Daily Digest · Wednesday, 24 June 2026· Updated: about 9 hours ago
Mid-cap land-bank moves and quiet portfolio reshuffles
Titijaya Land Bhd is buying a 6.07-hectare Bukit Raja parcel for RM47.39 million, and Bedi is acquiring two Sabah developers from a related party for RM38.82 million. It has been a quieter day of land-bank building led by two mid-size developer deals: Titijaya adding LRT3-linked land in Klang, and Bedi buying into ongoing Sabah projects. The window covers the past day through this morning. Also on the radar: Propel Global’s Kuantan debut, a class action against Mulpha in Australia and a Berjaya Corp stake exit.
Quick takes
- Titijaya Land is buying a 6.07-hectare leasehold parcel in Bukit Raja, Klang from Jasa Cendana for RM47.39 million to expand its Klang Valley land bank, near the coming Bukit Raja Selatan LRT3 station.
- Bedi is acquiring two Sabah property developers, Sejati Sentral (Sandakan) and FYT Land (KK), from a related party for RM38.82 million cash, adding projects with about RM1.13 billion of remaining gross development value.
- Propel Global broke ground on Riverpoint, a RM64 million GDV commercial project of 31 shoplots in Kuantan, marking the oil and gas group's first move into property development.
- Mulpha International was named in an amended class action claim in Australia over its Mulgoa Rise development in New South Wales, with a hearing set for May 2027.
- Berjaya Corp exited its entire 8.64% stake in Citaglobal for RM42.56 million via a related-party transaction, with proceeds earmarked for working capital and no material financial impact expected.
Titijaya lines up Bukit Raja land near LRT3
Titijaya Land Bhd has agreed to acquire a 6.07-hectare leasehold parcel in Bukit Raja, Klang for RM47.39 million to grow its land bank near a coming LRT3 station.
Titijaya Land is acquiring the 6.07-hectare parcel via its indirect wholly owned subsidiary Titijaya Makmur Sdn Bhd, which signed a sale and purchase agreement with vendor Jasa Cendana Sdn Bhd, a Klang-based developer controlled by Temokin Credentials Sdn Bhd. The price was set on a willing-buyer, willing-seller basis after taking into account the location and the market value of comparable mixed-use developments nearby, according to company disclosures.
The group will fund the deal through a combination of internally generated funds and bank borrowings. Managing director Datuk Lim Poh Yit said the parcel adds to a land bank spread across the Klang Valley, Penang and Sabah, and noted that the Bukit Raja Selatan station on the LRT3 Shah Alam line is targeted to be operational by end-2026, which is expected to improve connectivity between Klang and the wider Klang Valley. Lim said the group’s undeveloped land carried a potential future gross development value of more than RM7 billion as at the end of FY2025, and that the acquisition supports its earnings and development pipeline.
Why it matters
The purchase replenishes Titijaya Land’s pipeline in an established Klang industrial and residential belt, with the coming LRT3 station offering a connectivity uplift for future mixed-use plans. At under RM50 million it is a modest, internally funded top-up rather than a transformational deal.
Bedi buys into Sabah projects via related-party deal
Bedi Bhd is acquiring two Sabah property developers, Sejati Sentral (Sandakan) and FYT Land (KK), from a related party for RM38.82 million cash, adding projects with about RM1.13 billion of remaining gross development value.
Bedi has proposed to acquire Sejati Sentral (Sandakan) Sdn Bhd for RM17.55 million and FYT Land (KK) Sdn Bhd for RM21.27 million from Bedi Development Sdn Bhd, according to its Bursa Malaysia filing. Sejati Sentral is the landowner and developer of the Sejati Sentral commercial project in Sandakan, while FYT Land is developing Bayu Damai Residences and Luna Damai Residences in Kota Kinabalu.
Bedi said the projects carry a combined remaining unbilled and unsold gross development value of RM1.13 billion and an estimated gross development profit of RM146.94 million. The deal is a related party transaction, as group managing director and substantial shareholder Kong Chung Vui has interests in the target companies through the vendor, while other major shareholders hold indirect interests via EXSIM Borneo Sdn Bhd, which owns a 52.5% stake in Bedi. The company said the acquisitions give it immediate access to ongoing developments and strengthen its presence in East Malaysia, and that the proposal will be subject to approval from independent shareholders.
Why it matters
The acquisition gives Bedi immediate exposure to ongoing projects in Sandakan and Kota Kinabalu, based on the company’s disclosures, while the related-party structure means pricing and terms could become a focus at the independent shareholder vote.
Also on the radar today
Propel Global breaks ground on RM64 million Kuantan commercial debut
Propel Global Bhd has broken ground on Riverpoint, a commercial project in Kuantan with an estimated gross development value of RM64 million, marking the oil and gas services group’s first move into property development. Developed by wholly owned subsidiary Propel Global Development Sdn Bhd, the riverfront scheme on Jalan Tanah Putih comprises 31 three-storey freehold shoplots with built-ups from about 4,202 sq ft, positioned near the East Coast Rail Link and Kuantan Port expansion. Group chief executive Angeline Lee said the project reflects the group’s diversification beyond its oil and gas and engineering businesses.
Mulpha named in amended Australian class action over Mulgoa Rise
Mulpha International Bhd said its wholly owned Australian unit Mulpha Norwest Pty Ltd has been served with an amended statement of claim in a class action over its Mulgoa Rise residential development in Glenmore Park, New South Wales. The claim, filed on June 5, expands proceedings first lodged in December 2024 and also names Penrith City Council as a respondent. The action alleges, among others, that parts of the development were unsuitable for standard residential construction, with the claimant seeking damages for remediation, demolition and rebuilding costs and lost property value. Mulpha said the proceedings are scheduled to be heard from May 3, 2027.
Berjaya Corp exits Citaglobal stake for RM42.56 million
Berjaya Corp Bhd has disposed of its entire 8.64% stake in Citaglobal Bhd for RM42.56 million, with the shares sold to Detik Ria Sdn Bhd, according to published reports. Following the disposal, Berjaya’s broking unit is no longer a shareholder in Citaglobal. The sale comes amid broader portfolio adjustments across Bursa over the past day, alongside other moves including Sunway’s disposal of a stake in Winstar Capital.
Today's roundup
It has been a lighter day centred on land-bank building and portfolio housekeeping. Titijaya lined up a RM47.39 million Bukit Raja parcel near a targeted end-2026 LRT3 station opening, and Bedi agreed to buy two Sabah developers from a related party for RM38.82 million, bringing in about RM1.13 billion of development value based on company figures. In brief, Propel Global broke ground on a RM64 million commercial debut in Kuantan, Mulpha was named in an amended Australian class action over its Mulgoa Rise project, and Berjaya Corp exited its Citaglobal stake for RM42.56 million.
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