Daily Digest · Friday, 26 June 2026· Updated: about 2 hours ago
Battersea clears valuation hurdle as Sisk lands next phase; Gamuda, Glomac ride growth
The Malaysian‑owned Battersea project led the day, cleared by the government on valuation and pressing on with a new build phase, alongside a run of developer earnings. The window covers the past day through this morning, plus briefs on a KPKT Johor allocation, data centre capacity use and an OSK Property tie‑up.
Quick takes
- Two independent forensic reports concluded that overvaluation allegations against the Battersea Power Station project are unfounded, with no need for further investigation, the Finance Ministry told the Dewan Rakyat.
- Battersea Power Station appointed Sisk as main contractor for Phase 3C, two Gehry Partners‑designed buildings with about 300 homes that will complete the Electric Boulevard high street, with work starting this summer.
- Gamuda reported 3QFY2026 net profit of RM258.0 million, up 12 percent quarter on quarter, taking nine‑month earnings to RM702.6 million, up 5 percent, and declared a second interim dividend of 5.0 sen.
- Glomac’s 4QFY2026 net profit rose more than fourfold to RM13.26 million, lifting full‑year profit 33.1 percent to RM21.2 million, with a proposed 1.38 sen dividend and RM371 million of FY2027 launches planned.
Battersea Power Station cleared of overvaluation claims as next London phase goes to Sisk
Two independent forensic reports concluded that allegations of overvaluation at the Battersea Power Station project in London are unfounded, and that no further investigation is needed, the Finance Ministry said in a written reply to the Dewan Rakyat reported by The Star and EdgeProp on 25 June. Battersea Project Holding Company had appointed forensic auditor Evelyn Partners to review concerns raised by former chief executive Donagh O'Sullivan over the project's financial reporting and the potential effect on the fair value of investments held by the Employees Provident Fund and Permodalan Nasional Bhd.
Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim said the reviews found the company's accounting practices were in line with international standards, with some adjustments made to the investment valuation following the 2025 allegations. The ministry said the performance and valuation of the investment continue to be monitored in line with governance and financial reporting standards. Battersea's Malaysian shareholders, Sime Darby Property, S P Setia and the EPF, have invested about five billion pounds in the 42‑acre regeneration around the restored power station.
Separately, the development awarded Sisk the main contract for Phase 3C, two buildings designed by Gehry Partners that will complete the pedestrianised Electric Boulevard high street, in a statement on June 24 reported by The Edge and UK trade press. The phase will deliver about 300 homes, 65,000 sq ft of retail space, a 15,000 sq ft community hub and a 600‑space bicycle hub, with work due to start in the summer of 2026 and an estimated value of about 280 million pounds, according to Construction News. The contract marks fresh construction momentum at the scheme as the valuation question is laid to rest.
Why it matters
The clearance removes an overhang over how EPF and PNB carry their Battersea investments, a point of public scrutiny since the 2025 allegations, and reaffirms the values feeding into two of Malaysia’s largest funds. Awarding the next build phase in the same week suggests the project is moving forward rather than pausing while questions were resolved.
Gamuda rides construction boom while Glomac cashes in on project progress
Gamuda Bhd reported net profit of RM258.0 million for its third quarter ended 30 April 2026, up 12 percent quarter on quarter, with nine‑month earnings of RM702.6 million, up 5 percent year on year, according to EdgeProp. The result met about two‑thirds of full‑year forecasts, and the group declared a second interim dividend of 5.0 sen per share, taking the year‑to‑date payout to 10.0 sen.
Gamuda Engineering drove the quarter, with pretax profit up 58 percent on stronger execution across domestic infrastructure projects, while Gamuda Land’s revenue eased after an exceptionally strong prior quarter in Vietnam. The group trimmed its FY2026 property sales target to RM4.0 billion from RM4.5 billion, citing fewer Vietnam launches, while flagging a larger FY2027 launch pipeline of about RM12.7 billion in gross development value spread across Vietnam, Singapore and Malaysia.
Glomac Bhd, reporting its fourth quarter ended April 30, 2026, posted net profit of RM13.26 million, more than four times the RM2.74 million a year earlier, on revenue up 6.4 percent to RM79.75 million, supported by progress billings at Lakeside Residences, Saujana Perdana and the Serai terrace homes at Sungai Buloh Country Resort. Full‑year net profit rose 33.1 percent to RM21.2 million, with RM546 million of unbilled sales as at end‑April. Glomac proposed a final dividend of 1.38 sen and plans RM371 million of new launches in FY2027 across its townships.
Why it matters
The two sets of results suggest domestic construction and progress billings are carrying earnings as some overseas property timing slips, with Gamuda leaning on its infrastructure order book and Glomac on township billings. Gamuda’s trimmed Vietnam sales target and Glomac’s modest scale temper the read, but both point to a steady rather than booming property cycle at home.
Also on the radar today
KPKT allocates RM216.44 million to Johor housing and infrastructure
The Housing and Local Government Ministry (KPKT) has allocated RM216.44 million to upgrade housing and infrastructure in Johor, according to EdgeProp. The funding covers people’s housing programmes, maintenance of public and low‑cost housing, and local infrastructure works in the state, adding to federal spending aimed at the Johor growth corridor as development around the Johor‑Singapore Special Economic Zone accelerates.
Data centres using only half their approved power and water, says minister
Operating data centres in Malaysia are drawing only about half of their approved power and water capacity, a minister said, according to EdgeProp. The remark suggests headroom in committed utility allocations even as new data centre projects are announced, and points to a gap between approved and actual consumption that policymakers are watching as the sector expands across the Klang Valley and Johor.
OSK Property teams with IKEA, CUCKOO and Samsung on home living
OSK Property has partnered IKEA, CUCKOO and Samsung on a home living initiative offering furnishing, appliance and home‑solution packages to its buyers, according to EdgeProp. The tie‑up is aimed at adding value for purchasers and differentiating the developer’s products in a competitive market, reflecting a broader move among Malaysian developers to bundle fitted and furnished offerings with new homes.
Today's roundup
Battersea led the day, with forensic audits clearing the Malaysian‑owned project of overvaluation claims and the scheme awarding its next London phase, about 300 homes, to Sisk. On the earnings front, Gamuda’s third‑quarter net profit rose to RM258.0 million with a 5.0 sen dividend, and Glomac’s fourth‑quarter profit more than quadrupled to RM13.26 million with RM371 million of FY2027 launches planned. In brief, KPKT allocated RM216.44 million to Johor housing and infrastructure, a minister said data centres are using only half their approved power and water, and OSK Property tied up with IKEA, CUCKOO and Samsung on home living packages.
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