Topmix buys 2.88 acres in Subang Jaya for RM16m

Topmix Bhd will buy about 1.1635 hectares (about 2.88 acres) of freehold land in Taman Industri Sungai Penaga, Subang Jaya, for RM16 million cash. Its subsidiary Topmix Resources Sdn Bhd signed the sale and purchase agreement on 6 November 2026, the company told Bursa Malaysia the same day. It plans to use the land for the group's office and warehouse.

The land

• Title: GM 187 Lot 879, Mukim Damansara, District of Petaling, at Lot 879, Jalan Subang 9, Taman Industri Sungai Penaga, 47620 Subang Jaya
• Land use: the title is still agricultural, with the express condition "Tanaman Kekal Am", but the area is zoned for industry in the Subang Jaya City Council (MBSJ) local plan
• Tenant: Hup Kean Engineering Sdn Bhd rents it month to month for RM3,000. Topmix says the present use may not comply with the title's land-use category and conditions. It can end the tenancy with one month's notice after completion
• Access: close to the Shah Alam Expressway (KESAS) and the New Pantai Expressway (NPE), the company says
• Seller: the estate of the late Maryanne Kheng-Ying Khoo, through its executor

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The price

• Price per square foot: about RM128 on roughly 125,238 sq ft of land (our calculation; the filing gives no per-square-foot figure)
• Valuation: KGV International Property Consultants valued the land at RM18.785 million on 23 October 2026, by comparison with other sales. The RM16 million price is about RM2.79 million, or 14.83%, below that
• Payment: a RM1.6 million deposit is paid. The RM14.4 million balance is due within four months, with an automatic one-month extension at 8% a year interest
• Funding: internal funds and bank loans. Topmix's illustration assumes 90% is borrowed, which would lift group borrowings from RM20.8 million to RM35.2 million and gearing from 0.24 to 0.41 times
• Completion: expected in the first half of 2027. No shareholder or authority approval is needed for the purchase

The conversion question

Topmix's plan depends on converting the land from agricultural to industrial use. It says there is no assurance that approval will be given, and that any delay or failure "may affect the Group's future utilisation of the Land and result in additional costs". The conversion is not a condition of the sale, so Topmix completes the purchase either way.

Topmix's property moves

• The business: Topmix markets and distributes decorative surfaces under its own brands, including high-pressure laminates, compact panels, wall panels and melamine-faced chipboard. It has been on the ACE Market since April 2024, and its head office is in Skudai, Johor. Revenue reached a record RM105.9 million in 2025, with net profit of RM17.7 million
• In Subang Jaya now: it owns a 2½-storey semi-detached factory at No. 3, Jalan Subang 7, Taman Perindustrian Subang, bought in 2020 and used as an office, showroom and warehouse. In 2025 it rented a second warehouse, raising its Subang Jaya warehouse space from 7,115 sq ft to about 13,478 sq ft
• In Johor: in March 2026 it agreed to buy two detached factories under construction in Setia Versa 2, Gelang Patah, for RM9.485 million each, on about 5,058 m² of freehold land apiece, due by March 2029. It sold a semi-detached factory in Taman Perindustrian Senai for RM1.85 million, completed on 2 November 2026, and is building a warehouse with a three-storey office on its own land in Senai

Topmix says owning the Sungai Penaga land could cut its reliance on rented premises over the longer term.