News by EDGEPROP.MY

Lagenda Properties Bhd has secured RM475 million through the inaugural issuance under its RM1.5 billion sukuk wakalah programme, marking the affordable township developer's first entry into Malaysia's Islamic debt capital market.

Rivertree STF Synergies Bhd (formerly known as Sinmah Capital Bhd) has deferred its proposed diversification into the management of centralised labour quarters (CLQ), pending the signing and finalisation of a definitive agreement for the business.

Country View Bhd posted a 15.3% increase in net profit for the second quarter ended May 31, 2026 (2QFY2026), despite lower revenue, as higher-margin property sales, a commercial land disposal and lower financing costs offset weaker sales volumes.

The milestone reinforces the developer's fast-turnaround execution model, with M Zenya launched just nine months after the land was acquired.

The programme will support the group's New Economy Venture (NEV) platform, including its RM1.25 billion discretionary, close-ended, Shariah-compliant NEV Fund.

Malaysia is one of a small number of countries in Southeast Asia that permits foreigners to hold freehold or leasehold titles to residential properties in their own names, without local partners, trust structures, or nominee arrangements.

Located within Desa Millennia, the development comprises 1,245-units within two 39-storey towers on a 5.66-acre site. 

The board said it believes these risks are manageable and outweighed by the operational and strategic benefits of the revised expansion plan.

The proposed disposal for the 3.41-hectare parcel in Taman Akasia, Semenyih, was first announced on Dec 5, 2025.

The ruling removes, for now, one legal proceeding involving the broader KSK Land/Damai City dispute.