PTT Synergy buy 9.7acres at RM62.53mil in Seberang Perai Selatan - RM148 psf and turned into Jabil’s RM400mil logistics hub

PTT Synergy Group Berhad is buying 9.7 acres of freehold land in Seberang Perai Selatan for RM62.53 million, its second Penang land purchase in three years.

The buyer is PTT Logistics Hub 3 Sdn Bhd: Hub 1 is PTT’s existing warehouse in Elmina Business Park, Hub 2 is the automated warehouse it broke ground on there in April. A subsidiary named Hub 3 buying vacant land on the Penang mainland calls it “investment property with potential for future development”.

The land, from the Bursa filing

• Title: Geran 77766, Lot 1597, Mukim 12, Seberang Perai Selatan, Penang — freehold
• Area: 3.925 hectares — 39,250 sq m, about 422,483 sq ft or 9.70 acres
• Condition: vacant land; express condition “First Grade”, with no encumbrances and no restrictions in interest on the title
• Vendor: Lee Mooi Khean, an individual — a private owner
• Price: RM62.53 million cash, on a willing-buyer, willing-seller basis after “indicative asking prices for comparable land in the surrounding area”; PTT says it sits within the current market range for the location
• Funding: internal funds plus bank borrowings
• Completion: expected in the first quarter of 2027, subject to SPA conditions; no shareholder or regulatory approval needed; not material to the financial year ending 30 June 2027

The filing does not name a road or estate. What it does say — Mukim 12 — places the land in the same mukim as the Valdor Logistics Hub at Sungai Jawi, the estate CapitaLand’s REIT bought for RM80 million in 2022. That is the southern, North–South Expressway side of the district.

The numbers

• RM148 per sq ft of land, or RM6.45 million an acre
• The first-grade freehold title with no restrictions is worth noting: unlike much state-alienated industrial land on the mainland, there is no Bumiputera reservation, no express-use condition and no encumbrance to clear

Set against CapitaLand’s Valdor Logistics Hub next door — RM80 million for 12.6 acres *with* 344,000 sq ft of warehouses on it in December 2022, about RM146 per sq ft of land — PTT is now paying almost the same rate for bare land.

From RM90 to RM148: the three-year storyline

The same buyer’s own history is the best comparable — and it is a remarkable one. PTT Synergy’s FY2025 annual report identifies the 18 acres it bought in Seberang Perai Selatan in October 2023 precisely: Geran 40425, Lot 386 (65,287.12 sq m) and Geran Mukim 223, Lot 481 (7,544.15 sq m), locality of Sungai Bakap, Mukim 12 — together 7.283 ha, about 783,948 sq ft, bought through Projek Tetap Teguh Sdn Bhd (since renamed PROTT Sdn Bhd) for RM70.56 million, or RM90 per sq ft. Location pin for that purchase sits at 5.2427°N, 100.4716°E in Valdor Industrial Park — 1.3 km from CapitaLand’s Valdor Logistics Hub.

That land is no longer vacant. It is now Jabil’s Intelligent Logistics Hub — a 416,572 sq ft automated warehouse with 52,300 pallet positions and 160 autonomous mobile robots, built by PROTT under a ten-year build-and-lease signed in October 2024 worth RM399.7 million in rent over the first ten years, with two five-year extension options. It became operational in May 2026 and was officially opened on 17 July 2026 by Entrepreneur Development Minister Steven Sim. The annual report carries the property at RM312.2 million as at 30 June 2025 — the RM70.56 million of land plus roughly RM242 million of construction to that date, still in progress.

So the sequence is: buy Valdor land at RM90 psf in 2023, sign an anchor semiconductor tenant in 2024, open in 2026 — and then, within two months of opening, buy 9.7 more acres in the same mukim at RM148 psf through a subsidiary called Hub 3. The 64% rise in three years — about 18% a year compounded

PTT Synergy

PTT Synergy is a construction group that has spent the last three years turning itself into an industrial-property developer:

• PTT Logistics Hub 1 in Elmina Business Park, Selangor, and the automated Hub 2 beside it — about 289,000 sq ft, 51,000 pallet positions, GDV RM320–340 million, Bank Rakyat as sole financier, completion targeted for the second half of 2027, with foreign E&E companies already in talks as anchor tenants
• Five built-to-suit warehouses in Pontian, Johor, sold forward to Koperasi Kakitangan Bank Rakyat for RM260 million in August 2026 — RM52 million each, 101,568 sq ft apiece, on 20 freehold parcels
• Logistics software — RM29.1 million for vTradEx’s systems, to run the hubs
• And in Penang: the 18 acres at Valdor bought in 2023 — now the Jabil Intelligent Logistics Hub, RM399.7 million of rent contracted over ten years — and this 9.7-acre parcel in the same mukim, while it sold a Klang industrial property for RM17 million in July

The pattern is a company assembling mainland-Penang land in a district it already knows, funding warehouses through a cooperative buyer and a state bank, and pre-leasing to E&E tenants. Hub 3 is the obvious next step.

Private landowners are the sellers. This parcel came from an individual, not PDC. Institutional buyers are now bidding for privately held first-grade freehold in SPS,

Logistics is chasing Penang’s manufacturing. A Selangor warehouse developer building a Hub 3 subsidiary for Penang is following its E&E tenants north — the same demand that made Valdor a REIT asset and is filling Penang Science Park. The mainland’s advantage is unchanged: highway access, bridge access, and land at a fraction of island prices.

*Photo: Shahrill Basri/The Edge, from the April 2026 groundbreaking of PTT Logistics Hub 2 in Elmina Business Park. No EPIQ map or photograph of the Penang land has been published.*