DPI buys 2-acre Kota Kinabalu industrial lot for RM7.6m
- DPI Holdings’ 45.5%-owned Eastern Forever (Sabah) signed on 21 August 2026 to buy Lot 23A, a vacant 2.05-acre industrial lot in Zone 12 of the Kota Kinabalu Industrial Park, from UBK Furniture for RM7.6 million cash, about RM85 psf.
- The lot has no title of its own yet: it sits under the developer K.K.I.P. Sdn Bhd’s master title, so the sale needs the developer’s consent to a deed of assignment. The lease runs to 2098, and completion is expected in the first half of 2027.
- It is the highest price per sq ft among four land sales around KKIP disclosed to Bursa since 2022; the other three, on larger plots, worked out to about RM44 to RM68 psf.
- DPI, an aerosol paint maker, added consumer-goods distribution by buying 65% of Kuching-based Eastern Forever, and wants the land to expand its warehousing in Sabah.
DPI Holdings Bhd is buying a vacant 2.05-acre industrial lot in the Kota Kinabalu Industrial Park (KKIP), Sabah, for RM7.6 million cash, about RM85 psf of land, to expand its consumer-goods distribution and warehousing in Sabah. The buyer is Eastern Forever (Sabah) Sdn Bhd, which DPI owns 45.5% of through its 65% stake in Eastern Forever Sdn Bhd. It signed the sale and purchase agreement with UBK Furniture (M) Sdn Bhd on 21 August 2026; DPI announced it on 2 October, after receiving the stamped agreement. Completion is expected in the first half of 2027.
The land
- Lot: Lot 23A, Industrial Zone 12 (IZ12), KKIP: about 2.05 acres (89,298 sq ft) of vacant industrial land
- Title: no separate title yet. The lot sits under the park developer K.K.I.P. Sdn Bhd's master title, Country Lease 045339320 in Kampung Telipok, Tuaran district, so the purchase is completed by a deed of assignment
- Tenure: 99-year lease to 31 December 2098, for an industrial building
- Encumbrance: UBK's rights to the lot are assigned to Affin Bank as security for its loans; the bank is repaid out of the balance of the price
The deal
- Payment: 3% (RM228,000) before signing; 7% (RM532,000) on signing, of which RM380,000 is held back for real property gains tax; and the RM6.84 million balance within three months of K.K.I.P. Sdn Bhd consenting to the assignment, with one more month free and a further month at 8% a year
- Conditions: the developer's written consent and the redemption arrangements with Affin Bank
- Price: agreed with reference to comparable industrial land in KKIP; no valuation was disclosed. The seller is owned by Ng Kuan Loong (68.89%) and Ng Yong Kean (31.11%)
- Funding: internal funds and/or bank borrowings; no shareholder vote is needed
- Next: DPI says it will need local approvals before building on the site
The numbers
- Per sq ft: RM7.6 million ÷ about 89,300 sq ft ≈ RM85 psf of land
- Against the seller's books: 44% above the RM5.28 million at which UBK carried the lot at end-2025
Other land sales around KKIP disclosed to Bursa Malaysia:
- Kim Teck Cheong, June 2025: four lots totalling 15.15 acres in KKIP Zone 8, bought directly from K.K.I.P. Sdn Bhd for RM39.59 million, about RM60 psf, for a distribution and warehousing hub
- Harbour-Link, May 2023: three vacant industrial lots in Telipok, 2.86 acres in all, for RM8.5 million, about RM68 psf
- Boustead Heavy Industries, September 2022: 9.78 acres in KKIP Zone 7 sold for RM18.8 million, about RM44 psf, 19% above its valuation
DPI's lot is the smallest of the four and the highest per sq ft.
The buyer
DPI, listed on Bursa Malaysia's ACE Market, makes aerosol paints. In September 2024 it agreed to buy 65% of Eastern Forever, a Kuching-based distributor of food, household and personal-care products with about 2,300 outlets across Sarawak, for RM7.54 million. Eastern Forever's Sabah arm was set up in April 2025, and on 30 September 2026 DPI approved a RM4 million advance to it as start-up working capital until its own bank loans are drawn.
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