Daily Digest · Thursday, 17 September 2026· Updated: 11 days ago
Sime Darby Property advances RM418.5m Kulai land deal; Eco World tops first Singapore GLS tender
Sime Darby Property is advancing its proposed RM418.5 million related-party acquisition of 556.96 acres within the JS-SEZ, while Eco World has submitted the highest bid for a Singapore residential site.
Quick takes
- PTT Synergy Group Bhd’s subsidiary accepted an RM83.26 million contract from Sime Darby Property for earthworks and related works under three packages at Bandar Bukit Raja Stage 4 in Klang.
- Crest Builder Holdings Bhd’s engineering unit secured an RM56.88 million electrical-services subcontract for Ativo Annexe’s retail mall and Office Tower 1 in Bandar Sri Damansara. The award raises the group’s total outstanding order book to about RM1.9 billion.
- MP Global Realty and EdgeProp Malaysia have signed an MoU to promote property data, market intelligence and digital technology in Malaysia’s real estate sector. The partnership aims to strengthen agents’ capabilities and support better-informed decisions by buyers, investors and owners. It has over 200 negotiators.
- ALPHEX REALTY has formalised collaborations with EdgeProp and law firm Manjit Singh Sachdev Mohammad Radzi & Partners to promote cooperation, knowledge exchange and opportunities. Alpha Group has developed a network of more than 200 partners since 2019 and recorded over RM1.5b in GDV last year.
Sime Darby Property submits draft circular for RM418.5m Kulai land deal
Sime Darby Property Bhd has submitted a draft circular to Bursa Malaysia Securities Bhd for clearance over its proposed RM418.5 million acquisition of 556.96 acres of freehold land in Kulai, Johor. In a Bursa Malaysia filing on Tuesday (Sept 15), the developer said the land comprises part of Lot 81287 and the whole of Lot 81288 in Mukim Senai. Owned by SD Guthrie Bhd, the parcels are located along Jalan Kulai–Kota Tinggi within Flagship Zone F of the Johor-Singapore Special Economic Zone.
Sime Darby Property’s wholly owned subsidiary, Sime Darby Property (Kulai) Sdn Bhd, entered into a conditional sale and purchase agreement with SD Guthrie on Aug 11. The purchase price represents a 4.23% discount to the land’s appraised market value of RM437 million. The acquisition will be funded through internally generated funds and borrowings. It is deemed a related-party transaction because AmanahRaya Trustees Bhd, as trustee for Amanah Saham Bumiputera, is a major shareholder of both Sime Darby Property and SD Guthrie.
Sime Darby Property plans to develop landed homes and commercial properties on the site over 10 to 15 years, with an estimated GDV of about RM3 billion. The first phase is expected to be launched in 2028. The acquisition remains subject to approval from non-interested shareholders and the relevant authorities. Barring unforeseen circumstances, it is expected to be completed in the second quarter of 2027.
Why it matters
The acquisition would expand Sime Darby Property’s landbank within the JS-SEZ, which has driven substantial industrial and township activity in Johor. Its related-party status means non-interested shareholders must approve the deal before it can proceed.
Eco World submits highest bid in first Singapore GLS tender
Eco World Development Group Bhd, through wholly owned subsidiary Eco World Development (S) Pte Ltd, submitted the highest bid of S$208.1 million, or about RM667.62 million, for a residential site at Lorong Puntong/Sin Ming Avenue in Singapore.
The bid, equivalent to S$1,612 per sq ft per plot ratio, was the highest among seven offers received when the tender closed on Tuesday (Sept 15). Eco World’s offer was 11.1% above the second-highest bid of S$187.33 million from a joint venture between Hong Leong Holdings and TID. A Sunway Bhd–MCL Land joint venture submitted the third-highest bid of S$185.38 million. The 4,283.4 sq m site in the Bishan planning area has a 99-year leasehold tenure and a maximum gross floor area of 11,994 sq m. It could yield about 140 homes, according to Singapore’s Urban Redevelopment Authority.
The authority has not awarded the site. It said the tender closing did not constitute an award and that a decision would be made after the bids were evaluated.
Why it matters
An award would take Eco World beyond marketing overseas projects in Singapore and into direct residential development there, more than a decade after it established a marketing presence in the republic.
Also on the radar today
Penang adds 1,133 homes to rent-to-own programme
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 the programme to 13,277 homes, or about 60% of the state’s 22,000-unit target by 2030.
M Minori tops out as non-Bumi units sell out
Mah Sing Group Bhd’s RM469 million M Minori in Taman Seri Austin, Johor, has topped out on schedule. All non-Bumiputera units have been sold, with limited Bumiputera units remaining. The group’s first M Series high-rise project in Johor also recorded two million man-hours without a Lost Time Injury during construction.
Today's roundup
This edition covers selected Bursa Malaysia filings, corporate announcements and property-sector developments published from Tuesday (Sept 15) through Thursday morning. It spans three days because no digest was produced on Wednesday. The principal developments include a proposed related-party land acquisition within the JS-SEZ, a Malaysian developer’s first Singapore government land tender, two construction contract awards, additions to Penang’s rent-to-own programme and a topping-out milestone in Johor. Items were selected for their relevance to property development, construction activity, housing and corporate expansion, and the roundup is not intended to be exhaustive.
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