Centurion makes RM214.5m Pasir Gudang bet; Scientex profit jumps 29.5%

Centurion agrees to its largest Malaysian worker-accommodation acquisition, while Crescendo receives overdue payment for Kota Tinggi industrial-land sale

Singapore-listed Centurion Corp Ltd said its indirect wholly owned subsidiary, Westlite Dormitory (Cemerlang) Sdn Bhd, has entered into a sale and purchase agreement to acquire a 7,974-bed purpose-built worker-accommodation complex in Pasir Gudang, Johor, for RM214.5 million. The property comprises two adjoining 60-year leasehold parcels totalling 9.73 acres and 444 apartment-style units across eight five-storey blocks.

One parcel, with approved capacity for 3,978 beds, is operating and tenanted by employers in surrounding industrial estates. The other, with approved capacity for 3,996 beds, was recently completed and is expected to be progressively leased after completion of the acquisition. Centurion said the transaction would increase its Malaysian capacity by 22% to 43,980 beds across 14 worker-accommodation assets. CEO Kong Chee Min said the purchase advances the group's investment commitment to the Johor-Singapore Special Economic Zone. Completion is expected on or before April 7, 2027, subject to, among other matters, Johor state authority consent, independent valuation and satisfactory legal and technical due diligence.

Separately, Crescendo Corp Bhd said its unit Crescendo Development Sdn Bhd received the outstanding balance purchase price and late-payment interest from MSFusion Sdn Bhd on Sept 9 in connection with the RM263.21 million sale of a 52.544-acre freehold industrial parcel in Bandar Cemerlang Industrial Park, Kota Tinggi, for a proposed data centre development. The payment followed an Aug 27 default notice, in which Crescendo disclosed that MSFusion had not paid RM225.91 million in principal sums due as at Aug 26, giving the buyer 14 days to remedy the shortfall before Crescendo could move to terminate the agreement.

Scientex's property division supports record FY2026 earnings, while Paramount outlines RM4b land-deal pipeline

Scientex Bhd's net profit attributable to shareholders rose 29.5% to RM199.92 million for the fourth quarter ended July 31, 2026, from RM154.33 million a year earlier, supported by improved contributions from its property and packaging divisions. Revenue increased 17.7% to RM1.40 billion, with the property division contributing RM678.9 million, up 17%, and operating profit of RM194.3 million on stronger unit sales in the Central and Melaka regions. For the full year, net profit grew 16.8% to a record RM620.17 million. The board declared a six sen final dividend, bringing total FY2026 dividends to 12 sen a share.

Paramount Corp Bhd, meanwhile, said six land sale and purchase agreements signed since December 2024 carry a combined potential gross development value of RM4 billion, according to its Sept 8 investor presentation. Two of the acquisitions, covering 387 acres with RM2 billion in projected GDV, have been completed, including land in Bandar Lunas, Kedah, acquired in the first quarter. Paramount said in its Aug 26 results release that first-half property sales fell 21% year on year to RM413 million. Property segment pre-tax profit nevertheless rose 5% to RM69.8 million, which the group attributed to a higher-margin product mix, while unbilled sales stood at RM1.46 billion as at June 30.

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Johor remained at the centre of property-linked investment activity, with Centurion agreeing to a RM214.5 million acquisition that would expand its Malaysian worker-accommodation capacity by 22%, while Crescendo received the overdue payment for its RM263.21 million Kota Tinggi industrial-land sale for a proposed data centre development. Developer activity was also in focus. Scientex closed FY2026 with record net profit after a stronger fourth quarter, while Paramount continued expanding on two fronts, opening its 11th Co-labs Coworking outlet and building a land pipeline with RM4 billion in potential GDV despite softer first-half property sales. Elsewhere, the Federal Court's refusal of Avaland's appeal bid left standing a ruling restraining commercial development at Lakefront Villa, Genting Simon outlined a RM170 million expansion of Genting Highlands Premium Outlets, and TRC Synergy secured a RM149.98 million hyperscale data centre subcontract. Corporate developments included Sunway's initial credit ratings from RAM Ratings and leadership changes at Ahmad Zaki Resources and Hektar REIT.