This article first appeared in The Edge Malaysia Weekly on July 14, 2025 – July 20, 2025
BERJAYA Land Bhd (BLand) (KL:BJLAND), which is controlled by Tan Sri Vincent Tan, founder of the Berjaya group, is ramping up its investment in property developments across Malaysia, Japan, Iceland and Greenland, with the goal of reaping returns in two years.
Group CEO Syed Ali Shahul Hameed says the group plans to launch projects with a combined gross development value (GDV) of RM1.2 billion this year.
“We are in a growth phase and will continue expanding. We will reinvest our cash flow for the next two years to drive future growth,” he tells The Edge in an interview.
Despite higher revenue, BLand slipped back into the red in the financial year ended June 30, 2024 (FY2024), following just one year of profitability. It posted a net loss of RM87.74 million, reversing from a net profit of RM147.3 million in FY2023. Revenue, however, was up 5.3% year on year to RM7.65 billion.
For the cumulative nine months ended March 31, 2025 (9MFY2025), BLand’s net loss widened to RM87.35 million, from RM10.29 million a year earlier, while revenue was flat at RM5.64 billion. The group attributed its losses to an impairment on an amount owed by an associate company.
Notably, its 42.6%-owned subsidiary, Sports Toto Bhd (KL:SPTOTO) contributes a large part of its revenue.
However, it anticipates improved revenue performance from its hotel and resort operations in Malaysia, driven by the visa-free entry policy for travellers from countries such as China and India.
Syed Ali: We will reinvest our cash flow for the next two years to drive future growth (Photo by Low Yen Yeing/The Edge)
Spreading its wings in Japan
BLand has ambitious plans in Japan, led by its flagship US$1.12 billion (RM4.76 billion) Four Seasons Okinawa project. The group secured a US$330 million syndicated loan in October 2023 from a consortium of Japanese financial institutions to support the development.
According to Syed Ali, construction is already underway, with completion targeted for June 2027.
BLand already manages the Four Seasons Hotel & Hotel Residences Kyoto, which Syed Ali says is delivering strong yields, buoyed by the robust recovery in Japan’s tourism sector.
In addition to Okinawa, the group is preparing to launch its third Four Seasons-branded development in Japan — the Four Seasons Yokohama Harbour Edge. The ¥12.66 billion (RM367 million) mixed-use project will feature a luxury hotel, upscale residences, an aquarium and retail components. In March 2024, BLand signed an agreement with the City of Yokohama to acquire eight parcels of freehold waterfront land totalling 5.18 acres for the project.
“We’ve nearly completed the design and plan to build a model unit in Yokohama this year. Construction of the development is expected to begin next year,” Syed Ali says, adding that unlike the Four Seasons Okinawa — which is owned by BLand — the Yokohama project is owned by Berjaya Corp Bhd (BCorp) (KL:BJCORP), with BLand serving as the contractor and overall project management.
The group also owns land in Hakone, where it plans to develop a Regent Hotel and Residences.
“We have already signed an agreement with the InterContinental Hotels Group (which owns the Regent brand). The plan is to build both a hotel and branded residences,” says Syed Ali.
He adds that BLand holds a few more land parcels in Japan, though he declined to disclose their locations.
“We aim to expand our presence in Japan, as yields for hotels and residences are stronger there. That has been our experience in Kyoto,” he says.
Exploring the Arctic region
Meanwhile, BLand has secured land in Nuuk, Greenland, where it plans to develop high-end residential apartments tailored to the region’s climate and infrastructure needs.
To kick off its Greenland venture, BLand will launch an apartment project with a GDV of RM117 million later this year. In June, the group signed a memorandum of understanding (MoU) with SIBS Sdn Bhd, a manufacturer of modular housing units, to deliver climate-resilient modular housing for the project. Construction is scheduled to begin in July 2026, with completion targeted within two years.
Syed Ali says BLand is also working closely with the Municipality of Nuuk to explore the next phase of development — a hotel to support Greenland’s growing tourism sector. “We have identified the location, which will be in a different area from the apartment project.”
BLand’s venture into Greenland has been years in the making. The group began exploring opportunities in the country even before the Covid-19 pandemic.
“There is a residential shortage there, so we thought, why not develop housing? That’s how the project started,” Syed Ali explains.
“We had to engage with the local government to secure the land and obtain the necessary approvals. We submitted our plans and received pre-approval, but the process takes time. We also needed to work with local architects and consultants to meet all the requirements. This isn’t something that happens overnight — there’s a long process behind every announcement.”
In Iceland, BLand currently owns and operates 13 hotels. In 2019, the group acquired a 75% stake in Icelandair Group hf for US$53.63 million, which operated 20 hotels at the time.
“We have closed some hotels, turned things around, restructured the rates, and now we’re seeing growth,” says Syed Ali.
Today, BLand is the second largest hotel operator in Iceland, after a local hotel group Íslandshótel.
Why Iceland? “Iceland is still a relatively untapped destination for tourism. The industry there is less than 10 years old, and we are seeing consistent year-on-year growth. The majority of tourists — 40% to 50% — come from the US, followed by European visitors. More recently, we have also seen an increase in tourists from Asia,” Syed Ali says.
Although many of BLand’s hotels in Iceland are operating at high occupancy levels — between 90% and 100% — and generating improved revenue, they remain loss-making. Iceland Hotels recorded a pre-tax loss of RM54.3 million for FY2024, down 23% from the RM70.2 million loss reported in FY2023.
“We plan to build more hotels in Iceland, and we’re also exploring residential property developments. However, we are still in the planning stage,” Syed Ali says.
BLand also owns a large plot of land in Thailand, located between the international airport and Bangkok. “We haven’t started anything yet, but we will soon,” Syed Ali says.
More projects on home turf
On the home front, BLand is focusing on key developments such as Oaka Residences in Bukit Jalil, Kuala Lumpur. Situated on a 12-acre parcel, the project comprises four phases. Phase 1 features 350 condominium units of two to three bedrooms measuring 882 to 1,509 sq ft.
The group also plans to launch Bayu Timor Residence, a 518-unit high-rise residential development in Shah Alam, Selangor, with unit sizes ranging from 1,000 to 1,280 sq ft. According to Syed Ali, groundwork for the project is already underway, and the team has secured the Advertising Permit and Developer’s Licence. The project has an estimated GDV of RM308 million.
“Another upcoming development is Jesselton Courtyard villas and homes in George Town, Penang, comprising 239 high-end units priced between RM1.8 million and RM8 million. The project is expected to be launched after the completion of the show unit by the end of September. It carries an estimated GDV of RM900 million,” he says.
BLand is also involved in the Times Square 2 project in Kuala Lumpur, featuring 629 serviced apartments in a 41-storey tower. Although owned by Berjaya Assets Bhd (KL:BJASSET), BLand — through its construction arm Berjaya Construction Bhd — is the main contractor of the project.
“All these projects are progressing simultaneously. We’re confident that BLand will perform well once we begin recognising revenue from sales,” says Syed Ali.
“We still have a substantial land bank and are actively looking to expand. We are focused on acquiring land in strategic, high-potential locations. Our developments are not contributing to market overhang. They are well positioned and in demand.”
BLand to stay diversified
There is often confusion among investors about the structure of the Berjaya group, which includes BCorp, BLand and BAsset. Syed Ali clarifies: “BCorp is the holding company and owns a majority stake in BLand. BLand is an operating company with diversified interests. BAsset has its own separate businesses.”
While Sports Toto is a notable contributor to revenue, Syed Ali emphasises that BLand’s property and hotel operations — both local and international — are equally significant. Sports Toto contributed RM6.4 billion in revenue in FY2024, but BLand’s property, club and hotel businesses brought in around RM1.3 billion.
Last month, BLand signed an MoU with Impianan Utara Sdn Bhd to jointly explore ventures in rare earth mining, as well as the cultivation of durian and Napier hybrid grass in Perlis. Despite concerns from some analysts over the group’s complex business model, Syed Ali remains steadfast in his commitment to a multi-pronged strategy.
Asked whether BLand intends to streamline operations into a pure-play property or construction company, he rules it out. “Diversity is always better. The pandemic taught everyone a valuable lesson — if you’re focused on only one business, you are vulnerable. But with diversification, especially into essential sectors such as medical, agriculture and retail, the group stays resilient and continues to grow.”
BLand’s portfolio is indeed broad, encompassing property development, hotels, timeshare, agriculture, retail, automotive, gaming, recreation and construction.
“We must focus on the bigger picture. Diversification drives profitability and creates long-term value for shareholders. Rather than concentrating on a single business segment, we are leveraging our strength to operate across multiple industries,” Syed Ali says.
The group is also active in agriculture; it operates an oil palm plantation and is developing a pesticide-free greenhouse vegetable farm in Berjaya Hills, Bukit Tinggi, Pahang. “We have completed five acres, and another five acres are currently under development. Site levelling and construction are ongoing,” says Syed Ali.
While the agricultural segment is not the group’s largest revenue contributor, it is profitable and plays a key role in BLand’s sustainability strategy. “Food security is crucial for the country, and sustainable food production is becoming increasingly important.”
On infrastructure, Berjaya Rail Sdn Bhd, a 70%-owned unit of BLand, is bidding for the Penang Light Rail Transit (LRT) systems package, estimated to be worth under RM3.5 billion. Competitors reportedly in the bid include MMC Engineering Sdn Bhd, YTL Group, Malaysian Resources Corp Bhd (KL:MRCB), Dhaya Maju Infrastructure and a Lion Pacific-WCT joint venture.
Meanwhile, BLand’s aviation arm, Berjaya Air Sdn Bhd, is set to receive the first of two ATR 72-600 aircraft by the end of the year, with the second scheduled for delivery in 2026. These 26-seat, business-class-configured aircraft will serve premium tourism routes connecting Seletar (Singapore) and Subang to Redang Island.
“Our Redang resort is a luxury hotel, and we aim to promote premium tourism through direct charter flights,” Syed Ali says, adding that while there are aspirations to become a full-fledged commercial airline, the current focus remains on high-end tourism.
Not leaving Vietnam
In June, BLand divested its 80% stake in Berjaya-Handico12 Co Ltd for VND1,239 billion (RM201.96 million). Syed Ali clarifies that the move does not signal a full withdrawal from Vietnam.
“We are not exiting Vietnam. We will consider divesting if a good offer comes along, but we continue to operate other businesses there, such as the Sheraton Hanoi Hotel,” he says.
BLand’s share price has fallen 17% year to date to close at 28.5 sen last Thursday, giving it a market capitalisation of RM1.39 billion. The stock is trading at a price-to-net asset value of 0.39 times.
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