KUALA LUMPUR: Rivertree STF Synergies Bhd, formerly known as Sinmah Capital Bhd
, said its wholly-owned subsidiary RSSB Builders Sdn Bhd has entered into a head of agreement (HoA) to construct and operate four greenfield centralised labour quarters (CLQ) with 28,800 beds valued at RM600mil.
In a filing with Bursa Malaysia, the group said RSSB Builders inked the collaboration with Asetra Sdn Bhd, a firm owned by fund manager Catenary Capital Sdn Bhd, as well as Q Centre (Teratai) Sdn Bhd and Q Centre Management Sdn Bhd.
Catenary Capital is a fund manager duly registered with the Securities Commission Malaysia and one of the fund managers under Retirement Fund Inc's (KWAP) Dana Pemacu initiative.
Under the agreement, RSSB Builders shall be the turnkey developer for the construction of all four facilities, which will be located in the Klang Valley.
RSSB executive director Datuk Simon David Leong, said the HoA marks a significant milestone for the Group as it expands its role within the CLQ segment.
“This mandate marks a defining milestone for RSSB and establishes us as a trusted CLQ infrastructure developer. We see strong structural demand emerging within the CLQ segment as industries increasingly prioritise compliant, well-managed and scalable worker accommodation solutions.
“We have identified a number of job opportunities in this space and views this segment as a strategic growth pillar moving forward,” he said,” he added.
Leong said that RSSB’s role as a turnkey developer under the framework reinforces its construction and delivery capabilities within the sector.
“As the appointed turnkey developer, we will be responsible for the full scope of design and construction across the proposed facilities, working closely with our partners to ensure disciplined execution and timely delivery,” he added.
The RM600mil development value for the four CLQs is expected to provide RSSB with clear earnings visibility over the next three years.
QCM will oversee operational management of the CLQ facilities upon completion.
Meanwhile, Catenary Capital founding partner Hizzan Hamid said the transaction represents the firm’s first investment since its formation and reflects its strategy of deploying institutional capital into structurally under-supplied segments of the real estate market.
He said Act 446 has created a clearer compliance framework, placing employers under greater scrutiny to ensure accommodation standards are met, while Selangor’s expanding industrial base continues to drive demand, leaving a visible supply gap for professionally managed, compliant facilities in key growth corridors such as Klang.
He added that worker accommodation represents a segment where institutional ownership can introduce greater discipline and governance standards, particularly in areas where capital participation has traditionally been fragmented.
“Workforce housing affects stability, productivity and reputational risk. Institutional ownership enables consistent operating standards and asset oversight, while supporting labour compliance and supply chain standards for employers,” he said.
