KIPMALL SENAWANG’S REJUVENATION EXERCISE REDEFINES SHOPPING EXPERIENCE
KIP Real Estate Investment Trust (“KIP REIT”) has completed asset enhancement initiatives for KIPMall Senawang, Negeri Sembilan. The upgrades, started in February 2024, include new retail and F&B outlets, entrance renovations, and system enhancements. A 51,000 sq ft area was added for anchor tenant ST Rosyam. KIPMall Senawang, with 84 retail outlets, features a fresh market, retail zones, and popular tenants like MR DIY, KFC, Watson, and Zus Coffee
99 HOLDINGS POSTS RM4.8 BILLION REVENUE FOR 1H2024 RESULTING IN 41.6% Y-O-Y LEAP IN PAT
99 Speed Mart Retail Holdings Berhad (“99 Holdings”) reported an 8.2% year-on-year revenue increase to RM2.4 billion for Q2 2024, driven by new outlets and e-commerce growth. Profit before tax rose 65% to RM169.5 million, while profit after tax grew 66.3% to RM125.5 million. For the first half of 2024, revenue reached RM4.8 billion, with profit before tax and profit after tax up 41.5% and 41.6%, respectively.
BINASTRA SECURES RM236 MILLION CONTRACT FOR MAJOR DEVELOPMENT PROJECT IN PETALING JAYA
Binastra Corporation Berhad (“Binastra”) has secured a RM235.5 million contract to develop a 39-storey serviced apartment in Sentral Damansara, Petaling Jaya, featuring 662 units, a rooftop “Sky Garden,” and a 4-level parking podium. The project is expected to be completed in 40 months.
Yinson divests offshore marine business to Icon Offshore
Yinson Holdings Berhad (“Yinson”) will divest its offshore marine business, Regulus Offshore, to Icon Offshore Berhad (“ICON”) for RM160 million via new ICON shares at RM0.88 each. This strategic move, subject to shareholder and regulatory approvals, will enable Yinson to focus on its FPSO and energy transition businesses while retaining a stake in ICON for future growth opportunities.
SKYWORLD DEVELOPMENT SIGNS MOU FOR SECOND PROJECT IN VIETNAM
SkyWorld Development Berhad (“SkyWorld Development”) announced its second venture in Vietnam through its subsidiary, SkyWorld Development (Vietnam) Company Limited. The company signed an MOU with SkyVenue Land Group to co-develop the remaining plots of the Guocoland Commercial Complex in Thuan An City, Binh Duong Province, Vietnam. The project includes two residential plots and a mixed-use tower, with plans to launch by Q4 2024.
KIP REIT EXPANDS INDUSTRIAL FOOTPRINT WITH 4 NEW ACQUISITIONS
KIP REIT, through Pacific Trustees Berhad, is set to acquire four strategic industrial properties in Malaysia for RM98.3 million. This move aligns with KIP REIT’s strategy to diversify its portfolio, ensuring stable rental yields.
BINASTRA SECURES RM155 MILLION MEMBRANE BIOLOGICAL REACTOR SEWAGE PLANT CONSTRUCTION CONTRACT
Binastra Corporation Berhad has secured a RM155.0 million contract! Its wholly owned subsidiary, Binastra Builders Sdn. Bhd. will design and build a membrane biological reactor (MBR) sewage treatment plant in Sri Hartamas, Kuala Lumpur, with a capacity of 160,000 Population Equivalents. The project is expected to be completed within 36 months.
AXIS-REIT ACQUIRES 2 PROPERTIES IN PELABUHAN KLANG FOR RM158.644 MILLION
Axis-REIT is acquiring two warehouse facilities in Pelabuhan Klang for RM158.644 million. These properties, with a total lettable area of 301,228.40 sq. ft., will be leased to MDSB for 9 years, starting with a monthly rental of RM570,179.03
T7 GLOBAL SECURES RM74.6 MILLION CONTRACT FROM MINDEF
T7 Global Berhad (“T7 Global”) announced that its subsidiary, T7 Kemuncak Sdn Bhd, has secured a RM74.6 million contract from the Ministry of Defence Malaysia (“MINDEF”). The contract involves supplying, delivering, testing, and commissioning airfield surveillance radar (ASR) and associated systems to the Royal Malaysian Air Force (RMAF) over the next five years.
KIP REIT FURTHER INFLATES ASSET PORTFOLIO WITH 3RD ACQUISITION FOR THE YEAR
Pacific Trustees Berhad, on behalf of KIP REIT, has entered into a conditional SPA to acquire a leasehold land in Gerik, Perak for RM14.8 million. This acquisition aligns with KIP REIT’s strategy to expand its retail asset portfolio, now totaling 12 assets. The property, currently leased by TF Value-Mart, will offer an expected annual yield of 7.5%, enhancing sustainable growth.
