KUALA LUMPUR (Feb 11) — Iskandar Waterfront City Bhd (IWCITY) has entered into an agreement to divest a 16.43-acre parcel of vacant leasehold land in Plentong, Johor Bahru, for RM71.55 million as part of its ongoing strategy to streamline assets and strengthen its financial position.
In a filing to Bursa Malaysia, the company stated that the buyer is WB Southern Sdn Bhd, a privately held firm owned by Lim Ying and Calvin Chan Chee Shien. The disposal is expected to yield an estimated net gain of about RM28.12 million after expenses and income tax, which is projected to amount to roughly RM19.2 million.
The land being sold had an unaudited net book value of RM18.79 million as of Nov 30, 2025. According to the company, proceeds from the transaction will be channelled toward working capital requirements, repayment of bank facilities, and servicing of interest obligations, helping to improve liquidity and reinforce balance-sheet stability.
Iskandar Waterfront City noted that rationalising land holdings forms part of its broader effort to optimise its asset portfolio and capital structure while maintaining financial resilience in a challenging market environment. Completion of the transaction is targeted for the third quarter of 2026.
On the market front, IWCITY shares closed at 25.5 sen on Tuesday, down 1.9% for the day, giving the group a market capitalisation of approximately RM234.9 million. The stock has declined significantly over the past year.
For investors and occupiers monitoring trends in the Malaysian real estate sector, transactions involving strategic land parcels—such as this disposal in Johor—often provide useful indicators of capital recycling and land valuation benchmarks. These dynamics are closely watched in other active markets as well, including demand for industrial land in Selangor, the ongoing take-up of factory space in Puchong, and the evolution of industrial property in the Subang area.
At the same time, the commercial segment remains active, with businesses continuing to seek well-located office space in Bukit Jalil and other established hubs, while investors evaluate opportunities in commercial property in KL where accessibility, infrastructure, and tenant demand continue to shape long-term value.
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