TWL terminates three Alam Impian JV projects after delayed implementation

PETALING JAYA (July 8): TWL Holdings Bhd has provided further details on the mutual termination of three joint venture agreements (JVAs) involving its wholly owned subsidiary TWL Builders Sdn Bhd (previously known as Tiger Synergy Development Sdn Bhd), following queries from Bursa Malaysia Securities Berhad.

It said in a Bursa Malaysia filing yesterday that the terminated JVAs involved GreatProp Development Sdn Bhd (GDSB), ElitProp Sdn Bhd (ESB) and Pentas Irama Sdn Bhd (PISB), relating to three parcels of freehold agricultural land in Seksyen 35, Shah Alam, with each development described in the replies as the Alam Impian Project.

TWL said delays in progressing the projects were due to changes in development concepts, prevailing market conditions, the COVID-19 pandemic, construction and supply-chain disruptions, labour shortages, financing constraints and weaker property market conditions. TWL said the delays were attributable to commercial considerations and external circumstances.

Projects revised several times before termination

According to TWL’s replies to Bursa Malaysia dated July 7, the group initially obtained planning approval in 2015 for a development comprising 44 semi-detached houses.

After reassessing market conditions, the proposed semi-detached housing scheme was considered less commercially viable due to relatively high selling prices and weaker demand for that product segment.

The development concept was subsequently recalibrated into a mixed residential scheme comprising medium-rise condominiums and three-storey semi-detached houses, which was expected to generate higher gross development value (GDV) and improved project profitability. However, this proposal was not pursued and no Development Order application was submitted.

The group later revised the concept into terrace house developments and obtained the necessary approvals in 2020.

However, the projects were not commenced as planned following the outbreak of COVID-19, with nationwide movement restrictions, construction industry disruptions, supply-chain issues, labour shortages, financing constraints and a slowdown in the property market affecting implementation.

TWL said the projects were deferred as the group continued to monitor market demand, construction costs and economic conditions to ensure any development undertaken would be commercially sustainable.

Details of the three JV projects

The three JV projects involved separate land parcels, each described as part of the Alam Impian Project:

Alam Impian Project (Lot 1887)

Land: Agricultural land held under GM1388, Lot No. 1887, Mukim and District of Klang, Selangor, approximately 4.2 acres.

Concept: Residential development located at Alam Impian, Shah Alam comprising linked houses, surrounded by amenities such as shopping malls, schools and food and beverage outlets.

Financials: Estimated GDV of RM67 million, estimated gross development cost (GDC) of RM57 million and estimated profit of RM10 million.

Progress: Development activities included preliminary works, site clearance and earthworks, reinforced concrete walls, sample houses and infrastructure works, with overall completion at about 10%.

Expenses: Development expenses of RM4.86 million, reimbursed by PISB to TWL Builders on June 29, 2026.

Alam Impian Project (Lot 1888)

Land: Agricultural land held under GM1927, Lot No. 1888, Mukim and District of Klang, Selangor, approximately 4.2 acres.

Concept and financials: Residential linked-house development with estimated GDV of RM67 million, estimated GDC of RM57 million and estimated profit of RM10 million.

Progress: Development activities included preliminary works, site clearance and earthworks, reinforced concrete walls, sample houses and infrastructure works, with overall completion at about 10%.

Expenses: Development expenses of RM3.93 million, reimbursed by GDSB to TWL Builders on June 29, 2026.

Alam Impian Project (Lot 1889)

Land: Agricultural land held under GM231, Lot No. 1889, Mukim and District of Klang, Selangor, approximately 4.2 acres.

Concept and financials: Residential linked-house development with estimated GDV of RM67 million, estimated GDC of RM57 million and estimated profit of RM10 million.

Progress: Development activities including preliminary works, site clearance and earthworks, reinforced concrete walls, sample houses and infrastructure works, with overall completion at about 18%.

Expenses: Development expenses of RM11.19 million, reimbursed by ESB to TWL Builders on June 29, 2026.

TWL also noted that the land is located in Seksyen 35, Shah Alam, lying approximately 1km to the west of Alam Impian and about 11km to the south-west of Shah Alam town centre, with access via Jalan Persiaran Panglima Hitam, Jalan Siswa Kanan and Jalan Ngah Ibrahim 35/69.

No public launch, no buyer compensation

TWL said none of the three projects had been officially launched to the public.

TWL said there were no units sold, no sales value recorded and no compensation or liquidated damages payable to buyers arising from the termination of the JVAs.

RM3 million consideration sums refunded

Under each JVA, TWL Builders had paid a consideration sum of RM3 million in return for exclusive development and construction rights over the respective parcels.

TWL confirmed that the RM3 million consideration sum has been fully refunded by each of the JV partners — GDSB, ESB and PISB — to TWL Builders following the mutual termination of the JVAs.

Reimbursed development expenses to fund share purchase

TWL said the reimbursed development expenses from the respective JV projects will be utilised by TWL Builders/TWL towards settlement of the purchase price pursuant to a share sale agreement dated June 18, 2026 entered into between TWL Builders and Lam Boon Ling.

No related-party relationship identified

The company noted that there were changes in the directorships of the JV partners between the respective JVA dates and the termination date, but no changes in shareholdings during that period.

TWL also confirmed that none of the past or present directors and/or shareholders of GDSB, ESB or PISB, nor persons connected to them, were related parties to the TWL Group.

The Bursa replies provide further disclosure on the status of the three Alam Impian JV projects, including their development progress, expenses incurred, reimbursement arrangements and the absence of public sales prior to termination.

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