Melaka-based developer Parkland files for Main Market IPO

KUALA LUMPUR (July 13): Parkland Bhd, a Melaka-based property developer, has filed for a Main Market listing to raise funds for acquisition of land and for its shareholders.

A joint venture agreement was signed with non-related party landowner Cahaya Bumimas Sdn Bhd for the rights to develop a 248-acre land in Johor into a commercial and industrial hub, its draft prospectus showed. Cahaya Bumimas is entitled to a minimum RM219.5 million in instalments.

Part of the listing proceeds will be used for the scheduled payments. The rest has been set aside for acquisition of land within Peninsular Malaysia, though the company said it has yet to identify any land or begin talks with any party for a deal.

Parkland, founded by industry veteran Datuk Tan See Sen, currently has nine ongoing projects, including six townships and three other residences. Combined, the developments on 779 acres of land have a gross development value (GDV) of RM5.9 billion.

The company, which also has its own in-house construction arm, made a net profit of RM172 million on revenue of RM746 million in the 12 months ended June 2025.

Proceeds from the initial public offering (IPO) will also be used to partly finance working capital requirements for ongoing and planned development, which will collectively cost close to RM1.2 billion.

Meanwhile, funds raised from an accompanying offer for sale under the IPO will accrue entirely to Excel Venture Capital Sdn Bhd, a private vehicle of nearly two dozen shareholders including Tan, the managing director of Parkland.

Hong Leong Investment Bank is the IPO’s principal adviser, placement agent and underwriter.

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