Daily Digest · Tuesday, 7 July 2026· Updated: about 1 hour ago
Sime Darby Property inks RM160m KL deal while rivals branch out into RM1.3 bil industrial hubs and Abu Dhabi blocks
The main property news over the July 6–7 window came from three corporate moves: Sime Darby Property’s RM160 million entry into the Kuala Lumpur city centre, WCT Holdings’ RM926.21 million residential subcontract in Abu Dhabi, and Berjaya Property’s RM1.3 billion diversification into tyre manufacturing. Around them, data-centre land assembly in Kapar, an EV-related disposal by Careplus, a new Ascott hotel in Penang, housing remarks from the prime minister, Sime Darby Property’s latest launch data and a construction-sector note rounded out the day.
Quick takes
- Sime Darby Property is entering the Kuala Lumpur city centre with a RM160 million cash purchase of Wisma Unirazak on Jalan Tun Razak, planning a RM900 million premium mixed-use redevelopment on the fully leased 1.46-acre site.
- WCT Holdings has secured a near-RM1 billion subcontract in Abu Dhabi, worth RM926.21 million, to build six 11-storey residential towers under Aldar’s Yas Riva Residences, its second contract in Abu Dhabi within three weeks.
- Berjaya Property is committing RM1.3 billion to an automotive tyre plant in Selangor with China’s Wanli Tire, marking a diversification beyond property into industrial manufacturing and broadening its earnings base.
- DayOne, according to Baxtel, has been identified as the party assembling roughly 157 acres of Kapar industrial land in Klang via RM687.89 million worth of disposals, signalling data-centre demand extending from Johor into the Klang Valley.
- Careplus Group is selling a Seremban property for RM42 million to help fund its new energy vehicle manufacturing and assembly hub in Chembong, Negeri Sembilan, allocating over 65% of proceeds to the EV venture.
- Ascott has opened its first HARRIS-branded hotel in Malaysia at Sunshine Central in Penang, expanding its hospitality footprint in the state.
- Sime Darby Property reports an 85% take-up rate for Tiara Residences 1 in Bukit Jelutong, Shah Alam, underscoring steady landed-home demand in mature Klang Valley townships.
- Prime Minister Datuk Seri Anwar Ibrahim has reiterated federal commitments to affordable housing for civil servants and resolving Felda second-generation housing issues ahead of the July 11 Johor state election.
- Hong Leong Investment Bank says construction-sector valuations have improved amid easing Middle East war risks and faster project rollouts, supporting sentiment towards contractors and property-linked builders.
Sime Darby Property enters KL city centre with Wisma Unirazak buy
Sime Darby Property Bhd is acquiring Wisma Unirazak on Jalan Tun Razak in Kuala Lumpur for RM160 million cash, marking the developer’s entry into the Kuala Lumpur city centre market. The building will be redeveloped into a premium mixed-use project with an estimated gross development value (GDV) of RM900 million, according to a July 6 Bursa filing.
The 15-storey office building, currently fully leased, offers a net lettable area of 110,669 sq ft on a 1.46-acre site and generates annual gross rental income of RM6.5 million, with Universiti Tun Abdul Razak occupying 84% of the space. A March valuation placed the property at RM165.75 million, slightly above the RM160 million purchase consideration.
The purchase is via wholly-owned Sime Darby Property (KLGCC Resort) Sdn Bhd and is a related-party transaction, as Permodalan Nasional Bhd (PNB) and its parent Yayasan Pelaburan Bumiputra are connected to a major shareholder holding a 32.70% direct stake in the developer. Completion is expected in 4Q2026, with the redevelopment targeted for launch in 2028 and completion within about five years. Group managing director and CEO Datuk Seri Azmir Merican said the site, located within the Jalan Tun Razak–KLCC corridor, offers a rare chance to unlock value in a land-scarce prime location and strengthens the group’s strategy of expanding in the high-end mixed-use segment.
Why it matters
This deal takes one of Malaysia’s largest listed developers directly into the KL city centre, reflecting a strategic move into high-end mixed-use in a tight prime-land corridor even as the wider luxury market remains selective. The acquisition also provides Sime Darby Property with an income-producing asset while redevelopment plans are being prepared; the RM160 million purchase consideration is slightly below the property’s latest valuation.
WCT adds near-RM1 bil Abu Dhabi residential subcontract
WCT Holdings Bhd has secured a subcontract worth 836 million dirham, or about RM926.21 million, to build a residential development in Abu Dhabi, its second contract in the emirate within three weeks.
The job covers six 11-storey residential towers with a common basement under the Yas Riva Residences package, developed by Aldar Development. Construction is slated to start in 3Q2026, with a targeted duration of three years and four months.
The award extends WCT’s overseas order book at a time when domestic construction and property markets remain competitive, and adds to recent Middle East contract wins by Malaysian contractors as Gulf developers continue rolling out residential and mixed-use projects.
Why it matters
A near-RM1 billion foreign subcontract, and WCT’s second in Abu Dhabi within three weeks, underscores how Malaysian builders are leaning on Gulf demand to offset a crowded local market. The overseas expansion also brings execution risks, including labour, logistics and currency exposure, alongside improved earnings visibility.
Berjaya Property pivots into RM1.3 bil Selangor tyre plant
Berjaya Property Bhd is partnering China-based Wanli Tire Co Ltd to develop an automotive tyre manufacturing plant in Selangor costing RM1.3 billion, marking a diversification beyond its core property business.
Of the total, RM813.35 million will come via equity contributions from Berjaya Property’s wholly-owned Alam Baiduri Sdn Bhd and Wanli’s Trusmax Investment Co Ltd, with the remaining RM491.45 million funded by borrowings. The venture combines Berjaya Property’s local platform with Wanli’s tyre manufacturing expertise.
For Berjaya Property, the plant represents a push into an industrial manufacturing business that can broaden its earnings base beyond development and investment property. It also reflects a broader trend among some developers exploring non-property segments as they seek to diversify earnings beyond the residential cycle.
Why it matters
A RM1.3 billion commitment to tyre manufacturing is a sizeable strategic shift for a property company. It shows how some developers are chasing industrial and recurring income in response to an uneven property cycle, but the sizeable debt-funded component introduces balance-sheet risk in an unfamiliar business line.
Also on the radar today
Baxtel links DayOne to RM687.89 mil Kapar data-centre land assembly
According to Baxtel, data centre operator DayOne has been identified as the party assembling roughly 157 acres of Kapar industrial land in Klang, via disposals by Maybulk, Eonmetall and Leader Steel totalling RM687.89 million. The move suggests the data-centre land demand seen in Johor is now extending into the Klang Valley, following the Kapar disposals covered in the previous edition.
Careplus sells Seremban asset for RM42 mil to fund EV hub
Careplus Group Bhd is disposing of a Seremban property for RM42 million, comprising about 40,680 sq m of land with a single-storey retail complex, to help fund its new energy vehicle venture. More than 65% of the proceeds are earmarked for building an EV manufacturing and assembly hub in Chembong, Negeri Sembilan.
Ascott opens first HARRIS hotel in Malaysia, in Penang
The Ascott Ltd has launched its first HARRIS-branded hotel in Malaysia at Sunshine Central in Penang, adding to its hospitality presence in the state and complementing its serviced-residence portfolio.
PM Anwar reiterates affordable housing commitments ahead Johor polls
Prime Minister Anwar Ibrahim reiterated the federal government’s commitment to affordable housing for civil servants and pledged to resolve long-standing Felda second-generation housing issues, in remarks made during campaigning for the July 11 Johor state election.
Sime Darby Property reports 85% take-up at Tiara Residences 1
Sime Darby Property recorded an 85% take-up rate for the first phase of Tiara Residences in Bukit Jelutong, Shah Alam, pointing to steady demand for landed homes in established Klang Valley townships despite broader market caution.
Construction valuations seen improving, says HLIB
Hong Leong Investment Bank says construction-sector valuations have improved amid easing Middle East war risks and faster project rollouts, supporting sentiment towards contractors and property-linked builders.
Today's roundup
Corporate deals dominated the property newsflow over the July 6–7 window. Sime Darby Property is buying Wisma Unirazak on Jalan Tun Razak for RM160 million, its entry into the KL city centre, ahead of a planned RM900 million mixed-use redevelopment. WCT secured a RM926.21 million subcontract to build six residential towers in Abu Dhabi, while Berjaya Property committed RM1.3 billion to a Selangor tyre plant with Wanli Tire. Around these, Baxtel linked DayOne to a RM687.89 million Kapar land assembly, Careplus moved to sell a Seremban property for RM42 million to fund its EV hub, Ascott opened its first HARRIS hotel in Malaysia in Penang, the prime minister restated affordable-housing promises ahead of Johor polls, Sime Darby Property logged strong take-up at Tiara Residences 1, and HLIB flagged improving construction valuations.
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