Eco Business Park 7 agrees to sell 221.7 acres to Tera for RM1.01b; AmFIRST’s Menara AmBank sale turns unconditional

Eco Business Park 7 agrees to sell 221.7 acres to Tera for RM1.01b

Eco Business Park 7 Sdn Bhd has entered into a conditional sale and purchase agreement to sell 221.665 acres of industrial land in Negeri Sembilan to Tera Data Centers (Malaysia) Sdn Bhd for about RM1.013 billion. The transaction covers two parcels within Eco Business Park 7 in Mukim Jimah, Port Dickson. Tera is a data-centre platform developer and part of a Singapore-headquartered digital infrastructure platform with operations in Malaysia, Thailand and Indonesia.

Eco Business Park 7 is a 1,195-acre freehold industrial development within Parcel C of the Malaysia Vision Valley 2.0 master plan. Its gross development value was previously estimated at RM2.95 billion. The industrial park is being developed through a public-private partnership involving Eco World Development Group Bhd, SD Guthrie Bhd and NS Corporation. EcoWorld holds a 55% stake in Eco Business Park 7 Sdn Bhd, while SD Guthrie Land Ventures Sdn Bhd holds 30% and NS Corporation the remaining 15%.

Eco Business Park 7 chief development officer Datuk Ho Kwee Hong said the park was the first industrial development launched within Parcel C. More than RM800 million worth of industrial lots and ready-built factories in its first phase have been sold since the project’s launch in November 2025. The first phase includes SME Core, which caters to local small and medium enterprises and larger Malaysian industrial companies. The developer said Tera’s investment would support its plans to build a high-value industrial ecosystem and attract domestic and foreign investment to Negeri Sembilan.

AmFIRST’s RM331m Menara AmBank sale turns unconditional

AmFIRST Real Estate Investment Trust’s proposed RM331 million disposal of Menara AmBank to AmBank (M) Bhd became unconditional on Sept 21 after all conditions precedent were fulfilled. Earlier that day, AmFIRST REIT unitholders approved the related-party transaction at an extraordinary general meeting. The resolution received 58.07 million votes in favour, representing 96.14% of the votes cast. Deloitte Malaysia Assurance Sdn Bhd validated the poll as independent scrutineer. The transaction covers the 46-storey Menara AmBank office tower and seven levels of elevated car park at No 8, Jalan Yap Kwan Seng, Kuala Lumpur. The freehold property has a net lettable area of 453,419 sq ft and 557 parking bays.

Menara AmBank was 77.8% occupied as at March 31, 2026. It generated rental income of RM22.22 million and net property income of RM12.13 million for the financial year ended on that date. The RM331 million consideration represents a 0.61% premium to the property’s appraised market value of RM329 million. Its audited net book value was RM328.75 million. AmFIRST REIT expects to record an estimated net disposal loss of RM8.72 million after accounting for about RM10.97 million in expenses. An estimated RM225 million of the proceeds will be used to redeem Menara AmBank and discharge the existing charges and private caveat over the property. Another RM95.03 million will partially repay revolving credit facilities with AmBank, while RM10.97 million has been allocated for disposal expenses.

The transaction would reduce AmFIRST REIT’s pro forma gearing to 33.94% from 46.60% as at March 31. At a media briefing on Monday, AmFIRST REIT chief executive officer Chong Hong Chuon said Menara AmBank’s occupancy had weighed on the trust’s overall portfolio occupancy. The manager is targeting an average portfolio occupancy rate of at least 90%, compared with about 88% at end-June. At the same briefing, the Malaysian REIT Managers Association urged the government to restore the preferential 10% withholding tax on REIT distributions and increase the statutory gearing limit to 60% from 50% under Budget 2027.

Pekat unit enters conditional lease for 470-acre Kedah renewable-energy site

Pekat Group Bhd’s wholly owned subsidiary Pekat Teknologi Sdn Bhd has entered into a conditional agreement to lease about 470 acres in Sungai Petani, Kedah, for renewable-energy activities. The estimated aggregate rent over the initial 24-year term is RM54.5 million, assuming the lease commences and based on the estimated acreage and rental escalation under the agreement. The site comprises three lots in Mukim Sungai Petani, Kuala Muda district. It is intended for the development, construction, installation, operation and maintenance of solar photovoltaic systems, battery energy-storage systems and related infrastructure.

The unnamed lessor is a Malaysian private company principally involved in oil-palm plantation and investment holding. Pekat withheld its identity because of a confidentiality obligation. The lease is conditional on Pekat Teknologi obtaining the required approvals, permits, licences and planning permission, as well as securing an acceptable offtake agreement for the electricity generated. The conditions must be fulfilled within a three-year exclusivity period unless extended by mutual agreement. During that period, the lessor may not dispose of, lease, charge or otherwise deal with the site in a way that conflicts with Pekat Teknologi’s rights under the agreement. Subject to the conditions precedent being fulfilled, the lease will run for 24 years from a commencement date determined by Pekat Teknologi. The agreement provides for a 24-month construction period followed by a 21-year operating period, with an option to extend the lease by between one and five years.

Monthly rent is set at RM350 per acre and will increase by 3% on every second anniversary of the commencement date following completion of the construction period. Pekat Teknologi must pay a RM493,500 downpayment, equivalent to three months’ rent, within 30 days of the agreement date. The payment will become a refundable security deposit if the lease commences. Pekat did not disclose the proposed development’s generation capacity, battery-storage capacity, development cost, financing arrangements or prospective offtake counterparty.

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Tuesday’s news showed specialised infrastructure continuing to shape property demand, with data centres and renewable energy supporting land, leasing and construction activity. REIT balance-sheet management remained another focus, while new commercial space and local connectivity improvements pointed to continued investment in established townships and urban neighbourhoods.