Week 31 - 2026
HOUSING MINISTRY: 303 ‘SICK’ HOUSING PROJECTS WORTH RM40.2 BILLION RECORDED AS OF JUNE 2026
The Edge, 30/07/2026
As of 30 June 2026, a total of 303 private housing projects in Peninsular Malaysia have been classified as “sick”, involving 43,288 housing units with a combined GDV of RM40.25 billion. Of these, 100 projects involving 27,998 units and 14,961 buyers have been confirmed as abandoned, with Selangor recording the highest number at 41 projects, followed by Kelantan and Terengganu. The Ministry of Housing and Local Government (KPKT) is addressing the issue through the Special Task Force on Sick and Abandoned Private Housing Projects (TFST), which focuses on identifying, recovering and preventing problematic projects. As of June 2026, 1,647 housing projects involving 192,912 units and RM153 billion in value had been successfully revived, while the Madani Housing Reform aims to achieve zero new abandoned housing projects by 2030.
KL MIDTOWN SIGNATURE OFFICE TOWERS UNVEILED
Star Property, 27/07/2026
Hap Seng Land has officially completed the KL Midtown Signature Office Towers, comprising 453,000 sq. ft. of Grade A office space across two 19-storey towers in Kuala Lumpur. Designed by Skidmore, Owings & Merrill (SOM), the development features column-free floor plates of approximately 11,956 sq. ft. per floor, 13.7-ft ceiling heights, and views of the city skyline and MITEC. The towers have achieved LEED Gold certification, with GreenRE Platinum and Malaysia Digital (MD) Nexus certifications underway, and are equipped with dual-feed TNB power supply. The development also includes over 3,000 basement parking bays, a landscaped rooftop terrace, and direct connectivity to Hyatt Regency Kuala Lumpur at KL Midtown and the upcoming AEON Mall KL Midtown, which is scheduled to open in November 2026.
SEMICO FORMS JV TO OPERATE FAMILY ENTERTAINMENT OUTLET AT PAVILION BUKIT JALIL
The Edge, 30/07/2026
Semico Capital Bhd is forming a joint venture with Chan Kean Seng and Kosmare Sdn Bhd to operate a family entertainment outlet at Pavilion Bukit Jalil, offering arcade, card and prize machines, merchandise retail and related activities under a licensed brand. The outlet is targeted to commence operations by 1 December 2026, marking Semico’s move to diversify its revenue streams beyond toy distribution.
CHIN HIN PROPERTY DETAILS RM449.4 MILLION FIRST INDUSTRIAL PROJECT IN KOTA DAMANSARA
The Edge, 25/07/2026
Chin Hin Group Property Bhd (CHGP) plans to enter the industrial property segment with The NeX, a RM449.43 million GDV integrated industrial-commercial hub in Kota Damansara, following its proposed RM66 million acquisition of a four-acre leasehold industrial property from Signature Cabinet Sdn Bhd. The proposed development will comprise a nine-storey building with 242 warehouse units, with an estimated gross development cost of RM361.63 million. The sales gallery opened in June 2026, while development order and building plan applications were submitted in July 2026, with the project targeted for launch in September 2026 and completion by 3Q30.
IOI PROPERTIES TO BRING PUCHONG'S FIRST INTERNATIONAL FIVE-STAR HOTEL TO RM12 BILLION IOI RIO CITY
The Edge & Star Property, 30/07/2026
IOI Properties Group Bhd has signed an agreement with Marriott International to develop The Westin Puchong, a 324-room internationally branded five-star hotel within its RM12 billion IOI Rio City development, targeted to open by June 2030. The hotel will occupy the upper floors of a mixed-use tower and serve as the hospitality anchor for the 100-acre IOI Rio City master plan, complementing the existing Four Points by Sheraton Puchong and strengthening the group’s recurring-income portfolio. IOI Properties’ Hospitality & Leisure portfolio currently comprises nine hotels with 3,075 rooms and is expected to expand to 3,982 rooms by 2030. The RM12 billion IOI Rio City development, planned over 12 years, will also include IOI Mall Rio, a Grade A office tower and other mixed-use components, supported by extensive infrastructure upgrades and LRT connectivity.
RALIS GROUP EYES RM180 MILLION ANNUAL GDV AS IT BUILDS ON ARACA PHASE 1 HANDOVER
The Edge, 31/07/2026
Ralis Group Sdn Bhd has completed and handed over Phase 1 of Araca @ Taman Bunga Raya in Klang, Selangor on 18 July, marking the completion of its first development phase and the start of its next growth stage. The freehold landed homes, comprising four bedrooms and four bathrooms with built-ups of 1,556 sq. ft., are primarily targeted at first-time buyers, young professionals and growing families, with prices starting from RM760,000. The project achieved a QLASSIC score of 78%, which the developer intends to use as a benchmark for future projects, while Phase 2 is targeted for completion in 1Q28.
BEVERLY GROUP TO LAUNCH RM1.1 BILLION SERVICED APARTMENT PROJECT IN TRX
The Edge & Star Property, 27/07/2026
Beverly Group plans to develop a RM1.1 billion wellness-focused luxury serviced apartment project on a 1.08-acre freehold site in Tun Razak Exchange (TRX), Kuala Lumpur, through a joint venture with Adamantine Capital Pte Ltd and MYM Land Sdn Bhd. Targeted for launch in 4Q26, the development will comprise 315 units with built-ups ranging from 688 sq. ft. to 3,600 sq. ft. and indicative prices starting from RM1.7 million, targeting affluent professionals, expatriates and investors. The project marks Beverly Group’s expansion into Kuala Lumpur’s high-end residential market, following the completion of Marc Service Residence in KLCC. Separately, the group’s One Equine Phase 2 serviced apartment development in Seri Kembangan achieved an 85% Qlassic score and was completed 15 months ahead of schedule, with all 2,819 units fully sold.
XANADU MILLENNIUM LAUNCHES IN PUCHONG WITH OVER 50% TAKE-UP
The Edge, 28/07/2026
Palm Springs Development Sdn Bhd has launched Xanadu Millennium, a RM700 million residential development in Puchong Perdana, Selangor, which recorded over 50% take-up at launch, indicating encouraging demand among first-time buyers and owner-occupiers. Located within Desa Millennia, the project comprises 1,245 condominium units across two 39-storey towers on a 5.66-acre site, with units ranging from 697 to 1,323 sq ft and priced from RM300,000 under its “Luxury Affordable” concept. Targeted mainly at B40 and M40 buyers below 40, the development offers over 60 lifestyle facilities, a 2.8-acre recreation podium and access to a nearby four-acre public lake park, and has achieved GreenRE Gold certification.
MAH SING TOPS OUT FULLY-SOLD M ZENYA, TARGETS COMPLETION 13 MONTHS AHEAD OF SCHEDULE
The Edge & Star Property, 29/07/2026
Mah Sing Group Bhd has topped out M Zenya in Kepong, Kuala Lumpur, marking the structural completion of its fourth residential development in the area, with the fully sold project targeted for completion in 1Q27, 13 months ahead of its original schedule. Launched just nine months after the land acquisition, M Zenya achieved 92% take-up when its sales gallery opened before becoming fully sold, reflecting sustained demand for residential developments in established urban locations. The project, overlooking Kepong Metropolitan Lake, also features sustainable design elements and has received provisional GreenRE Bronze certification. With M Zenya fully sold, Mah Sing is now focusing on M Azura in Setapak, a RM508 million GDV serviced residence development comprising two towers with over 40 lifestyle facilities, while continuing to expand its development pipeline across the Klang Valley, Penang and Johor.
KERJAYA PROSPEK PROPERTY DETAILS RM2 BILLION SERVICED APARTMENT PIPELINE, BACKED BY 60-ACRE LANDBANK
The Edge, 30/07/2026
Kerjaya Prospek Property Bhd (KPPROP) has outlined a serviced apartment development pipeline with an estimated GDV of about RM2 billion over the next one to two years, supported by a 60-acre landbank with potential GDV of RM3.8 billion across the Klang Valley, Penang and Melaka. The group recently acquired the remaining 30% stake in Kerjaya Property Aspen Sdn Bhd, gaining full ownership of a 5.1-acre freehold site in Batu Kawan, Penang, which is earmarked for a mixed-use development.
ECOFIRST 4Q PROFIT SLIDES AS KL48 PROJECT NEARS COMPLETION
The Edge, 30/07/2026
EcoFirst Consolidated Bhd’s net profit fell 96.6% to RM485,000 in 4QFY2026, while revenue declined 74.4% to RM40.8 million, mainly due to lower progress billings as the remaining phases of its KL48 condominium development in Sungai Besi neared completion. For FY2026, net profit declined 35.1% to RM16.16 million and revenue fell 31.5% to RM310.72 million, although its property investment segment recorded slightly higher revenue, supported by improved rental rates at South City Plaza and higher occupancy at Liberty Arc. Looking ahead, EcoFirst plans to launch the RM400 million GDV Ellington @ Jade Hills mixed development in Kajang in 3Q26, subject to approvals, while its 67-acre freehold landbank in Ampang Ukay provides potential for a phased integrated township with an estimated GDV exceeding RM8 billion over the next 15 years.
E&O, MAJESTIC GEN PROPOSE RM189.9 MILLION ACQUISITION OF JALAN KIA PENG SITE FOR RESIDENTIAL DEVELOPMENT
The Edge, 31/07/2026
Eastern & Oriental Bhd (E&O) and Majestic Gen Sdn Bhd, through their joint venture KP Urban Sdn Bhd, have proposed to acquire a 1.4 acres freehold site on Jalan Kia Peng, Kuala Lumpur, for RM189.9 million. The site, currently occupied by a 30-storey condominium, is located within the prime KLCC precinct near Kuala Lumpur Convention Centre, Suria KLCC, Pavilion Kuala Lumpur and major public transport facilities and is earmarked for a future high-rise residential development.
TA GLOBAL’S LEE YEN FOONG ON CLOUTHAUS’ APPEAL TO SINGAPORE BUYERS
The Edge, 31/07/2026
TA Global held an investor preview in Singapore for CloutHaus, its 615-unit luxury freehold serviced apartment development in KLCC, Kuala Lumpur, with prices ranging from about RM1.48 million to RM4.74 million and an average of approximately RM2,900 psf. The 66-storey tower, located just 50m from the Petronas Twin Towers, has achieved around 40% sales since its Malaysian launch in late 2024, with buyers from more than 20 nationalities. The developer is actively marketing the project internationally, including in Singapore, Taiwan, China, South Korea, Japan and Australia, targeting buyers seeking second homes or investment opportunities in Kuala Lumpur. CloutHaus offers semi- and fully furnished options as well as a rental pool arrangement, with access to hospitality services from the neighbouring Paradox KLCC. TA Global expects continued demand from foreign buyers, supported by Kuala Lumpur’s relatively affordable property prices and favourable currency exchange rates.
SUNWAY HEALTHCARE BUYS ISKANDAR PUTERI LAND FOR RM45 MILLION IN RELATED PART TRANSACTION FOR JOHOR EXPANSION
The Edge, 30/07/2026
Sunway Healthcare Holdings Bhd (Sunway Healthcare) is acquiring four parcels of freehold land totalling 9.918 acres in Sunway City Iskandar Puteri, Johor, for RM45.37 million to support the expansion of its tertiary healthcare network. The land will facilitate the group’s planned 410-bed hospital in Iskandar Puteri, which has an estimated development cost of RM781.6 million and is aimed at addressing unmet demand for tertiary healthcare services in southern Johor.
298-UNIT CONDOMINIUM PROPOSED FOR REDEVELOPMENT SITE ON JALAN SCOTLAND, GEORGE TOWN, PENANG
The Edge, 25/07/2026
Platinum Vantage Sdn Bhd has submitted a planning application to redevelop an approximately two-acre site along Jalan Scotland, George Town, Penang, into a 35-storey strata condominium comprising 298 residential units. The proposal involves the demolition of two existing two-storey detached houses and the construction of a single condominium tower, with residential units on Levels 13 to 35, a 10-level parking podium, and community facilities on Levels 11 and 12. The site is located within an established residential neighbourhood near Scots Pavilion, Han Chiang University College of Communication, Penang Free School and Penang General Hospital. The application was tabled for consideration by the Penang Island City Council One Stop Centre committee on July 8, 2026, but remains under review and has yet to receive planning approval. Details such as the project’s GDV, unit sizes, pricing and launch timeline have not been disclosed.
