Daily Digest · Wednesday, 26 August 2026· Updated: about 2 hours ago
Mah Sing adds RM1.92b Ampang project; IJM wins RM909.5m industrial jobs
Mah Sing is buying 14.38 acres in Ampang for the proposed RM1.92 billion M Araya, IJM Construction has secured RM909.5 million of advanced industrial work in Kulim and Batu Kawan, while Sime Darby Property has raised its dividend payout target as recurring income gains scale.
Quick takes
- Matrix Concepts Holdings Bhd recorded RM416.7 million in new property sales in 1QFY2027, up 9.2% year on year, led by Sendayan Developments and growing contributions from MVV City. Revenue rose 11% to RM315.58 million while net profit eased 4.4% to RM60.19 million. The group launched RM586.4 million worth of projects during the quarter.
- Geohan Corp Bhd secured a RM37 million contract from Chin Hin Property (Segambut) Sdn Bhd for earthworks, piling and substructure works for a high-rise residential project in Mukim Batu, Kuala Lumpur. The development comprises two serviced-apartment towers with a total of 1,546 units. Works are scheduled from Sept 1, 2026 to end-August 2027.
- Selangor Dredging Bhd's net loss widened to RM8.25 million in 1QFY2027 from RM2.99 million a year earlier as revenue fell to RM31.88 million from RM61.82 million. The group attributed the weaker results mainly to the timing of revenue and profit recognition from development activities at earlier construction stages, higher sales incentives and elevated construction material and labour costs.
- Eastern & Oriental Bhd's net profit rose 27.9% to RM58.11 million in 1QFY2027 as revenue increased 53.4% to RM281.47 million, supported by higher project progress billings from recently launched developments in Penang and Selangor.
Mah Sing buys 14.38 acres in Ampang for RM186.17m, plans RM1.92b M Araya
Mah Sing Group Bhd is acquiring three adjoining parcels in Ampang totalling 14.3775 acres for RM186.17 million, marking its third project in the area after M Suites and M City.
Subject to approvals, the group plans to develop the site into M Araya, a serviced apartment project with an estimated gross development value of RM1.92 billion. Indicative built-up areas range from 700 to 1,000 sq ft, with prices expected to start from RM399,000. Registration of interest is targeted for the first quarter of 2027, followed by a launch in 2027.
The site is predominantly freehold, with about 1.983 acres currently leasehold. Mah Sing intends to apply to convert the leasehold parcel to freehold status, subject to authority approvals.
Why it matters
Why it matters: The deal adds a sizeable mass-market residential pipeline in an established Klang Valley catchment and replenishes Mah Sing's development landbank soon after its Southville City data-centre land monetisation.
IJM Construction secures RM909.5m Kulim and Batu Kawan projects
IJM Corporation Bhd's wholly owned IJM Construction Sdn Bhd has secured two fast-track industrial projects worth a combined RM909.5 million.
The first is a RM455 million contract for civil, structural and architectural works on an automated storage and retrieval system warehouse for a multinational technology company's semiconductor facility in Kulim, Kedah. The second is a RM454.5 million medical-device manufacturing facility for Intuitive Surgical Malaysia Sdn Bhd at Bandar Cassia Technology Park in Batu Kawan, Penang. Both projects are scheduled for delivery in less than 18 months.
IJM said advanced industrial facilities now account for about 55% of IJM Construction's domestic outstanding order book. The construction division's total outstanding order book stands at RM14.51 billion.
Why it matters
Why it matters: The awards reinforce northern Malaysia's pipeline of high-specification manufacturing facilities and deepen IJM's exposure to semiconductor and medical-device investment.
Sime Darby Property raises payout target as recurring income gains scale
Sime Darby Property Bhd has raised its dividend payout target to 40% to 60% of net profit excluding extraordinary items, from its previous framework of 20%, as recurring income becomes a larger part of the group's earnings mix.
Net profit for 2QFY2026 more than doubled to RM322.04 million from RM143.54 million a year earlier, while revenue rose 9.3% to RM1.16 billion. For the first half, net profit increased 83.6% to RM480.8 million on revenue of RM1.96 billion. The group recorded RM1.8 billion in first-half sales, of which industrial products contributed RM861 million, or 49%. Unbilled sales stood at RM3.8 billion, while bookings were RM1 billion as at Aug 9. Its investment and asset management business recorded first-half revenue of RM137.8 million, supported by data-centre lease income, retail performance and industrial assets.
Sime Darby Property has said the higher payout policy reflects its shift towards a more balanced earnings profile with a growing recurring-income contribution.
Why it matters
Why it matters: The dividend reset makes the group's transition from a traditional development-led earnings model towards a larger recurring-income platform more visible to investors, with industrial assets and data-centre leasing playing an increasing role.
Also on the radar today
Hektar REIT seeks nod for RM125m KYS KL East school acquisition
Hektar REIT is seeking unitholder approval for its proposed RM125 million acquisition of KYS College's leasehold interest and existing school buildings at KL East, together with a new building to be constructed. The consideration comprises RM106.55 million cash and RM18.45 million in new Hektar REIT units, with completion subject to conditions.
OSK Mori Park secures Jaya Grocer as anchor tenant
Jaya Grocer has been named anchor tenant for OSK Property's Mori Park retail enclave in Section 13, Shah Alam. The retail boulevard comprises 56 units and forms part of the wider development near the planned LRT3 Stadium Shah Alam station.
Today's roundup
Land replenishment, advanced manufacturing investment and the shift towards recurring property income led today's property news. Mah Sing added a 14.38-acre Ampang site for its proposed RM1.92 billion M Araya, while IJM Construction secured RM909.5 million of specialised industrial work in Kedah and Penang. Sime Darby Property's higher dividend payout target highlighted the growing contribution from recurring income and industrial assets. Elsewhere, Matrix Concepts reported higher property sales, E&O posted stronger quarterly earnings and Geohan secured a RM37 million Segambut residential package, while Hektar REIT moved ahead with its proposed KL East school acquisition and OSK Property named Jaya Grocer as Mori Park's anchor tenant.
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