performance of Mutiara Kempas, its first service apartment project in the city, which achieved a 70% take-up rate since its preview launch in April this year.
Subject to regulatory approvals and the fulfilment of agreed conditions, the proposed acquisition is expected to be completed by the first quarter of 2027.
