Daily Digest · Tuesday, 15 September 2026· Updated: about 4 hours ago
IOI Properties raises REIT investment allocation to RM3.07b; IJM Land launches Merione Residences
IOI Properties Group Bhd has shifted more of the proceeds from its proposed REIT exercise towards property investment and development, while IJM Land Bhd has unveiled the residential component of Merione at The Light Waterfront Penang.
Quick takes
- Wolo Hotel and Residences in Mont Kiara has won two Gold awards at China’s CREDAWARD. The RM850 million development comprises 378 private branded residences, 98 serviced suites and a 63-room boutique hotel, and is targeted for completion in late 2030.
- EXSIM Hospitality unit EXSIM Concepto has accepted a RM42.48 million building services and general works subcontract from Taghill Projects. The 24-month appointment runs until Sept 15, 2028, and is expected to contribute positively to the group’s earnings and net assets.
- Penang has added 1,133 homes across five projects to its rent-to-own programme, backed by RM49.26 million allocated this year. The additions bring total to 13,277 homes, about 60% of the state’s 22,000-unit target by 2030, helping households facing financing hurdles.
- Rehda has signed MoUs with MGTC and MCMA to advance sustainable property development and strengthen developers’ understanding of carbon markets. The partnerships cover green technology, climate action, ESG practices, carbon management, climate financing and strategies to decarbonise Malaysia’s built environment.
IOI Properties raises development, investment allocation from REIT exercise to RM3.07b
IOI Properties Group Bhd has raised the share of proceeds from its proposed IOIPG Malaysia Real Estate Investment Trust exercise earmarked for project development, property investment and related activities. In a Bursa Malaysia filing on Monday (Sept 14), the group said the revised allocation would also cover property-related investment and acquisition opportunities, which were excluded from its April proposal.
The allocation represents 66% of the estimated gross proceeds before any exercise of the over-allotment option. If the option is exercised in full, the amount earmarked for development and investment would rise to RM3.37b, or 68% of the higher proceeds. Correspondingly, the allocation for debt repayment has been reduced from RM3.04b to RM1.53b. Of this, RM435m is intended for borrowings tied to W Kuala Lumpur and Courtyard by Marriott Penang, while RM1.095b will be used to partially repay other borrowings. The repayment period for the latter has been shortened to six months after the listing, from the 12 months proposed previously. IOIPG REIT was established on Sept 11 following the registration of its deed with the Securities Commission Malaysia. On Monday, the vendors entered into sale and purchase agreements with MTrustee Bhd, acting as trustee for the REIT, for the properties to be injected into the trust. The disposals are expected to generate RM2.65b in cash consideration.
The proposed offering involves 2.2 billion units at an illustrative issue price of 91 sen each. The price reflects a revised pro forma net asset value following an increase in the portfolio’s aggregate appraised value. Master lessees also entered into hotel lease agreements covering Le Méridien Putrajaya, Moxy Putrajaya, Putrajaya Marriott Hotel, Four Points by Sheraton Puchong, Courtyard by Marriott Penang and W Kuala Lumpur.
Why it matters
The revised allocation gives IOI Properties greater scope to pursue acquisitions and development after the proposed listing instead of directing most of the proceeds towards debt reduction. The REIT-bound assets are also becoming more significant to the group. BusinessToday reported that they contributed RM876.5m, or 28.6%, of group revenue in FY2025, compared with RM521.7m, or 20.1%, in FY2023.
IJM Land launches 145-unit Merione Residences at The Light Waterfront Penang
IJM Land Bhd has unveiled Merione Residences, the residential component of its 39-storey Merione development at The Light Waterfront Penang, following the full take-up of commercial units at the adjoining Merione Grand. The semi-furnished development occupies levels 11 to 39, with five homes on each residential floor. Buyers can choose from three layouts measuring about 1,055 sq ft, 1,195 sq ft and 1,206 sq ft.
IJM Land CEO Datuk Tony Ling Thou Lung said the launch builds on the response to Merione Grand and forms part of the group’s broader plans for the waterfront precinct.
Why it matters
Merione Residences advances the next phase of IJM Land’s waterfront masterplan after the adjoining commercial component achieved full take-up. Its planned links to the future Mutiara LRT station could also strengthen the precinct’s connectivity as further phases are developed.
Also on the radar today
Kerjaya Prospek accepts RM37.82m piling contract at Pulau Andaman
Kerjaya Prospek has accepted a RM37.82 million contract from Persada Mentari for piling and substructure works on a 922-unit, 38-storey affordable apartment project at Pulau Andaman, Penang. The 24-month contract starts Oct 1, 2026, and is expected to contribute positively to earnings through 2028. It is a recurrent related-party transaction.
Today's roundup
This edition leads with IOI Properties’ revised allocation of proceeds from its proposed REIT exercise and IJM Land’s launch of Merione Residences in Penang. It also covers awards, contracts, housing and sustainability announcements, including Kerjaya Prospek’s RM37.82m related-party contract at Pulau Andaman. The stories were selected from Bursa Malaysia filings and property-sector announcements published from Monday (Sept 14) through Tuesday morning. Previously covered developments without material new information were excluded to avoid repetition.
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