APB sells empty Shah Alam tower to Selangor firm for RM45m

APB Resources Bhd agreed on 6 November 2026 to sell Menara APB, its empty 16-storey office tower in Seksyen 14, Shah Alam, to Darul Ehsan Investment Group Bhd, a wholly owned unit of Menteri Besar Selangor (Incorporated), for RM45 million in cash. The building was formerly Menara Serba Dinamik.

The building

• Title: HS(D) 143324, PT 18 Seksyen 14, Bandar Shah Alam, on Persiaran Perbandaran, near Avisena Specialist Hospital and the Shah Alam City Council
• Land: 3,025 sq m (32,561 sq ft), leasehold to 11 May 2100, about 74 years left; category "building", for commercial use
• Building: 16 storeys of offices over a four-level basement car park, about 22 years old; 229,471 sq ft gross, 86,021 sq ft lettable, 195 parking bays
• Occupancy: completely empty, earning no rent

The price

• Price: RM45 million, 2.2% below the RM46 million that Laurelcap Sdn Bhd valued it at on 30 October 2026. That is about RM523 psf of lettable space, or RM196 psf of gross floor area (our calculation)
• Best offer: APB says it looked for buyers "over an extended period" without getting a higher offer. On 10 November it told Bursa the price was agreed on a willing-buyer, willing-seller basis and is the highest offer since November 2025, which is its reason for taking RM1 million less than the valuation
• What APB paid: RM38 million to the liquidator of Serba Dinamik Group in April 2024 (RM39.89 million with costs), about RM442 psf of lettable space (our calculation)
• Gain: about RM3.23 million after the building's book value of RM38.84 million, about RM0.94 million of real property gains tax and RM1.99 million of fees
• Timing: needs APB shareholders' approval and state consent; completion is expected in the second quarter of 2027. Apart from its duties under the sale agreement, no liabilities or guarantees stay with APB

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Why APB is selling

APB, which makes process equipment for the oil and gas, power and food industries, lost RM16.54 million in the year to March 2026, with finance costs of RM6.41 million. It had planned to use the building itself and rent out the rest when it bought it, but the tower stayed empty. Finding tenants and reaching a good occupancy and rent "may take considerable time and costs", its board said. RM37.07 million of the proceeds will repay loans, including the RM27.8 million term loan used to buy the building, saving about RM1.67 million a year in interest and cutting gearing from 1.71 to about 1.03 times.

Cover map: Menara APB on Persiaran Perbandaran, Seksyen 14, Shah Alam (at the pin, labelled Menara Serba Dinamik). EPIQ, via EdgeProp.