KUALA LUMPUR (Dec 3): Gabungan AQRS Bhd has entered into a joint venture with the landowner of a 7.92-acre tract in Bangi to develop a mixed commercial and residential project with an estimated gross development value (GDV) of up to RM600.47 million.
According to the group’s filing with Bursa Malaysia, the development will feature 1,673 residential units alongside 87,500 sq ft of commercial net sellable space, with a planned launch in 3Q 2027.
Located next to the German-Malaysian Institute and approximately 2km from Universiti Kebangsaan Malaysia (UKM), the project is expected to tap into strong demand from students, young professionals and urban households — a demographic that continues to drive interest in lifestyle-centric housing as well as nearby commercial property in KL and surrounding growth corridors such as office space in Bukit Jalil, industrial land in Selangor, and factory developments in Puchong.
Reviving an Abandoned Project
The site has a long development history. Originally undertaken by Bidari Ehsan Sdn Bhd in the early 2000s, the project stalled in 2006 due to financial distress. Bidari Ehsan was subsequently wound up in 2011.
The new landowner, Rising Charm Sdn Bhd, later tabled a revival plan and secured majority approval at a court-convened meeting in December 2022. In July 2025, a court order formalised Rising Charm’s responsibility to reactivate the project under a scheme of arrangement.
Rising Charm’s shareholders comprise Teh Kok Wea (30%), Teh Tzun Tzin (30%), Chua Yip How (15%), Yap Jun Wah (10%), Lim Fang Tseng (5%) and Fong Suo Mein (5%).
Terms of the Joint Venture
Under the JV agreement, Rising Charm will receive a total consideration of RM65 million, split into RM15 million cash and RM50 million worth of completed units.
Gabungan AQRS noted that the development will be financed through a combination of internal funds, property sales and bank borrowings. The exact structure will be finalised later, taking into account gearing levels, interest rates and internal cash flow requirements.
The project adds to the group’s expanding pipeline in the Klang Valley, where demand for mixed-use developments continues to grow alongside industrial activity in nearby hotspots such as industrial property in the Subang area.
Shares of Gabungan AQRS closed unchanged at 17.5 sen on Wednesday, valuing the company at RM95.19 million.
