The Prestige — Investment Brief 2026

Executive Summary

5 approvals secured, launch-ready freehold
site in JB's prime growth corridor

Land Area

3.62 ac

Freehold title

Total Units

934

919 res + 15 commercial

GDV

RM562M

Net of 10% rebate

PBT Margin

23.5%

RM 132.2M profit

Land Ask

RM95M

RM602 psf, approx. SGD29M

Address

Jalan Abdul Samad, Mukim Bandar, Johor Bahru

Zoning & Title

Commercial Zone, Commercial Title, Freehold

Plot Ratio

4.0x

Net Saleable Area

652,700 sq ft

Block Configuration

Block A: 372 units · 27 floors
Block B: 547 units · 26 floors · 7 plan types (A–H)

Commercial Podium

15 units · 4 floors · Separate entrance, exit and parking

All 5 Regulatory Approvals Obtained

5 / 5

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Comparable transactions in 2024 (Maxim, Mah Sing) were acquired with zero approvals. These five transfer with the SPV, saving a buyer 12–24 months of regulatory lead time.

Transaction Structure

All rights are held in a Malaysian Special Purpose Vehicle (SPV), with no other business, liabilities or encumbrances. A buyer acquires 100% of the SPV shares. Freehold title, all five approvals, architectural works and landscaping plans transfer with it. No re-application required.

Address Quality

Why this address
commands a premium

Jalan Abdul Samad sits at the intersection of Johor Bahru's established institutional fabric and its incoming sovereign-grade investment. The precinct's quality is defined by who its neighbours are.

Civic & Institutional Core

Jalan Abdul Samad runs through Johor Bahru's historic civic and government district. This concentration of long-established public institutions defines the character of the address and provides a structural buffer against the kind of high-density, low-quality development that erodes residential value in newer corridors.

JW Marriott, December 2026

The former Thistle JB Hotel is being converted to a JW Marriott under YTL Hotels, opening 600m from the site. A luxury international flag does not commit to a precinct without institutional conviction in its trajectory.

Heritage Educational Fabric

English College JB (est. 1914, 0.7km) and SMK Convent anchor a long-settled residential character. Heritage schools of this standing do not exist in new-growth corridors; they are irreproducible.

Kolam Air Enclave: Scarcity Premium

Low-density, tree-lined, and historically protected from overdevelopment, the Kolam Air enclave commands a scarcity premium that high-density corridors in newer precincts will never replicate.

State Transit Investment

Johor's Electric Autonomous Rapid Transit (E-ART) commenced Phase 1 operations in 2025 through JB City Centre. State infrastructure investment at this scale signals active government commitment to the liveability of this corridor.

Specialist Healthcare within 2km

Hospital Sultanah Aminah (1.7km) and KPJ Johor Specialist Hospital (2.0km) anchor a healthcare catchment serving all of Johor, a structural attractor for medical professionals and their families as residents.

Johor Golf & Country Club

Johor Golf & Country Club (3.4km) defines the socioeconomic character of the surrounding residential catchment, a signal that is understood intuitively by the owner-occupier segment this development targets.

Market Validation Next Door

Paragon Signature Suites, 200m from the site, is transacting at approximately RM900 psf on an ongoing basis, confirming the immediate market already absorbs pricing above The Prestige's target of RM855 psf.

Proximity to Singapore

6–9 minutes to the
Singapore border by car

Via Jalan Lingkaran Dalam / Route 188. 3.9km to JB Sentral and the CIQ checkpoint. The RTS Link opens December 2026, placing Woodlands North under 5 minutes by rail.

$Drive time: Kampung Bahru to JB Sentral, 6-9 min via Route 188, 3.9km$

Google Maps route: Kampung Bahru to JB Sentral. Via Jalan Lingkaran Dalam / Route 188. Typically 6–9 min, 3.9 km.

Singapore Border

6–9 min

CIQ, 2.5km by road

RTS Station

2.2 km

Bukit Chagar, Opens Dec 2026

JB Sentral

3.9 km

Bus and Rail Terminal

Daily Border Crossings

300k+

World's busiest land border

Location & Connectivity

A complete urban address,
established over decades

The full ecosystem of Johor Bahru's civic, healthcare, education, and retail infrastructure, all within a short drive from Jalan Abdul Samad.

Nearby Amenities

CIQ Complex, Singapore border2.5 km · 6–9 min

Bukit Chagar RTS Station2.2 km

JB Sentral Bus and Rail Terminal2.6 km

Senai International Airport22 km

Hospital Sultanah Aminah (HSA)1.7 km

KPJ Johor Specialist Hospital2.0 km

KPJ Puteri Specialist Hospital6.9 km

English College JB0.7 km

SMK Convent1.6 km

Sultan Ismail Secondary (SSI)1.9 km

Aminuddin Baki Secondary (SAB)2.1 km

Foon Yew 2 Primary2.9 km

SK Saint Joseph Primary3.1 km

JBCC & City Square2.4 km

KSL City Mall3.2 km

Plaza Pelangi3.8 km

Mid Valley SouthKey6.7 km

Hutan Bandar Recreational Park1.3 km

Taman Merdeka1.8 km

Johor Golf & Country Club3.4 km

Johor Zoo3.6 km

The red star marker indicates the site location at Jalan Abdul Samad, Kampung Bahru. The map shows distances to the RTS station, CIQ checkpoint and surrounding amenities.

Land Comparable Transactions

Where RM602 psf sits
in the institutional market

Three recent Bursa Malaysia-filed transactions benchmark the land. The Prestige is priced in line with Zone B institutional comparables, and is the only site with all five approvals in hand.

Transaction	Size	Price	PSF	Dist. RTS	Parties	Source
Taman Maju Jaya, Bukit Chagar Freehold commercial · KF valuation RM169M · Zero approvals at purchase	6.51 ac	RM167M	RM589	~1–2 km	Maxim Pelangi Vendor: S P Setia	Mar 2024 The Edge · Bursa
Taman Pelangi, JB CBD Freehold · M Grand Minori GDV RM1.5B · Zero approvals	5.99 ac	RM156.8M	RM601	~3 km	Mah Sing Group Vendor: S P Setia	Dec 2024 Mly Reserve · Bursa

Both transactions from the same vendor with zero regulatory approvals at time of purchase. The Prestige carries five, saving a buyer 12–24 months of lead time at equivalent land cost.

Transaction	Size	Price	PSF	Dist. RTS	Parties	Source
Bukit Chagar, RTS Integrated Freehold · Plot ratio 10–12x · Station-integrated TOD	4.23 ac	RM450.8M	RM2,447	0 km Station-integrated	Sunway / MRT Corp Vendor: S P Setia	Feb 2025 MRT Corp · Kenanga
Jalan Dato' Dalam, LBS Bina Mixed leasehold & freehold · 31% premium to RM84M valuation	2.04 ac	RM110M	RM1,238	700m to CIQ	Asiana Square / LBS Bina	Nov 2025 The Edge · Bursa

Structural premium reflects plot ratio, TOD designation and direct CIQ integration. Both Bursa Malaysia-filed.

Site	Size	Price	PSF	Dist. RTS	Differentiator	Status
Jln Abdul Samad, The Prestige Freehold · 5 approvals · GDV RM562M · 919 units + 15 commercial	3.62 ac	RM95M	RM602	~2.2 km 6–9 min by road	In line with Zone B benchmark · 5 approvals secured · Complete development plan	Off-market

At RM602 psf, The Prestige is priced in line with the Zone B institutional benchmark (RM589–601 psf), with five approvals and a full development plan in place. Obtaining those approvals independently would require 12–24 months.

Unit Pricing Comparables

Where RM855 psf sits
in the active launch market

Capital growth near RTS since 2020

40–50%

iProperty / IQI Global 2025

CIQ belt new launches 2025

RM1,000–1,500

JLL MD Jamie Tan, Jul 2025

JB serviced apt YoY growth

+20.8%

JLL Malaysia 3Q2025

The Prestige target PSF

RM855

Net of 10% rebate

Project	Units	From	PSF	Size (sf)	Dist. RTS	Take-up	Source
Causewayz Square by EXSIM Freehold · 7.75 ac · Covered link bridge to Singapore	~1,733	RM640k	RM1,176–1,350	366–850	Walking 600m CIQ	Aug 2025 Strong demand	PropertyGuru · EXSIM
Skypark Kepler, Lido Waterfront Freehold · Tropicana & Banyan-branded · Sea view	1,596	RM580k	RM1,252	463–807	~5 km	Jul 2025	The Edge Malaysia
Arden at One Bukit Senyum Freehold · 68-storey · Astaka Padu	618	RM1.08M	RM1,325–1,619	2BR–4BR	~2.5 km	Mar 2025	IM comp table
M Grand Minori by Mah Sing Freehold · 59 floors · Dual-key · Shuttle to RTS	1,733	RM390k	RM561–968	403–835	~3 km	90% sold Opening weekend, Q3 2025	The Star, Aug 2025
Paragon Signature Suites Freehold · 484 units · 200m from The Prestige	484	RM581k	~RM900	1–3BR	~0.2 km	Ongoing	IM comp table

Finding	Figure	Context	Source
Capital growth near RTS corridor since 2020	40–50%	Bukit Chagar / JB City Centre	iProperty / IQI 2025
High-end new launches, Bukit Chagar belt "Many high-end properties being launched at RM1,000–1,500 psf, especially in the Bukit Chagar area", JLL MD Jamie Tan	RM1,000–1,500	CIQ checkpoint zone	JLL Jul 2025
JB serviced apartment YoY price growth, top state in Malaysia	+20.8%	3Q2025: outperformed KL, Selangor, Penang	JLL EdgeProp Nov 2025
Singaporeans considering JB for next property purchase 83% already own property in Singapore, established owners, not speculators	48%	Of active Singapore property seekers	Milieu / Sunway Jun 2025
Rental yield, JB city centre near RTS	6–8%	Above JB average of 6.25%	IQI Global 2025

Project	Units	From	PSF	Types	Dist. RTS	vs Market	Status
The Prestige, Jln Abdul Samad Freehold · 5 approvals · 919 res + 15 commercial · 2 towers	919	~RM534k avg	RM855	7 types A–H	~2.2 km 6–9 min	Above JB average · Below CIQ belt · Below Paragon next door (~RM900)	Pre-launch

RM855 psf is a conservative entry point. Mah Sing sold 90% of M Grand Minori on its opening weekend at RM561–968 psf from 3km away. The Prestige is closer to the RTS and benchmarked at the lower end of the same pricing band.

Feasibility Assessment

Development economics

A 23.5% profit-before-tax margin on a site with 5 approvals secured and launch-ready, with land cost-to-GDV of 17.0%, below the industry benchmark of 20%.

Gross Development Value (GDV)	RM 562,075,000
Less: development costs
Construction Costs	RM 261,080,000
Authorities and Contribution Fees	RM 12,000,000
Consultant Fees	RM 8,500,000
Legal, Sales and Marketing	RM 33,247,000
Bank Interest	RM 20,000,000
Gross Development Costs	RM 334,827,000
Land Cost	RM 95,000,000
Total Costs (GDC + Land)	RM 429,827,000
Profit Before Tax	RM 132,248,000

PBT Margin

23.50%

On total project cost of RM 429.8M

Revenue Breakdown

Component	Units	Avg PSF	GDV
Residential	919	RM 855	RM 534.4M
Retail	15	RM 1,000	RM 27.7M
Total	934		RM 562.1M

Land Pricing Context

This land, RM95M / 3.62 acRM602 psf

Corridor comps (Maxim / Mah Sing, 2024)RM589–601 psf

Sunway / MRT Corp, RTS-adjacentRM2,447 psf

Land cost-to-GDV: 17.0%, below the industry benchmark of 20%, consistent with Sunway / MRT Corp at 17.3%, which Kenanga Research described as attractive.