PETALING JAYA (Feb 27) — Berjaya Property Bhd, previously known as Berjaya Land Bhd, is repositioning its portfolio towards the ultra-luxury residential and hospitality segment, supported by encouraging sales performance at its high-end domestic projects and a major international resort development in Japan.
Premium Domestic Projects Recording Healthy Take-Up
The group’s strategic move upmarket is reflected in recent project performance figures.
At Jesselton Courtyard in George Town, Penang, more than half of the 239 landed units — comprising bungalows, courtyard villas and courtyard homes — have been taken up. Courtyard homes are priced from RM6.6 million, underscoring the group’s commitment to the affluent buyer segment.
In Kuala Lumpur, Oaka Residences in Bukit Jalil has achieved a 70% take-up rate. The freehold, low-density serviced apartment development commands pricing of approximately RM880 per sq ft, positioning it firmly within the premium bracket. The strong response highlights sustained demand for quality office space in Bukit Jalil and surrounding commercial ecosystems, where affluent homeowners and investors seek integrated live-work environments.
Meanwhile, Times Square 2 Serviced Residence at Jalan Imbi in KL city centre has recorded a 75% take-up rate, contributing positively to progress billings for the current financial year. The project’s central location further reinforces confidence in well-positioned commercial property in KL, particularly within established lifestyle and retail precincts.
Flagship International Development in Okinawa
On the international front, Berjaya Property’s most significant overseas undertaking is the Four Seasons Resort & Private Residences Okinawa in Japan. The project carries a projected gross development value of US$1.12 billion and is targeted for completion by mid-2027.
To support development financing, the group has secured a US$70 million Islamic facility from EXIM Bank Malaysia. This marks one of the group’s largest cross-border hospitality ventures to date and reflects its ambition to scale within the luxury tourism market.
Financial Position and Market Valuation
As at Feb 26, 2026, Berjaya Property’s shares closed at RM0.265, trading at roughly 0.39 times its net tangible asset (NTA) per share of RM0.68. The NTA has moderated from RM0.72 recorded in June 2025, reflecting quarterly adjustments.
For 2Q FY2026, the group reported a net loss of RM121.76 million, largely attributed to non-operational factors. A RM60 million unfavourable foreign exchange impact — primarily unrealised and non-cash in nature — weighed on results, alongside losses from its UK-based motor retail unit.
Despite this, core property revenue rose 2.3% year-on-year to RM1.78 billion, driven by higher progress billings from domestic projects. The group maintained liquidity of approximately RM1.12 billion in cash and equivalents, providing financial flexibility as projects advance.
Potential REIT Strategy and Industry Context
Market observers have speculated on the potential monetisation of Berjaya Property’s stabilised hospitality and commercial assets through a REIT structure. While no formal announcement has been made, such a move could unlock embedded asset value, particularly given the current discount to book value.
Research houses including RHB Investment Bank, Kenanga Investment Bank and Maybank IB have highlighted themes such as REIT-led value unlocking, resilience in luxury residential segments and potential easing of currency headwinds. These perspectives are based on publicly available research and do not constitute investment advice.
Broader Implications for KL and Selangor Property Markets
Berjaya Property’s emphasis on premium positioning mirrors wider trends across Kuala Lumpur and Selangor, where quality developments continue to outperform in terms of take-up and pricing resilience. High-end residential projects often anchor demand for supporting commercial property in KL, particularly within established urban nodes.
As affluent communities expand, they also generate secondary demand for business hubs, retail space and professional offices. This supports sustained interest in office space in Bukit Jalil and other mature corridors within the Klang Valley.
At the same time, capital recycling or REIT-driven monetisation strategies can stimulate reinvestment into new land acquisitions, including industrial land in Selangor. Well-located industrial zones across Shah Alam, Subang and Puchong continue to attract occupiers seeking industrial property in Subang area and factory in Puchong, particularly as integrated urban growth strengthens logistics and supply chain requirements.
Overall, while short-term earnings were affected by currency translation and non-core exposures, the group’s data indicates a deliberate move towards higher-margin luxury segments — supported by disclosed take-up rates, stable property revenue growth and a solid liquidity position as it advances its upmarket strategy.
China