KUALA LUMPUR - A proposed merger of the property arm of sovereign fund Khazanah Nasional Berhad with one of Malaysia's most aggressive but debt-laden developers, Eco World Development Group, is raising some concerns - especially about whether the state-controlled enterprise will benefit from such a deal at a time when Malaysia's real estate sector is under pressure.
Leading the charge for the deal is Tan Sri Syed Mokhtar Albukhary, one of Malaysia's most powerful businessmen and someone with close ties to Prime Minister Mahathir Mohamad. He is also closely associated with the main shareholders of Eco World, bankers and government officials said. How the proposed deal plays out is being closely watched by the bankers and the business community already anxious about the health of the property sector.
According to Malaysia's National Property information Centre , the country's property overhang at end-2018 stood at 51,265 units comprising completed but unsold residential, service apartments, shop units and industrial properties, collectively valued at RM35.76 billion . This spike represents a 213 per cent increase in value over the five years between 2014 and 2018.
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