Daily Digest · Friday, 18 September 2026· Updated: about 23 hours ago
EcoWorld wins Singapore site tender with S$208.1m bid; IOI Properties completes S$2.47b Asia Square deal; S P Setia breaks ground on RM2.6b Atlas Melbourne
Malaysian developers advanced three major overseas investments: EcoWorld secured its first development site in Singapore with a S$208.1 million bid, IOI Properties completed its S$2.47 billion Asia Square Tower 2 deal, and S P Setia broke ground on its RM2.6 billion Atlas Melbourne project.
Quick takes
- Battersea Power Station Development Company submitted a planning application for a revised masterplan covering the remaining 16 acres of the London development.
- Whitmore Holdings, Batu Kawan and persons acting in concert held a reported collective 79.58% interest in MKH Oil Palm after the mandatory general offer closed.
- Glomac returned to the black with a 1QFY2027 net profit attributable to owners of RM7.6 million, as revenue rose 163% to RM68.53 million.
- KLK Land opened Coalfields Retail Park, its first retail development, with 90% occupancy secured at launch.
- Thirty residents’ associations oppose a proposed 17,000-unit development on 23 plots in Mukim Petaling, citing excessive density and infrastructure strain. They want the sites used instead for transport, healthcare, education, flood mitigation and green space.
EcoWorld wins Singapore site tender with S$208.1m bid
Eco World Development Group Bhd (EcoWorld) has won a tender for a Singapore residential development site with a bid of S$208.099 million (about RM667.6 million), marking its debut as a property developer in the city-state. In a statement on Friday (Sept 18), EcoWorld said Singapore’s Urban Redevelopment Authority awarded the 4,283.4 sq m site at Lorong Puntong/Sin Ming Avenue to its wholly owned subsidiary, Eco World Development (S) Pte Ltd.
The site has a 99-year leasehold tenure and may be developed into condominiums or flats, with a maximum permissible gross floor area of 11,994 sq m. URA estimates it could yield about 140 homes. Tender results previously reported by EdgeProp Singapore showed that EcoWorld’s offer was the highest of seven bids submitted when the tender closed on Sept 15. The bid, equivalent to S$1,612 per sq ft per plot ratio, was 11.1% above the second-highest offer of S$187.33 million from a Hong Leong Holdings-TID joint venture. EcoWorld plans to launch the project in 2028 under VERSIONE.
President and CEO Datuk Seri Chang Khim Wah said the site is a three-minute walk from Bright Hill MRT station, which is expected to become an interchange by 2030. According to EcoWorld, the site is opposite Ai Tong Primary School and within 2km of shopping centres, parks and recreational amenities in the vicinity.
Why it matters
The award moves EcoWorld from marketing properties in Singapore to developing there directly, giving the Malaysian group a foothold in a tightly supplied market. Its 11.1% premium over the second-highest bid also raises the importance of launch pricing and execution when the project reaches the market in 2028.
IOI Properties completes S$2.47b Asia Square Tower 2 deal
IOI Properties Group Bhd completed its acquisition of the indirect owner of Singapore’s Asia Square Tower 2 on Thursday (Sept 17), involving a total cash outlay of S$2.47 billion (RM7.95 billion). In a Bursa Malaysia filing on Thursday, the group said wholly-owned subsidiary IOI Marina View Pte Ltd acquired the entire issued share capital of MVKimi (BVI) Ltd, which indirectly owns the property.
The cash outlay comprised a purchase consideration of S$1.196704 billion and the repayment of S$1.277504 billion in shareholder loans. The purchase consideration was subject to adjustment based on MVKimi’s net asset value at completion. Asia Square Tower 2 is a 46-storey integrated development at 12 Marina View in Singapore’s Marina Bay precinct. It comprises Grade A offices, ancillary retail space and parking facilities, with a net lettable area of about 773,000 sq ft. IOI Properties exercised its call option on Sept 2 after the conditions precedent under the put-and-call option agreement were satisfied.
When the transaction was announced in April, the agreed property value of S$2.476 billion was S$50 million below an independent valuation by Savills. The property had an occupancy rate of 95.8% as at end-March. IOI Properties previously said the acquisition would raise the value of its wholly-owned property investment assets under management in Singapore to about S$10 billion.
Why it matters
The completion significantly expands IOI Properties’ Singapore investment portfolio, lifting its wholly-owned property investment assets under management there to about S$10 billion and increasing its exposure to prime office assets in the Marina Bay precinct.
S P Setia breaks ground on RM2.6b Atlas Melbourne
S P Setia Bhd broke ground on its A$940 million (RM2.6 billion) Atlas Melbourne residential development and appointed Multiplex as the project’s builder.
The 73-storey development at 383 La Trobe Street in Melbourne’s central business district will comprise 858 residences. S P Setia said 64% of the homes had been sold since the project was launched in October 2024. Construction is expected to take 52 months, with initial handovers targeted for September 2029 and final handover targeted for December 2030. Atlas Melbourne extends the group’s Australian portfolio, which includes Sapphire by the Gardens, UNO Melbourne, Fulton Lane and Parque Melbourne.
S P Setia is also master planning three towers on the former Carlton United Brewery site and developing its first Sydney apartment project in St Leonards.
Why it matters
The groundbreaking advances a sizeable offshore project into construction and extends S P Setia’s Australian development pipeline beyond its Malaysian home market.
Also on the radar today
Lagenda raises RM475m in first sukuk issuance
Lagenda Properties’ subsidiary Lagenda Capital raised RM475 million through the first issuance under its RM1.5 billion sukuk wakalah programme. Proceeds will fund Shariah-compliant inter-company advances for affordable-housing acquisitions and working capital. The secured, unrated sukuk is guaranteed by Lagenda Properties and remains unlisted on exchanges.
Sunway Healthcare breaks ground on RM800m Iskandar Puteri hospital
Sunway Healthcare Group broke ground on its RM800 million Sunway Medical Centre Iskandar Puteri, its first hospital in southern Malaysia. Targeted for completion in 2030, the tertiary hospital will offer more than 400 beds and employ over 1,400 healthcare professionals within Sunway City Iskandar Puteri.
Selangor allocates RM20m for legacy strata ownership issues
Selangor has allocated up to RM20 million for 2025 and 2026 to resolve longstanding strata ownership issues, including cases involving defunct or negligent developers. It separately allocated RM5.68 million for repair and community programmes covering selected strata schemes, apartment complexes and 12 local authorities statewide.
Silicon Island passes 480 acres reclaimed at three-year mark
More than 480 acres of Penang’s planned 2,300-acre Silicon Island have been reclaimed, with RM1.9 billion invested to date, assemblyman Joshua Woo said. The project has involved over 4,400 local contractors and 900 Malaysians, while reclaimed land includes the planned Mutiara Line LRT depot site.
Today's roundup
Malaysian developers dominated the news with three significant overseas moves: EcoWorld secured its first Singapore development site, IOI Properties completed a major Marina Bay office acquisition, and S P Setia advanced its Melbourne residential pipeline. At home, investment continued in healthcare and retail, while resident opposition to a high-density housing proposal and Selangor’s funding for legacy strata issues highlighted urban pressures. Capital raising, improved earnings, takeover activity and continued reclamation broadened the day’s property-sector news.
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