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New Straits Times
25-06-2025
- Business
- New Straits Times
Strong interest in SD Property's SJCC East One project
KUALA LUMPUR: Sime Darby Property Bhd's (SD Property) latest transit-oriented development, SJCC East One, has drawn strong buyer interest, securing an 80 per cent take-up for Phase One of its launch. The serviced apartment units, part of a 27.53-hectare masterplan at Subang Jaya City Centre, mark a significant step in the group's vision to redefine urban living in Subang Jaya. Occupying 1.08 hectares of freehold land, the project features two 36-storey towers offering 926 units. In a statement, SD Property said the units with built-up areas ranging from 682 square feet (sq ft) to 1,435 sq ft, are priced from RM598,000, and cater to first-time homeowners and upgraders alike. SD Property chief operating officer of integrated development Datuk Mohd Idris Abdullah said SJCC East One is scheduled for completion by June 2029 with a gross development value of RM613 million. "SJCC East One answers the call for elevated urban living that revolves around sustainability and reduction of environmental impact," he said in a statement today. Idris added that SJCC East One is setting the tone for future-minded homeowners who desire a sound investment from a reputable developer with a trusted track record. A 130-metre covered pedestrian link will connect the development directly to the Subang Jaya LRT and KTM stations, with an additional walkway leading to Subang Ria Park. The project also offers direct access to the SJCC High Street retail boulevard and proximity to key amenities including Subang Parade, NU Empire Subang, educational institutions and Subang Jaya Medical Centre. "Facilities include a 50-metre Olympic-length swimming pool, fully equipped gyms, themed lounges, co-working space, a podcast room and rentable storage spaces. "The project integrates green features such as electric vehicle charging stations, rainwater harvesting and LED lighting, earning a provisional GreenRE Gold Certification. "SJCC East One is expected to enhance the vibrancy of the township, while spurring continued development and growth," said Idris.
![[UPDATED] MACC to charge Works Department director in graft case](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FMACC290525_1750827882.jpg&w=3840&q=100)
New Straits Times
25-06-2025
- New Straits Times
[UPDATED] MACC to charge Works Department director in graft case
PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) is set to charge a Works Department director tomorrow over alleged bribery involving hundreds of thousands of ringgit. MACC deputy chief commissioner Datuk Seri Ahmad Khusairi Yahaya said today that the case was investigated by the commission's Special Operations Division and is now complete. "We expect to charge the director tomorrow at the Special Corruption Sessions Court in Jalan Duta," he said at MACC Headquarters. As part of the investigation, the MACC has frozen 95 bank accounts, comprising 79 belonging to individuals and 16 linked to companies, with a total value of RM613 million. The commission has also seized properties, vehicles, and cash believed to be connected to the case. In May, the MACC remanded six individuals, including two senior civil servants with the title 'Datuk' and an engineer from a government department, for allegedly receiving bribes in connection with development and maintenance contract awards since 2021. According to a source, initial investigations revealed that the two main suspects, who hold the positions of director and engineer at a government department, had received approximately RM115,000 from middlemen in the form of cash, home renovation payments, and mobile phones.
New Straits Times
25-06-2025
- New Straits Times
MACC to charge Works Department director in graft case
PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) is set to charge a Works Department director tomorrow over alleged bribery involving hundreds of thousands of ringgit. MACC deputy chief commissioner Datuk Seri Ahmad Khusairi Yahaya said the case was investigated by the commission's Special Operations Division and is now complete. "We expect to charge the director tomorrow at the Special Corruption Sessions Court in Jalan Duta," he said today. As part of the investigation, the MACC has frozen 95 bank accounts, comprising 79 belonging to individuals and 16 linked to companies, with a total value of RM613 million. The commission has also seized properties, vehicles, and cash believed to be connected to the case.
New Straits Times
10-06-2025
- Business
- New Straits Times
Reit sector set for strong second half
KUALA LUMPUR: Malaysia's real estate investment trust (Reit) sector is set for a resilient second half of 2025 (2H25), driven by asset recycling, enhancement works and a recovery in hospitality. Maybank Investment Bank Bhd (Maybank IB) said key catalysts include Sunway Reit's RM613 million divestment of a tertiary property and Axis Reit's RM24 million sale of The Annex — a warehouse with office space. It also pointed to Pavilion Reit's RM480 million hospitality acquisition and Axis Reit's purchase of six new properties. The firm said asset enhancement by Sunway Reit and IGB Reit will support income growth, while KLCCP and Sunway Reit are expected to benefit from a post-Ramadan boost in hospitality. "We also see strategic catalysts among them Reits, including CapitaLand Malaysia Trust (CLMT)'s industrial diversification into logistics to make up 7.9 per cent of assets under management by financial year 2026 (FY26) and Sentral Reit's ongoing pivot away from pureplay office exposure. "Al-Salam is progressing on its "DISRUPT27" repositioning strategy, with asset recycling and Komtar JBCC's on-going reconfiguration expected to support medium-term yield and valuation recovery. "Pavilion Reit and CLMT's planned placements and new assets also offer medium-term upside to earnings and distribution per unit growth," the firm said. With Bank Negara Malaysia expected to consider an Overnight Policy Rate (OPR) cut in 2H25, Maybank IB said the trusts with higher floating-rate debt, currently around 47 per cent of sector average, stand to benefit from reduced financing costs. The firm said this supports valuation upside and lowers financing costs for growth-oriented Reits. "Nonetheless, most Reits continue to guide for stable dividends, and with gearing levels largely within comfortable thresholds. There remains room for selective growth via yield-accretive acquisitions," it added. Maybank IB said the Reits' management maintained a cautiously optimistic outlook, flagging several macro uncertainties. These include potential implementation of an 8.0 per cent service tax on rental, which would add costs for tenants while limiting Reits' ability to raise rents, as well as potential increase to electricity tariffs and broader economic uncertainties, such as fuel subsidies and tariff wars. The firm maintained its "positive" stance on the the sector, underpinned by resilient fundamentals, attractive yields and visible catalysts for income growth in 2H25. It noted that as the Reits appear to head towards further asset diversification, quality of assets in its portfolio would be crucial. Sunway Reit remains Maybank IB's top pick with a target price of RM2.13. Other "Buy" calls include Pavilion Reit and Axis Reit, with target prices of RM1.83 and RM2.01, respectively, backed by income resilience and asset defensiveness High-yield plays include YTL Hospitality Reit at RM1.18, Sentral Reit at 88 sen and Capitaland Malaysia Trust at 76 sen.
New Straits Times
15-05-2025
- Business
- New Straits Times
Sunway REIT earnings revised upwards on strong retail performance
KUALA LUMPUR: Analysts have revised upwards their earnings forecasts for Sunway Real Estate Investment Trust (REIT) following its first quarter results that came in within estimates. RHB Research said the company's earnings of RM98.6 million for the first quarter of 2025 (Q1 2025), an increase of 13 per cent year-on-year (YoY), were in line with expectations at 25 per cent of the firm's and street's estimates. The growth was mainly led by the newly acquired properties, namely the six Sunway REIT Hypermarkets, Sunway 163 Mall, and Sunway Kluang Mall, alongside stronger performance from Sunway Pyramid and Sunway Carnival Mall. This helped to offset slower performance in both the hospitality and office segments. Excluding the newly acquired properties, the retail segment's revenue grew 13 per cent YoY in Q1 2025 due to the asset enhancement initiatives (AEI) on Sunway Pyramid and Sunway Carnival Mall and higher occupancy rates. The firm raised its earnings forecasts for the company by two per cent for financial year 2025 (FY25) and three per cent for FY26 and FY27 after adjusting its occupancy rate and rental rate assumptions. It added that Sunway Carnival Mall's AEI should drive higher rental rates for the mall and there is room for organic growth from Sunway Pyramid with the full-year impact of the Oasis precinct, which was only opened in November 2024. RHB Research maintained a 'Buy' call on the stock with a target price (TP) of RM2.13. In a separate note, Hong Leong Investment Bank (HLIB) said Sunway REIT's core net profit exceeded the firm's estimates at 28 per cent of its full-year forecast as well as consensus estimates at 27 per cent. The firm raised its earnings forecasts for Sunway REIT by 8.4 per cent, 10.8 per cent and 11.4 per cent for FY25, FY26 and FY27, respectively, to account for the higher than expected rental reversion. "The retail segment performed better-than-expected and management now guides for high single-digit to low-teens reversion, supported by the full reopening of Sunway Carnival Mall in about a month. "Separately, management attributes the drop in hotel occupancy to softer demand for leisure and MICE activities during the Ramadan period. Nonetheless, we expect a recovery in the coming quarters, supported by the anticipated growth in tourist arrivals under the Visit Malaysia 2026 campaign and the mutual visa exemption between Malaysia and China," it said. HLIB kept its 'Buy' call on the stock with a higher TP of RM2.17. Meanwhile, CIMB Securities noted that Sunway REIT's borrowing costs grew 13 per cent YoY in the quarter under review, attributable to a higher average interest rate of 3.92 per cent and increased borrowings. On May 2, 2025, Sunway REIT announced the disposal of Sunway University and College to Sunway College (KL) Sdn Bhd for RM613 million. As of FY24, the asset accounted for 5.6 per cent of Sunway REIT's portfolio value and contributed 6.8 per cent to its net property income. "Targeted for completion in 2H25, the disposal is an opportunistic move to unlock asset value and is expected to generate a total gain of RM41 million. Proceeds will be utilised for yield-accretive investments, AEI, or debt repayment, which could lower gearing to 40 per cent," it added. It maintained 'Buy' on the stock with a TP of RM2.11.
