Melaka, 3rd April 2026, 02.30pm – A total of 34 previously delayed PR1MA housing projects across Malaysia have now been successfully completed, allowing 22,925 homebuyers to finally take possession of their homes.

Housing and Local Government Minister Nga Kor Ming announced the achievement following the key handover ceremony for the final two projects — Residensi Klebang 2 and Residensi Bukit Katil.

According to Nga, the government had inherited 34 problematic PR1MA developments involving nearly 23,000 housing units nationwide, many of which faced significant delays.

“Today marks the full completion of all 34 projects. All developments have obtained their Certificate of Completion and Compliance (CCC), and keys have been handed over to purchasers,” he said during a press conference on Thursday.

Also present at the event was Melaka State Executive Councillor for Housing, Local Government, Drainage, Climate Change and Disaster Management Datuk Rais Yasin.

Resolution of long-standing PR1MA project delays

Nga described the completion as a major milestone in resolving legacy issues involving PR1MA housing projects, particularly those affected by construction disruptions during the Covid-19 pandemic period.

He noted that the completion exercise not only addressed project delays but also delivered significant social impact by helping thousands of Malaysians achieve homeownership.

“We have not only resolved inherited housing issues but more importantly fulfilled the homeownership aspirations of 22,925 buyers, especially those from the B40 and M40 income groups,” he said.

Government targets zero sick housing projects by 2030

Moving forward, Nga said the government aims to eliminate sick and abandoned housing projects entirely by 2030 as part of broader housing sector reforms.

This includes plans to develop an additional 4,351 PR1MA housing units to further support affordable housing supply.

The minister emphasised that homeownership remains a critical component of financial security and social stability.

“Housing is not just a basic necessity but also a long-term asset that contributes to household wealth creation,” he said.

Housing sector still facing cost pressures

Despite the progress, Nga acknowledged ongoing challenges affecting the housing sector, including global economic uncertainty, rising building material costs, and inflationary pressures impacting development costs.

He said the ministry will continue to monitor project implementation and market conditions closely to ensure housing affordability remains intact while discouraging excessive speculation.

Continued focus on affordable and sustainable housing

Nga reaffirmed the government’s commitment to strengthening Malaysia’s affordable housing ecosystem through better project monitoring, improved delivery systems, and sustainable township planning.

He added that future PR1MA developments will continue to focus on quality housing delivery while fostering inclusive and sustainable communities.

The post 34 PR1MA Sick Housing Projects Completed, Benefiting Over 22,900 Homebuyers appeared first on MET Property.

Kuala Lumpur, 2nd April 2026, 02.30pm – Tan Sri Jeffrey Cheah Fook Ling, founder and controlling shareholder of Sunway Bhd (KL:SUNWAY), has called on IJM Corp Bhd (KL:IJM) shareholders — particularly government-linked investment companies (GLICs) — to evaluate Sunway’s takeover proposal based on commercial fundamentals rather than external sentiment.

Cheah, who holds about 59.4% of Sunway, said institutional investors should remain focused on the strategic and financial merits of the RM3.15 per share offer instead of being influenced by what he described as “noise” surrounding the deal.

GLICs hold key voting power

Major institutional investors including the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) collectively control about 45% of IJM. Their decision is widely seen as crucial to the success of the proposed acquisition.

Cheah acknowledged that the deal could face challenges if these funds choose not to participate.

In an interview with The Edge, he expressed disappointment that racial narratives circulating online may have affected sentiment toward the transaction, despite what he described as initially positive feedback from institutional shareholders following the announcement of the offer in January 2026.

Sentiment shifted after social media criticism

According to Cheah, early discussions with institutional investors suggested support for the deal based on its commercial rationale. However, sentiment reportedly shifted after social media criticism emerged, including commentary framing the transaction along racial lines, as well as news reports regarding governance investigations involving IJM.

Cheah noted that these developments may have complicated the decision-making environment for major shareholders.

PNB rejects offer while others remain undecided

PNB, which owns approximately 13.3% of IJM, has already announced it will not accept the offer. Other major shareholders have yet to publicly confirm their positions, although market sources indicate they could adopt a similar stance.

IJM shareholders have until April 6 to decide on the offer.

When asked whether Sunway might revise the offer price or increase the 10% cash component, Cheah indicated this would be unlikely.

He reiterated that the current proposal represents Sunway’s best and final offer, adding that the company may withdraw if acceptance levels are insufficient.

Sunway targeting controlling stake

While full acceptance appears unlikely, Cheah said Sunway remains focused on securing at least 50% plus one share, which would allow the group to gain effective control of IJM. Under the offer terms, failure to meet this threshold would result in the proposal being withdrawn.

He also encouraged remaining shareholders — including retail investors and insurance institutions — to consider the long-term benefits of becoming part of a larger integrated group.

Sunway highlights stronger historical returns

To support the proposal, Cheah pointed to Sunway’s financial performance over the past decade. Between 2016 and 2025, Sunway reportedly delivered shareholder returns of approximately 387%, compared with a negative return of about 9% for IJM over the same period.

He also highlighted differences in operational performance:

• Sunway construction pre-tax margins: about 12%
• IJM construction pre-tax margins: about 4%
• Sunway property development margins: 27%
• IJM property development margins: 21%

Cheah expressed confidence that Sunway could improve IJM’s profitability and operational efficiency if the acquisition proceeds.

Strategic asset concerns raised

Sunway’s privatisation proposal has also attracted public debate due to IJM’s ownership of strategic infrastructure assets, including Kuantan Port and several major highways such as the West Coast Expressway and New Pantai Expressway.

Some critics have framed the deal as involving control of national infrastructure assets, although IJM itself is not officially classified as a Bumiputera-controlled company.

Offer structure allows shareholders to remain invested

Cheah emphasised that the cash-and-shares structure of the offer allows IJM shareholders to remain invested through equity participation in the enlarged Sunway group, enabling them to benefit from potential future growth.

He stressed that the intention of the deal is not to displace institutional investors but to allow them to participate in a stronger combined entity.

Current acceptance levels

Sunway executives indicated that the company has so far secured about 20% acceptance from IJM shareholders and expects participation to rise to around 25% in the near term.

The post Sunway Founder Jeffrey Cheah Calls on IJM Shareholders to Evaluate Takeover Offer Objectively appeared first on MET Property.

Kuala Lumpur, 31th March 2026, 01.30pm – Glomac Berhad has announced a finance leadership transition with Tan Soon Meng appointed as Acting Chief Financial Officer effective March 31, 2026, following the retirement of Chief Operating Officer Ong Shaw Ching.

The property developer said the internal appointment reflects its structured succession planning and leadership development strategy to ensure continuity in its finance operations.

Tan joined Glomac in March 2022 and previously served as General Manager of Group Treasury and Corporate Finance. The group said he will be supported by an experienced finance team with strong institutional knowledge to ensure smooth execution of financial strategies.

Extensive corporate finance experience

Tan brings more than 18 years of experience in corporate finance, financial management and strategic transactions, particularly within public-listed companies and property development groups.

He is a Fellow of the Association of Chartered Certified Accountants (ACCA) and a member of the Malaysian Institute of Accountants (MIA). He also holds a Master in Real Estate Development from Universiti Tunku Abdul Rahman in collaboration with the REHDA Institute Malaysia.

Glomac strengthens leadership team

Glomac also expressed its appreciation to Ong for his nearly 30 years of service and contributions to the company’s growth and operational development.

As part of its ongoing leadership strengthening efforts, the group recently appointed FD Idzham as Group Executive Director. In this role, he will support the company’s growth strategy, oversee project execution and enhance capital management and operational integration.

FD Idzham previously held senior roles within Glomac and began his career in investment banking at Maybank Investment Bank Berhad.

New chief development officer appointed

Separately, Glomac appointed Hadyan Ibrahim as Chief Development Officer on Feb 3, 2026, further strengthening its management team.

Hadyan has extensive experience in property development, particularly in large-scale project delivery and organisational leadership. He also serves as an adjunct professor at the Faculty of Built Environment and Surveying at Universiti Teknologi Malaysia and contributes to industry-academic collaboration through his involvement with the University of Malaya.

Focus on long-term growth

Glomac said the latest appointments demonstrate the group’s leadership depth and commitment to long-term growth, ensuring smooth management transitions while strengthening its development and financial capabilities.

The board said it remains confident that the strengthened leadership team will continue to support Glomac’s growth strategy and deliver sustainable long-term value to stakeholders.

The post Glomac Announces Finance Leadership Transition, Appoints Acting CFO appeared first on MET Property.

Kuala Lumpur, 30th March 2026, 01.55pm – Employees Provident Fund (EPF), the largest shareholder of IJM Corporation Berhad, has decided not to accept a takeover offer from Sunway Berhad after determining that the offer price does not reflect IJM’s intrinsic value.

According to sources familiar with the matter, EPF’s investment committee recently reviewed the proposal and concluded that the offer undervalued IJM’s long-term growth potential and asset monetisation opportunities.

Offer seen as undervaluing IJM’s growth prospects

Sources indicated that the committee was of the view that the offer did not adequately reflect IJM’s underlying value, including the potential to unlock value from its assets and ongoing business segments.

They also noted that as IJM’s single largest shareholder, EPF believes it may be able to derive greater long-term value from maintaining its investment rather than accepting the current offer.

Institutional investors taking similar stance

The development follows a similar decision by Permodalan Nasional Berhad (PNB), which holds about 13.3% in IJM. PNB previously announced that it would not accept Sunway’s offer based on its own assessment of IJM’s valuation and future upside potential.

Other institutional investors with interests in IJM include Lembaga Tabung Haji and Retirement Fund Incorporated (KWAP).

Sunway shareholders approve acquisition proposal

Last week, Sunway shareholders approved the proposed acquisition. EPF abstained from voting at Sunway’s extraordinary general meeting as the fund holds shares in both companies.

On Jan 12, Sunway announced a mixed cash-and-share offer valued at RM3.15 per IJM share. The proposal includes a 10% cash component, with the remaining consideration to be satisfied through new Sunway shares issued at RM5.65 each.

The offer is conditional upon Sunway securing more than 50% ownership in IJM. As of the latest update, acceptance levels were reported at just under 13%, with the first closing date set for April 6. The offer period may be extended as Sunway has up to 60 days from the issuance of the offer documents to complete the exercise.

Independent valuations indicate higher price range

Following the offer, IJM commissioned two independent valuations which indicated values significantly above Sunway’s offer price.

M&A Securities Sdn Bhd valued IJM shares at between RM5.84 and RM6.48, while Rothschild & Co Malaysia Sdn Bhd assessed the company’s value at between RM4.80 and RM5.63.

IJM exploring value unlocking initiatives

IJM group chief executive officer Lee Chun Fai had previously indicated the group is exploring several strategic initiatives, including the potential listing of its construction and highway businesses, as well as possible divestments involving its India toll road concessions.

As at end-2025, IJM reported an order book of RM15.3 billion and cash reserves of RM2.3 billion. However, the company’s share price performance has lagged behind some peers in the construction sector such as Gamuda Berhad and Sunway Construction Group Berhad.

Sunway defends offer price

Sunway has defended its RM3.15 offer, stating that it is broadly in line with the weighted average target price of RM3.24 based on research coverage by 14 independent research houses.

The group also noted that the offer implies a price-to-earnings multiple of approximately 27 times IJM’s earnings for the financial year ended March 2025.

The post EPF Rejects Sunway’s Offer for IJM Shares, Citing Valuation Concerns appeared first on MET Property.

Kuala Lumpur, 27th March 2026, 01.55pm – Exsim Hospitality Berhad is seeking shareholder approval to diversify its business operations to include construction services and centralised procurement activities, according to a circular filed with Bursa Malaysia on Thursday.

The proposed diversification forms part of the group’s strategy to expand beyond its existing core operations and broaden its operational capabilities within the construction and property supply chain ecosystem.

Two new business segments proposed

Under the proposal, Exsim Hospitality plans to introduce two new business segments comprising general contracting and centralised procurement.

The general contracting segment will cover construction works and related activities, while the centralised procurement business will focus on the sourcing and supply of building materials as well as household appliances.

The company said both initiatives will collectively be referred to as the proposed diversification exercises.

Expansion beyond existing core business

The move signals Exsim Hospitality’s intention to expand its operational scope by incorporating construction execution capabilities and supply chain management functions into its existing business model.

In the same filing, the group also proposed to obtain a new shareholders’ mandate to undertake recurrent related party transactions (RRPT) of a revenue or trading nature, subject to shareholder approval.

Such mandates are commonly sought by listed companies to facilitate ongoing operational transactions within a group’s corporate structure, particularly where business integration involves related companies.

Approval to be sought at general meeting

The proposed diversification and the RRPT mandate will be tabled for approval at an upcoming general meeting.

According to the circular, the company outlined the scope of the proposed new business activities as well as the rationale for seeking approval for the recurrent transactions.

Strengthening operational integration

Exsim Hospitality said the proposed general contracting business would allow the group to directly undertake construction-related works, while the procurement arm would support the sourcing and supply of construction materials and selected consumer appliances.

The filing did not disclose financial forecasts or expected earnings contributions from the proposed new business segments.

The post Exsim Hospitality Seeks Shareholder Approval to Diversify into Construction and Procurement Businesses appeared first on MET Property.

Kuala Lumpur, 26th March 2026, 05.40pm – Tropicana Corporation Berhad has fully redeemed its RM89.43 million Tranche 1 Perpetual Sukuk Musharakah as part of its ongoing efforts to reduce borrowings and strengthen its financial position.

The property developer said the sukuk, which was issued in September 2019 to finance developments within its key township projects across Malaysia, has now been fully settled in accordance with its capital repayment strategy.

Part of broader capital management efforts

The redemption forms part of a series of financial management initiatives undertaken by the group to optimise its capital structure.

In October 2025, Tropicana completed a RM139 million repayment under Tranche 4 of its RM1.5 billion Islamic Medium-Term Notes (IMTN) Sukuk Wakalah programme. This brought the group’s total cumulative repayments under the programme to approximately RM1.12 billion.

The group subsequently issued RM300 million in IMTN in November 2025, exceeding its initial RM200 million target following strong demand from investors. The issuance was oversubscribed, with significant participation from government-linked institutional funds.

These initiatives reflect Tropicana’s continued focus on prudent financial management and fulfilling its obligations to capital market investors.

RM2 billion unbilled sales provide earnings visibility

Tropicana reported unbilled sales of about RM2 billion, which are expected to support earnings visibility over the near to medium term.

This performance is backed by a pipeline of ongoing and upcoming developments nationwide with a combined estimated gross development value (GDV) of more than RM7.5 billion.

For the financial year ended Dec 31, 2025 (FY2025), the group recorded revenue of RM1.5 billion, representing a year-on-year increase of RM83.9 million or 6%. The growth was mainly driven by higher construction progress billings from projects in the Klang Valley as well as developments in the southern and northern regions of Malaysia.

Positive outlook following rating upgrade

Looking ahead, Tropicana said it will continue prioritising sales growth, landbank monetisation and investment property optimisation as part of its long-term strategy to enhance shareholder value.

Reflecting these improvements, MARC Ratings Berhad recently revised the group’s outlook to positive from stable while affirming its A credit rating. The rating agency cited improvements in the company’s balance sheet supported by ongoing deleveraging efforts and asset rationalisation exercises.

Tropicana said the sukuk redemption demonstrates the group’s steady progress in strengthening its financial fundamentals while reinforcing its commitment to meeting financial obligations.

The group added that it will continue advancing its transformation strategy aimed at building a more resilient and future-ready organisation, with a focus on sustainable growth, an asset-light development approach and stronger environmental, social and governance (ESG) practices.

Development pipeline and landbank strength

Tropicana currently has 11 active developments with a combined GDV of RM3.1 billion. These include projects located in Kota Kemuning, Cyberjaya, Genting Highlands, Langkawi and Johor.

The developer also expects three projects to achieve vacant possession in FY2026, including developments at Tropicana Aman, Tropicana Gardens and Tropicana Cenang.

Tropicana’s total landbank currently stands at 1,336.1 acres, with an estimated potential GDV of RM168.4 billion, providing a strong foundation for long-term development growth.

The post Tropicana Redeems RM89.4mil Perpetual Sukuk as Part of Balance Sheet Strengthening Strategy appeared first on MET Property.

Kuala Lumpur, 25th March 2026, 02.40pm – Eversendai Corporation Bhd said it has received a termination notice from NEOM Company for its structural steel works contract at the Trojena Ski Village project in Saudi Arabia, effective March 26, citing geopolitical developments in the Middle East.

In a statement, the Malaysian engineering and construction group said it is preparing supporting documentation to demonstrate the progress achieved on the project and will submit commercial claims related to the contract termination.

These claims will include compensation for early termination as well as costs associated with demobilisation of resources from the project site.

Company expects fair compensation

Eversendai said the contract had been executed in accordance with the agreed contractual obligations until the termination date and that it expects to receive appropriate compensation once the claims are formally substantiated.

The structural steel contract for the Trojena Ski Village was awarded in March 2024 to Eversendai in collaboration with Al Bawani Co. The project had an original construction timeline of approximately 28.5 months.

Part of RM5.4 billion contract wins

The Trojena project formed part of four major contracts secured by Eversendai two years ago with a combined value of approximately RM5.4 billion.

The other projects include the Wynn Al Marjan Island Integrated Resort development in the United Arab Emirates, as well as the Rupa IT Building and Rupa Crystal IT Building in India.

Order book remains above RM2 billion

Following the contract termination, Eversendai said its current order book stands at approximately RM2.02 billion, excluding the remaining value of the Trojena contract.

The group’s tender book, which reflects potential projects currently being pursued, totals RM18.4 billion.

The company added that several new projects are close to being finalised and are expected to further strengthen its order pipeline in the near term.

Middle East operations remain stable

Despite the contract termination linked to geopolitical developments, Eversendai said its operations across the Middle East region remain stable and the group continues to explore new opportunities within the region.

The company remains optimistic that upcoming contract wins will support its financial performance going forward.

Profit surged after major contract wins

Eversendai’s financial performance improved significantly following the major contract awards secured in March 2024.

For the financial year ended Dec 31, 2025 (FY2025), the group reported a net profit of RM110 million on revenue of RM2.14 billion. This represents a substantial increase compared with a net profit of RM14.1 million on revenue of RM1.24 billion recorded in the previous financial year.

Share price movement

The company’s share price rose sharply after the contract announcements in March 2024, climbing from around 20 sen to a peak of 78.5 sen in May that year before easing subsequently.

Over the past year, the stock has generally traded within the 40 sen to 50 sen range. The shares closed at 35.5 sen on Tuesday (March 24), giving the company a market capitalisation of approximately RM277.45 million.

The post Eversendai Receives NEOM Trojena Project Termination Notice Amid Geopolitical Developments appeared first on MET Property.

The development sits on approximately 3.9 acres of freehold land and comprises two residential towers rising 28 storeys, offering a total of 709 units. Unit sizes range from 560 sq ft to 1,055 sq ft, featuring layouts from 1+1 bedroom to 4-bedroom configurations suitable for first-time buyers, young families and upgraders.

With an estimated gross development value (GDV) of around RM353 million, NARA is positioned as an affordable entry into a master-planned residential community, with indicative prices starting from approximately RM250,000.

Key highlights of the project include:

• Freehold tenure
• Located within Shorea Park integrated township
• Units with practical family-oriented layouts
• Lifestyle facilities including swimming pool and sports courts
• Adjacent 1-acre central park
• GreenRE Bronze provisional certification

The project is expected to be completed around 2028, continuing OSK Property’s phased development strategy for the Shorea Park masterplan.

The post NARA @ Shorea Park, Puchong appeared first on MET Property.

Penang, 24th March 2026, 12.20pm – Chow Kon Yeow said he will prepare a detailed report on the implementation of Penang’s revised quit rent (land tax) rates to be submitted to Anthony Loke Siew Fook, secretary-general of Democratic Action Party (DAP).

The revised quit rent rates took effect on Jan 1 as part of the state government’s land administration review.

Chow said he would also respect Loke’s advice to refrain from further public discussion of the issue to avoid negative perceptions that could affect both the party leadership and the Penang state administration.

Meeting arranged to address quit rent issue

In a statement on Sunday, Chow expressed appreciation to Loke for arranging a meeting involving himself and former Penang chief minister Lim Guan Eng to address concerns surrounding the land tax revision.

The meeting aims to resolve differing views over the implementation of the new rates, which had recently drawn public attention.

Chow also encouraged affected landowners to continue submitting appeals regarding their revised quit rent assessments through the respective district and land offices as well as the state Lands and Mines Department located at Komtar.

Call for constructive resolution

On Saturday, Loke said he would facilitate discussions between Chow and Lim to resolve the matter, describing the ongoing public disagreement as unproductive and unsuitable, particularly given current global economic and geopolitical uncertainties.

Lim, who is also the Member of Parliament for Bagan, later said he would temporarily refrain from making further public comments on the issue until the meeting takes place.

Nearly 370,000 land titles affected

The Penang state government recently completed a review of quit rent rates alongside the reclassification of certain land from rural to urban status statewide. The exercise was carried out in accordance with Section 101 of the National Land Code and became effective on Jan 1.

The revision affects approximately 370,000 land titles across Penang, covering multiple land use categories including residential, commercial, industrial, agricultural and other special designations.

State government clarifies revision rationale

Chow previously expressed regret that certain parties had allegedly misrepresented the quit rent adjustments without fully understanding the calculation methodology and the actual land use classifications involved.

The state government maintains that the review forms part of its broader land management framework aimed at ensuring tax structures remain aligned with current land use and development conditions.

The post Penang CM to Submit Report on New Quit Rent Rates After DAP Meeting appeared first on MET Property.

Johor, 19th March 2026, 01.00pm – JLand Group Sdn Bhd (JLG), the real estate and infrastructure arm of Johor Corporation (JCorp), has entered a strategic partnership with property media and data platform EdgeProp Malaysia to enhance property data intelligence and strengthen its market positioning within Johor’s evolving real estate sector.

The collaboration was formalised through a memorandum of understanding (MoU) signed in Kuala Lumpur on Tuesday, according to a joint statement released by both organisations.

Under the agreement, EdgeProp will serve as JLG’s strategic knowledge partner, supporting the group’s digital transformation efforts through its proprietary EdgeProp EPIQ platform. The platform functions as an integrated property analytics and market intelligence solution featuring a centralised digital mapping system designed to improve data-driven decision making.

Focus on digital transformation and market intelligence

JLG said the collaboration will combine EdgeProp’s data analytics capabilities with the group’s regional development expertise and market knowledge to improve operational efficiency, enhance market positioning and contribute to the development of a more connected, technology-enabled property ecosystem in Johor.

The MoU outlines three primary areas of cooperation, including improving internal operational workflows, strengthening project visibility and market presence, as well as exploring opportunities to develop a regional digital property platform.

As part of the initiative, JLG plans to integrate a unified data dashboard into its existing systems to streamline research processes, project planning and market analysis across its residential, commercial and industrial property segments.

Enhancing project visibility and regional data integration

The partnership will also leverage EdgeProp’s regional media network to enhance JLG’s project exposure through coordinated, data-driven content strategies and targeted marketing initiatives aimed at improving market reach.

Both parties are also exploring the development of a specialised regional digital platform powered by the EPIQ engine, which would allow JLG to integrate its internal regional datasets with EdgeProp’s broader nationwide property market database.

JLG group managing director Akmal Ahmad said the collaboration represents an important milestone in the company’s transition towards a more data-driven development approach.

He noted that integrating advanced property data analytics into its processes would improve how the company evaluates landbank opportunities, plans new developments and responds to changing market conditions.

Supporting Johor property growth and JS-SEZ development

Meanwhile, EdgeProp managing director Alvin Ong said the partnership would provide a strong data foundation to support JLG’s digital ambitions and long-term development strategy.

He added that the collaboration would enable JLG to focus on its core property development strengths while leveraging EdgeProp’s analytics capabilities and media reach, particularly in supporting growth opportunities arising from the Johor–Singapore Special Economic Zone (JS-SEZ).

The partnership is expected to further support Johor’s growing importance as a strategic property investment destination, driven by cross-border economic initiatives, infrastructure improvements and increasing investor interest in the southern region.

The post JLand Group Partners EdgeProp to Strengthen Johor Property Data Intelligence Strategy appeared first on MET Property.