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“There’s a lot of effort going into monetising the three campuses, the hotel and the office.

“But we are now re-studying whether we could do a whole redevelopment.

"To resolve this, we have devised a plan to determine which assets LTAT should retain a larger direct shareholding in and which should remain under Boustead’s management.

The shift could free up cash as fewer funds are being channelled back to its property development activities, Chew said.

The largest contract, valued at RM100 million, was awarded by Uni Land Sdn Bhd for works on a 456-room hotel at Empire City.

The company is seeking its shareholders’ approval for the proposed business diversification, as the property development is expected to contribute at least 25% to its net profits and net assets in the future.

The initial property portfolio includes the Bukit Tinggi Shopping Centre, which will be acquired from Gemilang Waras Sdn Bhd, a wholly-owned unit of WCT, for RM680 million, with RM350 million settled in units and RM330 million in cash.

Under the contract, EPB is to provide traffic management plan and control services for sections one and two of the Kuala Lumpur-Karak Highway for four years, starting Monday until March 2, 2029.

Asian Pac said the proposed acquisition aligns with its strategy to invest in retail malls, with the objective of increasing net property income.

Find out the y-o-y median transacted price movements of four of PJ’s most popular locales as of Oct 31, 2024 — based on EdgeProp Research and EPIQ platform.