Pelaburan Hartanah Bhd group managing director and chief executive officer Mohamad Damshal Awang Damit
PETALING JAYA: Having historically focused on office and retail assets, Pelaburan Hartanah Bhd (PHB) is now expanding into high-growth sectors while upgrading its properties to meet evolving tenant needs and sustainability standards.
It is also broadening its portfolio beyond the Klang Valley into fast-growing regions such as Kedah, Johor and Terengganu, with plans to enter Sabah and Sarawak, targeting assets aligned with Malaysia’s next phase of economic growth.
PHB currently owns 27 commercial properties and land valued at nearly RM11bil, located across the Klang Valley, Johor Baru, Melaka, Kedah, Kuala Terengganu and Penang.
Established to strengthen bumiputra participation in prime commercial real estate, PHB’s wholly owned subsidiary PHB Asset Management Bhd manages the Amanah Hartanah Bumiputra (AHB) unit trust fund – a syariah-compliant vehicle that enables bumiputra investors to gain exposure to income-generating commercial propertynationwide at RM1 per unit.
AHB’s portfolio includes landmark assets such as Menara Prisma in Putrajaya, NU Sentral Shopping Centre and Gleneagles Hospital (Block B) in Kuala Lumpur, CP Tower in Petaling Jaya, One Precinct in Penang and The Shore Shopping Gallery in Melaka.
PHB group managing director and chief executive officer Mohamad Damshal Awang Damit said the group’s focus is to build a balanced and resilient portfolio that captures long-term growth opportunities while safeguarding unitholder value.
“While our portfolio has historically been weighted towards offices and retail, we have been steadily shifting towards sectors aligned with megatrends that will define Malaysia’s future,” he told StarBiz.
“Healthcare is one such example,” he added. “Malaysia is on track to become an aged nation by 2040, which means more people will need hospitals, specialist centres and aged-care facilities.
“By investing in this sector now, PHB is positioning early for a long-term structural shift that will create steady demand for decades.”
Industrial property is another growth engine, he added.
“As businesses rely more on eCommerce, artificial intelligence and cloud services, Malaysia needs more advanced factories, logistics hubs and data centres.
“PHB is actively exploring opportunities in data centres and smart warehouses, which we view as part of a long-term megatrend,” he said.
As of August, Mohamad Damshal said offices made up about 38% of PHB’s total assets, retail about 20%, and land 13%, with healthcare representing close to 8% and industrial around 10%.
“About 77% of our assets comprise completed and income-generating properties, while the remainder consists of projects under construction and strategically located land that form a strong pipeline for future growth,” he added.
PHB recently completed the acquisition of two industrial properties in Kulim Hi-Tech Park, Kedah, and Port of Tanjung Pelepas, Johor, for a total of RM247mil.
The first asset, acquired from Kulim Technology Park Corp Sdn Bhd, spans 12 acres and is fully leased to Schott Glass, a global leader in specialty glass and materials technology.
The second, located in Johor and covers 9.4 acres, is tenanted by Maersk, one of the world’s largest logistics companies.
“These acquisitions secure stable income from world-class tenants while embedding PHB into Malaysia’s most strategic industrial and logistics corridors,” said Mohamad Damshal.
He added both states are well placed to capture further growth, with Kedah and Johor ranking among the top five states for approved investments last year at RM34bil and RM18.1bil, respectively, as global manufacturers relocate capacity to South-East Asia amid tariff and supply chain realignments.
Meanwhile, PHB marked its presence on the East Coast with the opening of Mayang Mall in Kuala Terengganu last December, which has since achieved an occupancy rate of over 84%.
Mohamad Damshal said PHB’s expansion into underserved regions is in line with its mandate to support the bumiputra community and unlock value across the country.
In June, PHB also announced the reopening of 300 million units of AHB for bumiputra subscription.
Since its inception in 2010, AHB has attracted 82,000 individual investors and 19 institutional investors.
Over the past 15 years, a cumulative RM2.43bil in income has been disbursed to investors.
For the six-month period ended Sept 30, 2025, PHB declared a final income distribution of 2.1 sen per unit for AHB, plus a bonus distribution of 0.4 sen per unit for the first one million units held by each unitholder, bringing the total to 2.5 sen per unit.
Looking ahead, Mohamad Damshal said PHB aims to further increase its exposure to high-growth sectors over the next three to five years, particularly in Kedah, Johor, Terengganu, Sabah and Sarawak.
“We intend to achieve this through a disciplined portfolio management approach.
“Our rebalancing strategy emphasises acquiring high-quality, well-located assets that generate sustainable income,” he said.
“We view Sabah and Sarawak as important frontiers for expansion. Sabah has strong potential as a regional hub, while Sarawak offers exciting prospects in green energy and sustainable developments.”
Any decision to rebalance the portfolio through divestment, he added, is based on strict criteria and thorough evaluation, allowing PHB to optimise returns and reinvest in higher-yielding properties.
While the market is seeing a “flight to quality” as tenants increasingly seek buildings compliant with environmental, social and governance (ESG) standards, Mohamad Damshal said the trend is not new.
“During the Asian Financial Crisis of 1997, financial stress made companies more selective, and they sought security in well-managed, stable buildings.
“A decade later, during the Global Financial Crisis of 2008, the focus shifted towards cost efficiency where tenants moved into newer, more efficient buildings while older and less cost-effective properties struggled,” he said.
“Today, the definition of quality has changed once again. Tenants are no longer just comparing location and rent. They want sustainability, flexibility, quality environment and good governance. This is exactly where PHB is investing.”
He pointed out that PHB has sustained a AAA and stable credit rating from RAM Ratings, reflecting its financial management, while its Gold3 sustainability rating validates its commitment to ESG principles.
“These recognitions demonstrate that PHB is not only financially robust but also forward-looking in sustainability, which gives us a clear edge when competing for high-quality assets,” he said.
He said, ultimately, all efforts are designed to complement the broader PHB ecosystem – from providing consistent returns to AHB unitholders to ensuring tenants have modern, well-managed spaces.
“Our end goal is clear – to grow AHB, expand bumiputra ownership of prime commercial real estate, and strengthen bumiputra economic participation.”
PHB recorded a net profit of RM117.2mil last year.
