Daily Digest · Monday, 24 August 2026· Updated: about 2 hours ago
SunCon lands RM1.04b MEP jobs; Frasers Property, Tan & Tan team up on PJ Quarter
Sunway Construction accepted RM1.044 billion of mechanical, electrical and plumbing (MEP) fit-out work orders for two projects from a US-headquartered multinational technology company on Friday, while Frasers Property and Tan & Tan agreed to jointly develop a mixed-use precinct in Petaling Jaya, and FBG Holdings sought to cease its collaboration on a healthcare-led development in Penang.
Quick takes
- SkyWorld Development’s net profit attributable to shareholders rose 84.3% year on year to RM5.3 million for its first quarter ended June 30, 2026, as revenue climbed 45.7% to RM108.7 million. The group had RM1.1 billion in unbilled sales as at June 30.
- Pesona Metro Holdings posted record quarterly revenue of RM255.6 million for the second quarter ended June 30, up 46.2% year on year, while profit attributable to owners rose 46.7% to RM13.7 million.
- Encorp’s net loss attributable to shareholders widened to RM2.35 million in the second quarter despite an 8.1% rise in revenue to RM34.26 million, supported by its property development and construction segments.
- Inta Bina Group’s profit attributable to shareholders rose 7.2% to RM10.36 million in the second quarter despite revenue declining about 3% to RM180.51 million.
- Magma Group’s second-quarter net loss widened to RM8.57 million from RM6.42 million a year earlier, as revenue declined to RM6.52 million from RM7.03 million.
SunCon accepts RM1.044b MEP fit-out work orders, lifting 2026 order wins to RM6.85b
Sunway Construction Group Bhd (SunCon) accepted RM1.044 billion of mechanical, electrical and plumbing fit-out work orders for two projects from a United States-headquartered multinational technology company, according to a Bursa Malaysia filing on Friday.
The works are to commence immediately, with final completion targeted by March 2028. SunCon did not disclose the client’s identity, the project locations or the nature of the projects. The contracts are expected to contribute positively to earnings from the financial year ending Dec 31, 2026 onwards, although SunCon said they would have no immediate material effect on earnings per share, net assets per share or gearing.
The awards lifted SunCon’s new order wins secured so far this year to RM6.85 billion.
Why it matters
The awards materially strengthen SunCon’s 2026 order replenishment and provide earnings visibility extending into 2028. The filing does not identify the projects as data centres or disclose their locations.
Frasers Property and Tan & Tan form PJ Quarter joint venture in Section 13
Frasers Property Ltd and Tan & Tan Developments Bhd, the property development arm of IGB Bhd, have agreed to jointly develop PJ Quarter, a 5.15-hectare mixed-use precinct in Section 13, Petaling Jaya, according to a joint statement on Friday.
The partnership follows Tan & Tan’s proposed acquisition of Fraser & Neave Holdings Bhd’s (F&N) 50% interest in Vacaron Company Sdn Bhd, which owns the site. Frasers Property Holdings (Malaysia) will retain the remaining 50%, leaving it and Tan & Tan as equal shareholders in Vacaron upon completion. F&N said the purchase consideration will be calculated from 50% of Vacaron’s adjusted pro forma net asset value, using an agreed revised land value of RM360 million. F&N had previously indicated the disposal value at about RM180 million.
The project will be developed in two phases. Its first phase is expected to comprise residential units, retail space and a park, with the residential component targeted for launch in 2027.
Why it matters
The venture brings Frasers Property and IGB’s property development arm together on a prominent Section 13 site as the area continues its transition from its industrial past towards mixed-use development. For F&N, the proposed disposal supports its strategy of focusing on its core food, beverage and dairy businesses.
FBG seeks to cease RM2b Penang MediCity collaboration
FBG Holdings Bhd is seeking to cease its collaboration with Penang Development Corporation (PDC) on the proposed Penang MediCity joint development in Batu Kawan, according to a Bursa Malaysia filing on Friday.
Its wholly owned subsidiary FBG Land Sdn Bhd wrote to PDC on Aug 21 proposing that the parties discuss an orderly conclusion of their collaboration under the master purchase and development agreement signed in January 2025. The agreement covered FBG’s proposed acquisition of a 51.17-acre parcel in Bandar Cassia for RM111.45 million and the first phase of a healthcare-led development with an estimated gross development value of RM2 billion. The development was planned to include a 200-bed specialist hospital, wellness centre and healthcare complex, alongside residential and commercial components.
FBG said discussions on the proposed cessation are ongoing and further announcements will be made if there is a material development or agreement on terms. The group did not state a reason for seeking to cease the collaboration.
Why it matters
The proposed cessation could unwind one of the larger healthcare-led development plans for Batu Kawan, more than a year after the master agreement was signed. FBG has not disclosed a reason for the move, while the parties have yet to agree on terms for concluding the collaboration.
Also on the radar today
Ageing office buildings face a widening performance gap
An EdgeProp market analysis flagged a growing price and performance gap between prime and ageing office buildings, with older Klang Valley stock facing higher vacancy and refurbishment costs as tenants gravitate towards newer, greener space with better amenities.
Auction buyers and strata arrears
A weekend legal explainer examined the treatment of outstanding maintenance charges when strata properties change hands through court-supervised judicial sales, highlighting the importance of checking the conditions of sale and outstanding arrears before bidding.
Today's roundup
Friday’s corporate developments were led by Sunway Construction’s acceptance of RM1.044 billion in MEP fit-out work orders for two undisclosed projects from a US-headquartered multinational technology company, lifting its 2026 new order wins to RM6.85 billion. Frasers Property and IGB’s Tan & Tan agreed to jointly develop the 5.15-hectare PJ Quarter precinct in Petaling Jaya, linked to F&N’s proposed disposal of its 50% interest in the site owner. FBG Holdings, meanwhile, sought to cease its collaboration with PDC on the proposed RM2 billion Penang MediCity development in Batu Kawan. Several property companies also reported quarterly results, with SkyWorld’s net profit attributable to shareholders rising 84.3% and Pesona Metro posting record quarterly revenue as profit attributable to owners increased 46.7%. Inta Bina’s profit also edged higher, while Encorp and Magma reported wider losses. Corporate filings are expected to build through the week as the quarterly reporting season continues.
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