Asian Pac sold 88 acres in Semenyih, now buys in Kuantan

Asian Pac Holdings Bhd has completed the sale of 88.26 acres of freehold land in Semenyih, Selangor, for RM87.69 million, about RM22.81 per sq ft (our calculation). It is now putting money into Kuantan, Pahang, where on 28 October it agreed to buy 21.48 acres in the KotaSAS township for a shopping mall and to develop shop lots on 28.2 acres next door.

The Semenyih sale

• The land: Lot 7141 (Geran 453654), Mukim Semenyih, Ulu Langat, 35.7157 hectares of vacant freehold land between Bandar Sunway Semenyih and the Kajang–Semenyih bypass. The title's express condition is agriculture (*pertanian*)
• The buyer: Kueen Lai Properties Sdn Bhd, a Kajang and Semenyih developer whose projects include Tiara South and Tiara East. Its directors and shareholders are Dato' Sri Eng Soo Min (86.67%) and Datin Sri Teh Mee Ting (13.33%), the filing says
• The price: RM87,686,280, 4.2% below Henry Butcher's April 2025 valuation of RM91.5 million (about RM23.80 psf). Asian Pac bought the land in May 2004 for RM20.9 million, about RM5.44 psf
• The timeline: terms first agreed on 15 March 2025, sale agreement signed on 17 September 2025, completed on 6 November 2025. The last 30%, RM26.31 million, is due within 24 months of the agreement, by September 2027
• The money: for working capital, current and new projects, and cutting debt. Asian Pac had RM21.5 million in cash against RM500.2 million of borrowings at end-June 2025, The Edge reported

The Kuantan deal

• Mall land: subsidiary Wangsa Masyhur Sdn Bhd will buy 21.48 acres (Lot 189728, PN 31909, Mukim Kuala Kuantan) from KotaSAS Sdn Bhd, a unit of Tanah Makmur Bhd, for RM42.09 million, about RM44.98 psf. The land is leasehold to 2122 and set aside for commercial building. Payment is spread over 12 instalments tied to approvals, construction and the mall's launch
• Conditions: within 18 months (plus 12 more if needed), the title must be issued for commercial use, the lease extended to 99 years and a plot ratio of 1:4 confirmed
• Shop-lot joint venture: another subsidiary, Everest Pioneer Sdn Bhd, will develop 28.2 acres next door in three phases of 90 to 100 shop lots each. KotaSAS keeps the land and gets 18% of the sales value or at least RM62.03 million, whichever is higher. The minimum works out to about RM50.50 psf of land (our calculation)
• The numbers: an estimated GDV of RM281.3 million against development costs of RM146.9 million, before the landowner's share. Approvals are expected by 2030
• Location: inside the 2,165-acre KotaSAS township, home to Pahang's state administrative centre, next to the planned KotaSAS ECRL station