Parkland Bhd gets SC approval for Main Market IPO; Johor drives RM5.05b development pipeline
Parkland Bhd has secured Securities Commission Malaysia approval for its proposed Main Market listing. The Melaka-based developer's RM5.05 billion development pipeline is concentrated in Johor, which accounts for 75.5% of the estimated GDV. The IPO comprises 621.54 million shares, with proceeds earm
PETALING JAYA (Oct 29): Parkland Bhd has secured Securities Commission Malaysia approval for its proposed Main Market listing, as the Melaka-based developer prepares to advance a planned development pipeline concentrated in Johor. Johor accounted for about 75.5% of the group’s RM5.05 billion in planned developments by estimated gross development value (GDV) as at May 25, 2026, according to a statement on Thursday (Oct 29).
The developer intends to use proceeds from the initial public offering’s (IPO) public issue mainly to acquire land and finance working capital for its developments, said the statement. Parkland’s July draft prospectus puts the estimated GDV of its planned Johor developments at RM3.81 billion. These include additional phases of existing townships and the proposed Bandar Lestari Parkland township.
The largest component is 18 planned phases at Bandar Layangkasa, with an estimated GDV of RM1.85 billion. This is followed by 11 phases at Taman Bukit Perdana worth RM804.2 million and 10 phases at Bandar Lestari Parkland worth RM719.8 million. Outside Johor, the pipeline includes 11 phases at Bandar Botani Parkland in Melaka, with an estimated GDV of RM877.9 million, and the Parkland by The Hill condominium development in Selangor, with an estimated GDV of RM361 million, according to the draft prospectus.
The proposed offering comprises 621.54 million shares, equivalent to about 26.3% of Parkland’s enlarged issued share capital of 2.36 billion shares. It consists of a public issue of 468.14 million new shares and an offer for sale of 153.4 million existing shares. Of the total offering, 550.74 million shares will be made available to institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry. The remaining 70.8 million shares will be offered to the Malaysian public through balloting and to eligible employees and persons who have contributed to the group’s success.
As at June 10, 2026, Parkland’s landbank for planned and future developments totalled about 1,592.5 acres across Johor, Melaka and Selangor. This included 248 acres covered by a joint-venture agreement signed that day with unrelated landowner Cahaya Bumimas Sdn Bhd, according to the draft prospectus. For the financial year ended June 30, 2025, Parkland recorded revenue of RM745.8 million and profit after tax of RM171.8 million. Profit attributable to owners stood at RM158.7 million, compared with RM125.4 million a year earlier.
Beyond property development, Parkland has ventured into renewable energy through a joint venture with Xinyi Power Station Development (Malaysia) Sdn Bhd, a subsidiary of Hong Kong-listed Xinyi Energy Holdings Ltd. The venture’s 99.99MW large-scale solar plant in Tangkak, Johor, is expected to begin commercial operations in the first quarter of 2027. Hong Leong Investment Bank Bhd is the IPO’s principal adviser and, together with AmInvestment Bank Bhd, joint placement agent and joint underwriter.
