Hextar Global moves into property with RM3.8b Siera Alam township; Ekovest's RM355.85m rights issue could trigger MGO

Hextar Global moves into property development with RM3.8b Siera Alam township

Hextar Global Bhd is proposing to diversify into property development through a joint venture with a unit of Perbadanan Kemajuan Negeri Selangor (PKNS) to develop an integrated mixed-use township in Siera Alam, Shah Alam.

The project will be undertaken through Hextar Siera Sdn Bhd, in which Hextar Landmark Sdn Bhd will hold 70% and PKNS subsidiary Kotaputeri Development Sdn Bhd the remaining 30%. Hextar Global will have an effective 49% interest in Hextar Siera through its 70%-owned indirect subsidiary Hextar Landmark. Hextar Siera has also entered into a sale and purchase agreement to acquire 240.39 acres of leasehold land from PKNS for RM270 million. The proposed development has an estimated GDV of RM3.8 billion and preliminary gross development cost (GDC) of RM2.8 billion, including the land consideration.

Hextar said the project, its maiden property development venture, is expected to be rolled out in phases over 10 years. The preliminary development plan comprises terrace houses, semi-detached houses, detached homes, commercial components and high-rise development. The proposed diversification into property development, construction, property investment and property management remains subject to shareholder approval.

Ekovest plans RM355.85m rights issue that could trigger MGO

Ekovest Bhd has proposed a renounceable rights issue of up to 1.78 billion new shares at 20 sen each, on the basis of three rights shares for every five existing shares held, to raise up to RM355.85 million.

The proceeds will partly fund the Laluan Istana-Kiara Expressway (LIKE), repay borrowings and support other infrastructure and property-related projects. RM150 million is earmarked for LIKE, while RM100 million is intended for the partial repayment of borrowings. Major shareholder Tan Sri Lim Kang Hoo and Ekovest Holdings Sdn Bhd have given irrevocable undertakings to subscribe for their entitlements and to take up rights shares not subscribed for by other shareholders.

If no other shareholders subscribe, their collective interest could rise from about 32% to 57.54%, triggering a mandatory general offer (MGO) for the remaining Ekovest shares at no less than the rights issue price. The offerors have said they do not intend to privatise Ekovest.

ECRL phase 1 could begin passenger operations in December

The Kota Bharu-Gombak section of the East Coast Rail Link (ECRL) could begin passenger operations in December 2026, subject to testing, systems integration and safety requirements, Transport Minister Anthony Loke said.

Phase 1 was 95.08% complete as at July 2026 and had entered testing and commissioning. The original timetable envisaged completion by December 2026 and commercial operations from January 2027. The Gombak-Port Klang section remains targeted for completion by December 2027, enabling full operations from January 2028. The progress comes as other transport plans advance. In Johor, the government is preparing a traffic dispersal plan ahead of the start of Rapid Transit System (RTS) Link services between Johor Bahru and Singapore.

In Penang, the draft state structure plan to 2040 retains a third bridge or undersea tunnel among its indicative projects and lists a proposed Butterworth-Kulim railway among 14 high-impact projects.

Also on the radar today

Today's roundup

Corporate property news picked up after the weekend, led by two Klang Valley-linked developments. Hextar Global unveiled its proposed entry into property development through a RM3.8 billion mixed-use township in Siera Alam, Shah Alam, with PKNS, while Ekovest proposed a rights issue of up to RM355.85 million that could give major shareholder Lim Kang Hoo and Ekovest Holdings majority control and trigger an MGO under the maximum scenario. Infrastructure also featured prominently. The first phase of the ECRL could begin passenger operations as early as December, while Johor is preparing a traffic dispersal plan ahead of RTS Link services and Penang's draft 2040 structure plan retains several major transport proposals. Elsewhere, Oriental Interest launched a RM163.8 million affordable housing project in Rawang, SCIB's Dimpoukon Residence co-development in Sabah became unconditional, and Penang announced new temporary worker housing guidelines restricting such accommodation to commercial and industrial areas from Sept 1. George Town's heritage shophouse market showed signs of strengthening, while Johor outlined plans for rental deposit assistance.