Ajiya sells Puchong factory for RM58m, 45% above valuation

Ajiya Bhd is selling its freehold factory in Taman Perindustrian Puchong Utama, Selangor, to Esprit Care Sdn Bhd for RM58 million cash, 45% above its RM40 million valuation. Its wholly owned subsidiary Ajiya Safety Glass Sdn Bhd signed the sale and purchase agreement on 1 October 2026, and completion is expected in the first quarter of 2027.

The property

• Title: Geran 54074, Lot 12, Pekan Puchong Perdana, Daerah Petaling; postal address PT 32341, Taman Perindustrian Puchong Utama, 47100 Puchong
• Land and buildings: 13,536 sq m (about 145,700 sq ft, or 3.3 acres) of freehold industrial land with a single-storey factory and a two-storey office of about 9,840 sq m (105,912 sq ft) gross built-up. The buildings are 22 years old, and there are no encumbrances
• Location: between the Damansara–Puchong Expressway (LDP) and Jalan Puchong, on EdgeProp's EPIQ map
• Valuation: CBRE WTW put the market value at RM40 million as at 10 September 2026, using the cost approach: RM27 million for the land and RM13 million for the buildings
• History: Ajiya bought the property on 3 January 2000 for RM9.29 million. It was revalued to RM38 million and carried at RM37.03 million at end-2025

The deal

• Buyer: Esprit Care Sdn Bhd, which makes and trades healthcare products, owned equally by Wong Han Choong and Chua Chun Siang
• Payment: a 2% earnest deposit (RM1.16 million) before signing; 8% (RM4.64 million) on signing, of which RM1.74 million (3%) is held back for real property gains tax; and the RM52.2 million balance within three months, extendable by one month at 8% a year interest
• Approvals: state consent for the transfer; no shareholder approval is needed
• Why: Ajiya says the plant's production has already been moved into its main facility, and the sale is part of consolidating its operations
• Gain: about RM25.45 million, made up of RM20.97 million above book value and a RM4.48 million reversal of deferred tax
• Proceeds: working capital, business expansion, new business and possible dividends, to be used within 12 months of completion

The numbers

• Per sq ft: RM58 million ÷ 145,700 sq ft ≈ RM398 psf of land, or about RM548 psf of built-up
• Against the valuation: the price is 45% above the RM40 million total and 57% above book value. The valuer's land value alone works out to about RM185 psf
• Since 2000: 6.2 times the RM9.29 million cost, about 7% a year over 26.7 years
• Nearby: NAPIC's free Open Sales Data records two detached factories in Bandar Bukit Puchong sold in January 2026 at about RM366 and RM449 psf of land, on much smaller plots of 0.5 and 0.87 acres

Ajiya's substantial shareholders include Chin Hin Group Bhd, whose property arm, Chin Hin Group Property, agreed on 30 September to sell its commercial vehicle business and a Nibong Tebal factory (our report).

*Cover map: EPIQ, via EdgeProp.*