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Ibtec is a 7,290-acre master-planned township envisioned as Southeast Asia’s first circular city, integrating advanced industries with low-carbon, sustainable living.

The buyout comes at a time when Genting Malaysia is bidding for a casino licence in New York as part of a US$5.

The share disposal comes as CMSB grapples with weaker financial performance.

Director-General of the Federal Department of Town and Country Planning, Datuk TPr Dr Alias Rameli, said Malaysia is intensifying efforts to advance smart and sustainable urban development through the comprehensive Smart City rollout plan which extends up to 2040.

Commercial activity has become a focal point of Sri Petaling’s transformation—prime stretches are now commanding some of the highest commercial values in the area, while tenants unable to keep up with rising rental rates have sought second-tier premises as alternatives.

D’Marina Bayu will be part of the larger township of Residensi D’Marina that promotes promote sustainable and connected living.

The sale helps Magma unlock value from a non-core asset, reduce debt, and focus on higher-growth areas.

One noted the lack of incentives for the property market and expected it to move steadily on its own steam again into 2026.

REHDA however expressed “trepidation pertaining the announcement to increase the stamp duty for foreign residential ownership, from the current 4% to 8%.

“A renewed HOC would not only encourage genuine homeownership, especially among first-time buyers, but also help sustain market momentum in 2026,” said Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum.