By Chan Wei Chao (REN 39846), Team Leader, Bricksmen Team · IQI Realty Sdn. Bhd. · Updated 30 October 2026
Titijaya Land Bhd is selling Penang Logistics Hub 5 in Bayan Lepas to Pelaburan Hartanah Bhd (PHB) for about RM300 million. The conditional sale and purchase agreement was signed on 28 October 2026. The three-storey logistics complex was completed in 2024 and is fully leased to DHL.
Here are the deal terms, what the buyer and seller get out of it, and what it says about property in Bayan Lepas.
The deal at a glance
| Item | Details |
|---|---|
| Property | Penang Logistics Hub 5, No. 2 Persiaran Bayan Lepas, Bayan Lepas Waterfront |
| Seller | Titijaya Land Bhd, through its wholly owned subsidiary Aman Duta Sdn Bhd |
| Buyer | Pelaburan Hartanah Bhd (PHB) |
| Price | About RM300 million, subject to a final site measurement report |
| Land | About 28,562.8 sq m (307,447 sq ft), leasehold to 2 April 2095 |
| Building | Three-storey logistics complex, about 300,726 sq ft gross floor area, completed in 2024 |
| Tenant | DHL Properties (Malaysia) Sdn Bhd leases the whole complex until 14 October 2034, with stepped rent increases |
| Agreement signed | 28 October 2026 (conditional) |
| Expected completion | First half of 2027 |
How PHB will pay
- RM30 million deposit, held by the seller’s solicitors as stakeholders until the agreement becomes unconditional.
- RM246 million within 90 days after that, including the amount owed to Maybank Islamic Bhd, which holds the property as security.
- RM24 million retained by PHB: RM15 million for defect rectification and RM9 million for the transfer (novation) of the DHL tenancy.
The deal still needs approval for the property transfer, a signed tenancy novation and the final site measurement report. Titijaya shareholders do not need to approve it.
What each side gets
Titijaya expects a net gain of about RM143 million after expenses, against a net book value of about RM156 million as at 30 June 2026. On a pro forma basis, the company says net assets per share rise from 97 sen to RM1.08 and gearing falls from 0.18 to 0.06 times. The proceeds will first repay the loans secured on the property, with the rest going to working capital, landbanking and future developments. Group managing director Datuk Lim Poh Yit described it as part of a “proactive approach” to managing the portfolio and unlocking asset value.
PHB gains a newly built, fully let logistics asset. After the purchase, logistics will make up about 11% of its investment property portfolio. Group managing director Mazuki Abdullah @ Muhammad said the Bayan Lepas Waterfront location lets PHB benefit from continued growth in Penang’s logistics sector.
What it means for Bayan Lepas property
A RM300 million price for a single logistics building, backed by a lease to a global logistics company that runs to 2034, shows investors are willing to commit large sums to Bayan Lepas. The area is home to the Bayan Lepas Free Industrial Zone, Penang International Airport and many of the state’s electronics manufacturers, and demand for warehousing follows that industry.
For home buyers, the steady flow of industrial and logistics investment supports jobs, and with them rental demand, in Bayan Lepas and nearby areas. Read more about the airport’s growth in our article on Penang airport passenger traffic.
New and recent homes in Bayan Lepas
| Project | Type | Indicative price | Completion |
|---|---|---|---|
| Maldives Residence | Affordable home | RM498,000–RM550,000 | 2027 |
| The Pier | Serviced suite | From RM856,620 | 2028 |
| Queens Residences Q3 | Condominium | RM958,130–RM1,988,640 | 2027 |
| Goodwood Residence | Condominium | RM797,648–RM905,883 | Completed |
| Valencia Residence | Condominium | RM1,391,300–RM1,553,600 | Completed |
See all projects on the Bayan Lepas area page. Looking for a factory or warehouse instead? Browse our Penang industrial projects.
Frequently asked questions
Who bought Titijaya’s Bayan Lepas logistics hub?
Pelaburan Hartanah Bhd (PHB) agreed to buy Penang Logistics Hub 5 for about RM300 million on 28 October 2026.
Who is the tenant?
DHL Properties (Malaysia) Sdn Bhd leases the whole complex until 14 October 2034.
When will the sale be completed?
Completion is expected in the first half of 2027, once the conditions are met.
How much does Titijaya gain from the sale?
About RM143 million net, based on a net book value of about RM156 million as at 30 June 2026.
Looking for a home in Bayan Lepas?
I can send the latest price lists and unit availability for new projects in Bayan Lepas, Bayan Baru and Batu Maung. WhatsApp or call +60 10-313 9113.
Sources
- The Star: Titijaya Land in RM300mil land disposal
- Penang Today: PHB buys RM300 million Penang logistics hub leased to DHL
- New Straits Times: PHB acquires RM300mil logistics property in Penang
- Berita Harian: PHB beli hab logistik kira-kira RM300 juta, disewa penuh DHL
This article is general information based on company announcements and published reports as of 30 October 2026. The deal is conditional and its terms may change. It is not investment advice; project prices are indicative and depend on availability.