Iconic Harmony in Bukit Mertajam

Iconic Worldwide Berhad is preparing for its next phase of growth in Penang, with a new property development targeted for launch in the first half of 2027 as the group looks to strengthen its position in the state’s property market.

In its 2026 annual report, the group identified property development as its main growth driver for the coming financial year, with plans to maintain its development pipeline following the ongoing Iconic Harmony project in Bukit Mertajam.

Iconic Harmony comprises 751 affordable housing units with a gross development value (GDV) of RM250 million. The project is progressing towards its targeted completion in 2027, with units sold expected to be ready for delivery before the end of that year.

While details of the next development have yet to be disclosed, the planned launch signals the group’s intention to sustain its presence in Penang’s property market.

Property development drives stronger performance

Iconic Worldwide recorded a significant improvement in its financial performance for the financial year ended June 30, 2026 (FY2026), with revenue rising 84.8% to RM87.61 million from RM47.40 million a year earlier.

Property development contributed RM58.55 million, accounting for 66.8% of total group revenue. The segment’s profit before tax also increased to RM9.12 million from RM3.01 million in FY2025.

At group level, profit before tax climbed to RM11.49 million from RM3.06 million, supported by stronger property development performance and improved contributions from other segments.

The results underline the growing importance of property development to the group’s overall business strategy.

Hospitality and manufacturing provide additional support

Beyond property development, Iconic Worldwide is looking to strengthen its hospitality and manufacturing businesses.

Its hospitality services segment recorded a 50.7% increase in revenue to RM9.65 million in FY2026, returning to a profit before tax of RM408,000. The group expects further contributions from improved marketing, visibility and service delivery.

Meanwhile, its manufacturing segment is expected to benefit from rental income generated by leasing its manufacturing facilities to a third party, which commenced in April 2026.

Execution will be key

Looking ahead, the group faces the challenge of sustaining growth amid competition, construction costs and increasingly selective homebuyers.

Its annual report highlights affordability, location, connectivity and timely project delivery as important factors influencing property demand.

For Iconic Worldwide, completing Iconic Harmony and preparing its next Penang development for launch will be key priorities in the coming financial year.

With property development firmly established as its main growth driver, the next phase will be crucial in determining whether the group can maintain its financial momentum and build a more sustainable development pipeline in Penang.

Titijaya Land Bhd is disposing of its logistics hub in Bayan Lepas, Penang, to government-linked property investor Pelaburan Hartanah Bhd for RM300 million, in a deal expected to unlock significant value for the property developer.

The proposed disposal price is nearly double the property’s net book value of RM156 million as at June 30, 2026. The transaction is expected to generate a net gain of approximately RM143 million after estimated expenses.

In a Bursa Malaysia filing, Titijaya said its wholly owned subsidiaries, Aman Duta Sdn Bhd and City Meridian Development Sdn Bhd, entered into a conditional sale and purchase agreement with Pelaburan Hartanah on October 26.

The property comprises 7.06 acres of leasehold land housing Penang Logistics Hub 5, a three-storey logistics commercial complex with a gross floor area of 300,726 sq ft. The facility is currently leased to DHL Properties (Malaysia) Sdn Bhd until October 2034.

Titijaya said the divestment aligns with its strategy of selectively monetising completed investment properties at optimal prices, allowing it to unlock asset value and recycle capital into future growth opportunities.

The sale is also expected to reduce the group’s finance costs following the settlement of the remaining borrowings secured against the property. Upon completion, Titijaya’s net assets per share would increase from RM0.97 to RM1.08, while its gearing ratio would decline from 0.18 times to 0.06 times.

Pelaburan Hartanah is owned by Yayasan Pelaburan Bumiputra, a government-linked entity focused on increasing Bumiputera economic participation and wealth creation. Its activities include investment in commercial real estate, property development, and property and asset management.

The proposed disposal does not require shareholder approval and is expected to be completed in the first half of 2027.

Penang’s semiconductor industry continues to attract investment from local companies, with homegrown engineering firm Estek Automation Sdn Bhd opening a new RM20 million manufacturing plant at Batu Kawan Industrial Park (BKIP).

Spanning approximately 50,000 sq ft, the new facility brings together semiconductor equipment manufacturing, artificial intelligence (AI)-driven solutions and contract manufacturing, giving the company more room to expand its operations and develop new technologies.

Founded in 2015, Estek specialises in semiconductor automation equipment and intelligent manufacturing solutions. Its latest investment reflects the growing role of Malaysian engineering companies in supporting the country’s semiconductor industry.

Chief Minister Chow Kon Yeow, who officiated the opening, said the investment was an encouraging sign of the progress made by local engineering firms in building their own capabilities and delivering higher-value solutions.

He added that the Penang government would continue working with industry players and relevant agencies to strengthen the state’s investment ecosystem and support the growth of local businesses.

Estek Automation chief executive officer Jacky Lee said the new plant would allow the company to increase its manufacturing capacity while strengthening its engineering and research and development (R&D) capabilities.

He also expressed confidence in Penang and Malaysia as destinations for advanced manufacturing, pointing to the state’s established semiconductor ecosystem, which includes multinational companies, a strong supply chain and a skilled workforce.

Beyond expanding production, Estek aims to develop more Malaysian-made technologies and capture a greater share of value within the global semiconductor supply chain.

BYD Mansion Macalister Penang has won the “Interior Builders: Medium Projects” category at the REKA Awards 2026, recognising its interior design and approach to heritage preservation.

Presented by the Malaysian Institute of Interior Designers (MIID), the awards recognise achievements in interior design, with entries evaluated by a panel of industry professionals.

Located within a restored century-old building in George Town, BYD Mansion Macalister combines historic architecture with a contemporary automotive showroom. The space incorporates dedicated consultation lounges, digital touchpoints and personalised customer areas designed to support the customer experience.

The project demonstrates how a heritage building can be adapted for modern commercial use while retaining its architectural character. Its recognition at the REKA Awards highlights the role of interior design in bringing together heritage conservation, contemporary functionality and customer-focused spaces.

Proposed landed residential development on a 9.6 acres of land along Jalan Fajar Indah in Nibong Tebal. It is just a stone’s throw away from Universiti Sains Malaysia Engineering Campus, 5 minutes drive to Nibong Tebal Town centre. Surrounding communities include Taman Minamah and Taman Keramat Permai.

The proposed development will comprise 134 landed residential units, consisting of 112 double-storey terrace houses and 22 double-storey semi-detached houses. A single-storey community hall is also included in the development plan to serve residents.

The project is still in its planning stage and more details will be available upon official launch.

Project Name : (to be confirmed)
Location : Nibong Tebal
Property Type : Residential
Tenure: (to be confirmed)
Land Area: 9.6 acres
Built-up Size: (to be confirmed)
Total Units : 112 (terrace), 22 (semi-detached)
Indicative Price : (to be confirmed)
Developer : (Follow us to find out more)

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.