BMS Holdings cancels RM23.8m Cheras industrial site buy

BMS Holdings Bhd, the Johor Bahru-based tile and bathware retailer that trades as Jubin BMS, has called off its planned RM23.8 million purchase of a freehold workshop site in Cheras, Selangor. Its subsidiary Jubin BMS (1990) Sdn Bhd and the seller, Chyen Huat Hardware Sdn Bhd, agreed on 22 October 2026 to end the deal because they could not agree on the terms of the sale and purchase agreement. The deal never got past a letter of offer. The RM476,000 earnest deposit has been refunded and neither side has any claim against the other.

The property

• Address: Lot 467, Jalan Balakong Batu 11, 43200 Cheras, Selangor (Lot 44637, Seksyen 1, Bandar Cheras, Hulu Langat district)
• Land: 4,555 sq m, about 49,030 sq ft or 1.13 acres, freehold, in the industrial land-use category
• Building: a workshop with offices, in industrial use. Its floor area was not disclosed
• BMS's plan: a retail showroom, office and storage facility, owned rather than rented. Neither its listing prospectus nor its 2026 annual report lists a Cheras outlet, so it would have been its first there
• Seller: Chyen Huat Hardware, a general hardware dealer incorporated in 1990 with its registered office in Sungai Petani, Kedah

How far it got

• 6 August 2026: letter of offer signed and the 2% deposit paid
• Agreed terms: another 3% for real property gains tax and 5% on signing the sale and purchase agreement, then the 90% balance of RM21.42 million within seven months or by 31 December 2026, whichever came later
• Deadline: the sale and purchase agreement was due within 30 working days, or later if both sides agreed. It was never signed
• 22 October 2026: both sides ended the deal. BMS expects no material effect on its results

Moving north through Penang

On 27 October, five days after dropping Cheras, BMS signed a joint venture agreement with Wee Tatt Traders Sdn Bhd and its three shareholders. Wee Tatt is a ceramics trader that has operated in Penang for more than 36 years.

• The company: Jubin BMS (Wee Tatt) Sdn Bhd, incorporated on 16 October 2026, 60% owned by BMS and 40% by Wee Tatt's shareholders
• Capital: RM5 million, made up of RM3 million in cash from BMS and RM2 million of tiles and stock from Wee Tatt's shareholders
• Premises: Wee Tatt will rent its existing Penang showroom and storage space to the joint venture for three years, with four options to renew for three years each, up to 15 years in all. The filings say only "Penang"; Google Maps puts Wee Tatt's showroom at No. 865, Simpang Tiga, Bukit Mertajam
• Business: Wee Tatt's agreed stock, staff, customer and supplier contracts move to the joint venture

It is BMS's first step into the northern region. Its 23 showrooms are in Johor, Selangor, Kuala Lumpur, Negeri Sembilan and Sarawak.

The numbers

• Price per sq ft: RM23.8 million ÷ 49,030 sq ft of land ≈ RM485 psf, including the building
• Nearby: in February 2025 KIP REIT paid RM22.6 million for a leasehold detached factory in Cheras Jaya with 49,801 sq ft of space, about RM454 psf of floor area (our report)
• Cash for premises: BMS raised RM80.08 million when it listed on the ACE Market in December 2025. RM34.28 million of that was set aside to expand its operations and facilities, and RM28.83 million of it was still unspent at 30 June 2026
• What it owns: 11 properties with a book value of RM53.5 million, mostly in Johor and the Klang Valley, including land in Seremban 2 for a new showroom
• Results: revenue rose 11.1% to RM355.8 million in the year to June 2026, with a net profit of RM17.2 million
• Shares: 12.5 sen on 22 October, 43% below the 22 sen listing price