Daily Digest · Thursday, 13 August 2026· Updated: about 1 hour ago
DutaLand seeks nod to unwind Kenny Heights venture; RM588m in deals announced by contractors and developers
Malaysian property news picked up between Aug 12 and Aug 13. DutaLand is seeking shareholder approval to end a 23-year joint development arrangement over Kenny Heights land carrying an Independent Agreed Value of RM1.917 billion in Kuala Lumpur, while contractors and property groups announced RM588 million in construction and industrial-property transactions. Sunway REIT also reported higher 2Q realised profit on stronger retail performance.
Quick takes
- Whitmore raises MKH stake above 50%; offer unconditional: Whitmore Holdings Sdn Bhd has increased its direct stake in MKH Bhd to 50.9% following completion of its RM208.9 million share acquisition. Its RM2-per-share mandatory takeover offer remains unconditional. Together with Batu Kawan Bhd and parties acting in concert, Whitmore holds a controlling interest in MKH, while any delisting will depend on the level of acceptances under the offer.
- Binasat terminates Empire City acquisition: Binasat Communications Bhd mutually terminated its proposed acquisition of properties in Empire City, Damansara, with the vendor to refund RM32.19 million.
- Sime Darby Property tops out Kanopi Residences: Sime Darby Property Bhd said it had topped off Kanopi Residences, its first high-rise residential project in Elmina City Centre, Selangor.
- GuocoLand Malaysia to be delisted from Bursa Aug 18: GuocoLand (Malaysia) Bhd will be removed from the Official List of Bursa Malaysia Securities Bhd at 9am on Aug 18 following completion of its privatisation exercise.
- OSK brings forward Ombak Phase 2: OSK Property brought forward OSK Ombak Phase 2 by 18 months after Phase 1 sold out within three months.
DutaLand, Olympia move to unwind 23-year Kenny Heights venture
DutaLand Bhd is seeking shareholders’ approval to terminate a long-running joint development arrangement with Olympia Industries Bhd over undeveloped Kenny Heights land in Kuala Lumpur carrying an Independent Agreed Value of RM1.917 billion.
The termination would allow the two groups to independently develop or monetise their respective portions of the freehold Sri Hartamas land after a prolonged delay in developing the nine remaining parcels. The land, held under a consortium arrangement dating back to 2003, spans about 1.95 million sq ft off Jalan Sri Hartamas 1 and fronts the SPRINT Highway.The RM1.917 billion Independent Agreed Value represents the average of valuations commissioned by the two parties. DutaLand unit KH Estates Sdn Bhd’s retained parcels are valued at RM1.115 billion, or 58.2% of the total, while Olympia unit Olympia Properties Sdn Bhd’s parcels are valued at RM801.85 million, or 41.8%. The difference falls within the agreed tolerance for the proposed exit, resulting in no payment or reimbursement between the parties. The parties will remain bound by obligations intended to preserve the existing master development order, including its approved layout and plot ratio.
DutaLand estimated that the proposed termination would increase group net assets by about RM290.3 million. On a pro forma basis using its audited financial year ended June 30, 2025, the exercise would also increase earnings by about RM290.3 million. Subject to approval by non-interested shareholders at an EGM on Aug 28 and the other requisite approvals, the proposed termination is expected to be completed in 3Q2026.
Why it matters
The proposed termination would give DutaLand and Olympia independent control over their respective portions of the sizeable freehold Kuala Lumpur landholding after more than two decades under the joint arrangement.
RM588m in construction, industrial deals announced
Contractors and property groups announced transactions with an aggregate value of RM588 million, comprising a RM223 million Johor Bahru building contract, a RM105 million electrical subcontract for a Puncak Alam data centre project and RM260 million of agreements to sell five Pontian industrial warehouses.
Kerjaya Prospek Group Bhd secured a RM223 million contract from Sunway Majestic Sdn Bhd for the construction and completion of main building works on a 1,012-unit small office/home office development in Johor Bahru. Works are scheduled to begin Sept 1 and take 32 months. Southern Score Builders Bhd’s 51%-owned subsidiary SJEE Engineering Sdn Bhd secured a RM105 million electrical subcontract for a data centre project in Puncak Alam, Selangor.
On the industrial side, PTT Synergy’s PTT Development entered into five sale and purchase agreements to develop and sell five industrial warehouses in Pontian, Johor, to Sekatarakyat for RM260 million upon completion.
Why it matters
The three transactions represent RM588 million in announced construction and industrial-property deal value across Johor and Selangor, including a data centre electrical package and pre-agreed sales of industrial warehouses.
Sunway REIT’s 2Q realised profit rises 10% on stronger retail
Sunway Real Estate Investment Trust reported a 10.3% year-on-year rise in realised profit attributable to unitholders to RM106.5 million for 2Q2026, driven by stronger retail performance.
Revenue for the quarter ended June 30 rose 4.2% to RM220.3 million, while net property income increased 5.2% to RM163 million. Retail revenue grew 11% and net property income rose 14%, supported by the reopened Sunway Carnival Mall wing, improved trading at Sunway Pyramid Mall and a full-quarter contribution from AEON Mall Seri Manjung. Reported pre-tax profit, however, fell 13.2% to RM112.3 million, as the corresponding quarter a year earlier included a RM27.1 million fair-value gain related to the disposal of the Sunway university and college campus.
The REIT declared an interim distribution of 6.28 sen per unit and ended the period with gearing of 40.6%. Its portfolio comprised 28 properties valued at RM10.3 billion.
Why it matters
The improvement in realised profit was driven by the retail portfolio, while the decline in reported pre-tax profit largely reflects the absence of the RM27.1 million fair-value gain recorded in the corresponding quarter last year.
Also on the radar today
DPS Resources inks MoU for 89MW Melaka data centre
DPS Resources Bhd’s unit has signed a non-binding MoU with BBSB Holdings for the proposed phased lease and development of up to 89MW of data centre capacity in Melaka. The parties may explore expansion to up to 400MW, subject to feasibility, approvals, infrastructure availability, commercial terms and definitive agreements.
Rehda Institute backs data-led housing planning
Rehda Institute backed the National Housing Policy 2026–2035’s data-driven approach, saying housing supply should reflect demographics and actual demand. It also supported more flexible affordability benchmarks, tenure options and financing measures to address changing household needs.
Today's roundup
Malaysian property news between Aug 12 and Aug 13 was led by DutaLand’s proposed termination of its Kenny Heights joint development arrangement with Olympia Industries over land carrying an Independent Agreed Value of RM1.917 billion. Contractors and property groups also announced RM588 million in construction and industrial-property transactions, while Sunway REIT reported higher 2Q realised profit, supported by retail performance. Elsewhere, DPS Resources signed a non-binding MoU to explore up to 89MW of data centre capacity in Melaka, while Rehda called for a measured transition to Build Then Sell.
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