Nestcon delays property sector diversification

PETALING JAYA: Nestcon Bhd has announced that its plan to diversify into property development is being revised and will require more time, citing the need for further due diligence and updates to a previously announced joint venture.

In a filing with Bursa Malaysia, the construction firm said it is reviewing the terms of its proposed joint development with Kumpulan Wilayah Sejati Sdn Bhd (KWSSB), which involves two adjoining parcels of land in Petaling Jaya.

The group noted that further details on the revised proposal and diversification plan will be announced in due course.

On March 3, 2025, Nestcon announced plans to enter into a joint venture with KWSSB for a RM211.7mil development, in conjunction with plans to diversify its business into property development.

Additionally, Nestcon said its RM15.1mil acquisition of three office units in a mixed-use development will move forward as part of its plan to consolidate operations under a centralised business facility.