Week 16 - 2026
IOI PROPERTIES FORMALLY LAUNCHES RM7.58 BILLION REIT, TARGETS MAIN MARKET LISTING WITH RETAIL, HOTEL AND OFFICE ASSETS
The Edge, 11/04/2026
IOI Properties Group Bhd has proposed the establishment of IOIPG Malaysia Real Estate Investment Trust with a total portfolio disposal value of about RM7.58 billion, making it one of the largest REIT listings in Malaysia. The plan involves transferring retail, hotel, and office assets to the REIT’s trustee, MTrustee Bhd, in exchange for units and cash, followed by a public and institutional offering and listing on the Main Market of Bursa Malaysia. The REIT will be managed by IOI Properties’ wholly owned management arm. The portfolio is expected to include major income-producing properties such as retail malls, hotels, and offices, with the aim of delivering stable distributions and long-term asset growth.
NEW BUKIT BERAPIT ICQS COMPLEX PROJECT NOW AT FEASIBILITY STUDY STAGE
The Edge, 13/04/2026
The proposed new Immigration, Customs, Quarantine and Security (ICQS) Complex at Bukit Berapit, Hulu Perak is currently at the feasibility study stage, with RM2 million allocated for the study. The project aims to improve comfort for travellers and strengthen border security, as the existing checkpoint arrangement between Malaysia and Thailand involves a long walking distance and operational inefficiencies. The ICQS upgrade is part of a broader effort to enhance Malaysia’s 122 entry points.
DIVINE KLCC MAKES ITS DEBUT
The Star, 13/04/2026
Chin Hin Group Property Bhd has launched Divine KLCC, an 84-storey luxury high-rise development in Kuala Lumpur with an estimated gross development value of RM1.36 billion. Situated on a 1.88-acre site along Jalan Saloma, about 400 metres from the Petronas Twin Towers, the project comprises 1,033 serviced residence units ranging from 502 sq. ft. to 1,319 sq. ft., with indicative prices starting from RM968,000. Designed as a premium urban landmark, Divine KLCC features a distinctive architectural façade, curated interiors, and high-end amenities including a 360-degree rooftop bar, sky facilities, concierge services by Maple Hospitality Group, and select units with panoramic city views.
S P SETIA SET TO LAUNCH RM75.43 MILLION GDV OF FERROUS FINALE HOMES IN ALAM IMPIAN
The Edge, 16/04/2026
S P Setia Bhd is launching 70 units of its Ferrous Finale double storey terrace homes in Alam Impian with a total GDV of RM75.43 million. As the final phase of the Ferrous series within the township’s Industrial Arts Precinct, the homes come in various sizes, with prices ranging from RM986,800 to RM1,550,000 million, and earlier phases have already been fully taken up. The units incorporate sustainable features under Setia’s eGreenLiving initiative, including smart locks, solar panels and contactless delivery systems.
ERICA BY SP SETIA OPENS FOR PREVIEW
The Star, 11/04/2026
S P Setia Bhd has opened for preview Erica, a new 11.34-acre leasehold double-storey terrace housing series in Taman Setia Tropika, Sepang, with a total gross development value of RM93.6 million. The development comprises 162 units of homes sized at 20 ft by 60 ft, with built-ups ranging from 1,405 sq. ft. to 1,445 sq. ft., designed as affordable starter homes with individual land titles that allow homeowners flexibility for renovation and extension. Erica benefits from strong connectivity to key growth areas such as Cyberjaya, Putrajaya and KLIA via major highways and the ERL system, with nearby access to education institutions, commercial hubs and retail outlets in the surrounding region. Positioned adjacent to Setia Warisan Tropika, the project is part of SP Setia’s broader township development strategy, offering integrated living with access to established infrastructure and amenities.
SGX-LISTED INNOTEK COMMITS RM16 MILLION TO NEW MELAKA FACILITY TO STRENGTHEN SOUTHEAST ASIA PRESENCE
The Edge, 17/04/2026
SGX-listed InnoTek Ltd is investing S$5 million (RM15.5 million) in a new 107,639 sq. ft. manufacturing facility in Melaka, set to begin operations this year, as part of its strategy to expand in Southeast Asia. The plant will increase regional capacity for precision metal-stamped components and support the company’s move into higher-value industries. Operated by its subsidiary Mansfield Manufacturing (M) Sdn Bhd, the facility includes production, warehousing and office spaces, and is equipped with high-tonnage stamping machines, automated production lines and quality assurance systems. The expansion aligns with a broader industry shift away from China due to supply chain and geopolitical risks, complementing InnoTek’s existing network of factories across China, Vietnam and Thailand.
SUNCON BAGS RM1.75 BILLION CONTRACT TO BUILD HYPERSCALE DATA CENTRE IN BANDAR SERENDAH, SELANGOR
The Edge, 17/04/2026
Sunway Construction Group Bhd (SunCon) has secured a RM1.75 billion contract to build a hyperscale data centre in Bandar Serendah for an undisclosed international hyperscaler. The project, awarded to its subsidiary Sunway Construction Sdn Bhd, covers core and shell construction, campus infrastructure, and mechanical, electrical and plumbing works. Construction is set to begin in 3Q26 and complete by 3Q28.
TSIC UNIT GETS SIX-MONTH EXTENSION TO COMPLETE MELAKA INDUSTRIAL LAND ACQUISITION
The Edge, 17/04/2026
TSiC Bhd, through its wholly owned subsidiary BPE Synergy Engineering Sdn Bhd, has secured another extension to complete its proposed RM1.35 million acquisition of two industrial land parcels in Taman Perindustrian Bukit Rambai. The revised deadline for both parcels—Lot 8063 and Lot 8065—has been extended to 20 October 2026. First announced in August 2025, the deal has now undergone four timeline extensions, though all other terms remain unchanged. The land, located along Jalan Nobat 9, is intended to support the operations of BPE Synergy Engineering, a Melaka-based semiconductor and engineering services provider.
GAMUDA BAGS RM1.72 BILLION CONTRACT TO BUILD HYPERSCALE DATA CENTRE IN PORT DICKSON
The Edge, 17/04/2026
Gamuda Bhd, through its subsidiary Gamuda Engineering Sdn Bhd, has secured a RM1.72 billion contract to build a hyperscale data centre in Port Dickson for a US-based multinational technology company. The build-only contract includes site infrastructure, core and shell construction, and mechanical, electrical and plumbing works for a single-storey facility, with construction set to begin in 2Q26 and complete by 1Q28. This award further strengthens Gamuda’s growing data centre portfolio, following previous projects in Elmina Business Park and Cyberjaya, and brings its total data centre-related contracts to over RM3 billion, reinforcing its position in Malaysia’s hyperscale digital infrastructure sector.
MITRAJAYA BAGS ANOTHER DATA CENTRE JOB FROM NEXTDC
The Edge, 14/04/2026
Mitrajaya Holdings Bhd has secured an additional RM54 million contract from NEXTDC Sdn Bhd for early works on the KL1 Stage 4 Data Centre project (ST4-GC01) in Kuala Lumpur. The contract, accepted in March 2026 and targeted for completion by October 2026, adds to Mitrajaya’s existing data centre construction scope with NEXTDC. This latest award builds on a larger ongoing project with NEXTDC that has grown through multiple variation orders since January 2025, bringing the total contract value to about RM844.66 million. The broader development forms part of NEXTDC’s planned RM3 billion investment in Malaysia over the next five to 20 years, reinforcing Kuala Lumpur’s role as a growing hub for hyperscale data centre infrastructure.
PTT SYNERGY TO EXPAND WAREHOUSE CAPACITY WITH NEW AUTOMATED HUB IN ELMINA BUSINESS PARK
The Edge, 13/04/2026
PTT Synergy Group Bhd is expanding its logistics segment with the development of PTT Logistics Hub 2 in Elmina Business Park, a purpose-built warehouse facility that will nearly double its existing capacity by adding about 51,000 pallet positions. The project spans around 289,000 sq ft and is expected to be completed in 2Q27, with an estimated gross development value of RM320 million to RM340 million and financing support from Bank Rakyat. The new hub is projected to generate additional gross profit of RM60 million to RM70 million alongside its existing operations and has already attracted interest from foreign electronics and electrical sector players as potential anchor tenants. The development forms part of PTT Synergy’s broader strategy to diversify beyond construction into high-tech logistics, with a pipeline of about RM2.5 billion in projects across Penang, Johor, and the Klang Valley, including semiconductor-related logistics facilities and large-scale industrial developments.
SIME DARBY PROPERTY LAUNCHES INDUSTRIAL LOTS AND FACTORIES AT ELMINA BUSINESS PARK 2
The Edge, 13/04/2026 and The Star, 14/04/2026
Sime Darby Property Bhd has launched Phases 1A and 1B of Elmina Business Park 2 in the northern Klang Valley, offering 19 freehold industrial land lots as part of its broader industrial expansion strategy. The initial phases have recorded a strong take-up rate of about 70% since their launch in January. Located in Rawang, Elmina Business Park 2 spans 600 acres with a total gross development value of RM1.72 billion and will include semi-detached factories and industrial lots designed for both built-to-suit and built-to-lease use.
IJM LAND, AMONA GROUP HIT 25% LEASING COMMITMENT AT ENLACE SHOPPES, PANTAI SENTRAL PARK
The Edge, 15/04/2026
IJM Land Bhd and Amona Group have secured a second round of tenant signings for Enlace Shoppes, the retail component of the Enlace development at Pantai Sentral Park, bringing total leasing commitments to 25%. The developers expect occupancy to reach around 40% by end 2026 and approximately 80% by its planned opening in 2029. Enlace Shoppes is part of a 58-acre forest urban township adjacent to the Bukit Kerinchi Forest Reserve, designed as a pedestrian-friendly retail and lifestyle destination with a forest dining concept. The latest leasing momentum is driven mainly by F&B and lifestyle tenants, including brands such as ZUS Coffee and myNEWS.
CHIN HIN PROPOSES JV WITH FIAMMA HOLDINGS FOR MIXED COMMERCIAL DEVELOPMENT IN KUALA LUMPUR
The Edge, 16/04/2026
Chin Hin Group Property Bhd (CHGP) has proposed a joint venture with Fiamma Holdings Bhd (FHB) for a mixed commercial development in Kuala Lumpur. Under the arrangement, CHGP’s wholly owned subsidiary BKG Development Sdn Bhd will acquire a 70% stake in Sinaran Urusjuta Sdn Bhd by subscribing to new shares for RM1.17 million. Following the transaction, FHB’s stake will be reduced to 30%, and it will receive an additional RM442,000 in cash as compensation for the dilution. The development site, located in Kuala Lumpur, is a 81,946 sq. ft. leasehold vacant commercial land with a tenure expiring on 18 September 2122. The land has a market value of RM161 million compared to a net book value of RM150.84 million. Planned as the KLCC 2 Project, the development will feature two blocks of serviced apartments comprising 1,033 units, along with retail space, a six-storey facilities podium, a two-storey mechanical area, and integrated podium and car park components.
MALAYSIA, SINGAPORE EXPEDITING JS-SEZ INITIATIVE, EXPLORING GREEN TECH COOPERATION
The Edge, 16/04/2026
Malaysia and Singapore are advancing efforts to accelerate the implementation of the Johor-Singapore Special Economic Zone, with discussions also focusing on collaboration in green technologies such as carbon capture, utilisation and storage (CCUS). Singapore remains Malaysia’s largest Asean trading partner, with trade reaching RM339.39 billion between January and October 2025. Both countries also discussed energy security amid geopolitical tensions, with a shared aim of translating major investments into stronger economic prospects and job opportunities, particularly in Johor Bahru and across Malaysia.
MIDA SINGAPORE SEES GROWING INVESTMENT INTEREST INTO JOHOR
The Edge, 14/04/2026
Malaysian Investment Development Authority reports continued strong investment traction from Singapore into Johor, particularly in the digital economy, semiconductor, and F&B sectors. According to MIDA, Singaporean investors are increasingly focusing on digital infrastructure such as data centres, alongside emerging technologies like AI and blockchain, while Johor is adopting a more selective approach by prioritising energy-efficient and AI-ready facilities. There is also rising participation from Singapore-based semiconductor companies across both front-end and back-end segments, as well as growing interest from F&B operators setting up operations in Johor Bahru to manage costs and expand regional reach. Examples include firms establishing central kitchens in Johor with halal certification to support exports to regional and Middle Eastern markets.
EARLY STAGE LAND ACQUISITION UNDERWAY FOR PENANG'S MUTIARA LINE LRT
The Edge, 13/04/2026
The Mutiara Line LRT in Penang is making steady progress, with land acquisition for Segments 1 and 2 advancing in stages. For Segment 1 (Permatang Damar Laut to Macallum), 61 private land lots have completed hearings under the Land Acquisition Act 1960, with compensation paid for most and site handovers already underway. Segment 2 (Macallum to Penang Sentral) involves 38 identified land lots, with gazettement expected in July and site entry works targeted for 2027. Scheduled for completion in 2031, the 29.67km line with 20 stations will include a cross-sea connection between Penang Island and the mainland, significantly reducing travel time and improving overall connectivity.
ECM LIBRA COMPLETES DISPOSAL OF TUNE HOTEL GEORGE TOWN PENANG FOR RM51.89 MILLION
The Edge, 16/04/2026
ECM Libra Group Bhd has completed the disposal of Tune Hotel in George Town to Wealthpro Holdings Sdn Bhd for RM51.89 million via its subsidiary ECML Hotels Sdn Bhd. The sale includes two adjoining freehold land parcels and an 11-storey, 258-room hotel building. Originally acquired in 2018 for RM21 million, the asset had a net book value of about RM22.9 million as at end-2024, resulting in an estimated gross gain of RM29 million from the disposal before expenses. The proceeds will be used for new investments, debt repayment and working capital.
PE LAND GROUP TO ANCHOR CAPSTONE CORPORATE SUITES IN BATU KAWAN, PENANG
The Edge, 11/04/2026
PE Land Group is positioning its 36-storey Grade-A office tower, Capstone Corporate Suites, in Bandar Cassia as a key commercial landmark for Penang mainland, with PE Hospitality (Penang) Sdn Bhd anchoring the development with a 35,000 sq. ft. regional office upon completion. The project is designed as Penang mainland’s first Grade-A, GBS-ready office tower, offering flexible office spaces, retail components, and integrated facilities, supported by strong connectivity to major infrastructure including the Second Penang Bridge, North-South Expressway, Penang Sentral, the airport, and ports. The development is part of a wider Bandar Cassia master plan aimed at building a live-work-play ecosystem, alongside future residential, hospitality, and commercial phases.
ISLAND LANDCAP SECURES RM10MIL BOOST FOR MAINLAND PENANG PROJECT
The Edge, 16/04/2026
Island LandCap Properties Group has secured RM10 million in funding from Crewstone International Sdn Bhd to support its RM320.9 million Tasek Gelugor Xchange (TGX) mixed-use development in Seberang Perai Utara. TGX features 644 units, comprising 308 commercial units in Phase 1 and 336 residential units in Phase 2. Commercial spaces range from 1,182 sq. ft. to 9,272 sq. ft., while residential units span 750 sq. ft. to 1,000 sq. ft.. Selected units are priced up to RM800 per sq. ft. Located in Tasek Gelugor, TGX is targeting a catchment population of over 100,000 and benefits from rising property demand in Seberang Perai Utara, supported by strong transaction growth and broader industrial expansion in Penang, which has attracted significant manufacturing investments and job creation. The funding reflects investor confidence in Penang’s mainland property market and the long-term growth potential of the northern corridor.
FIRST PHASE OF PENANG AIR CARGO WAREHOUSE EXPECTED TO BE COMPLETED IN 2029
The Edge, 14/04/2026
Penang is developing the Penang International Logistics Aeropark (PILA), with earthworks and soil treatment currently underway and the first phase of a free commercial zone air cargo warehouse targeted for completion and operation by 2029. The project, a joint venture between Penang Development Corporation and Malaysia Airports Holdings Bhd, has already received planning approval for its master plan. Once fully developed, PILA is expected to handle up to 500,000 tonnes of cargo annually by 2050, supported by more than two million sq. ft. of warehouse space, with the first phase alone adding capacity for about 100,000 tonnes per year. The initiative is positioned as a key logistics hub to support Penang’s semiconductor and E&E industries, aligning with broader regional development plans such as Penang Vision 2030 and the expansion of Penang International Airport, and is expected to attract both international and local logistics operators.
