IGB Acquires Former MAPS Theme Park Land in Perak for RM43.65 Million

KUALA LUMPUR (Nov 18): IGB Bhd (KL:IGBB) is expanding its development pipeline with the acquisition of the former Movie Animation Parks Studios (MAPS) site in Bandar Meru Raya, Ipoh, for RM43.65 million.

The purchase is being undertaken by the group’s subsidiary, Bintang Sentral Sdn Bhd, which has agreed to acquire two adjoining freehold parcels totalling 24.3 acres. IGB said the land presents strong redevelopment prospects and aligns with its long-standing strengths in large-scale commercial and mixed-use projects.

The group described the acquisition as a “highly appealing investment” due to the land’s strategic location, attractive pricing and direct connectivity to key highways—factors that position the site well for future development. The vendor was not disclosed, and the deal was not separately filed with Bursa Malaysia.

Completion of the transaction hinges on approvals from the Ministry of Economy and the Perak state authority, with IGB expecting to secure the green light within six months. The land transfer is targeted for completion in the second half of 2026.

MAPS, once marketed as Malaysia’s first animation theme park, opened in mid-2017 but struggled to attract sufficient visitors and ultimately ceased operations in January 2020. The park originally spanned about 52 acres and was developed at a cost of RM520 million by Animation Theme Park Sdn Bhd (ATP), formerly majority-owned by Perak Corp Bhd through PCB Development Sdn Bhd.

ATP was placed under receivership in late 2019, and Perak Corp later divested PCB Development for RM1 amid severe financial distress. The group subsequently slipped into PN17 status in early 2020 after MAPS’ closure and loan defaults.

IGB’s latest move underscores ongoing confidence in strategic land banking outside the Klang Valley—complementing its established footprint in commercial property in KL, as well as growing market demand in sectors such as industrial land in Selangor, industrial property in the Subang area, and commercial hubs near office space in Bukit Jalil and factory zones in Puchong.

Shares of IGB closed two sen lower at RM3.31 on Tuesday, valuing the group at RM4.5 billion.