KUALA LUMPUR (Feb 5): Opposition Member of Parliament Datuk Wira Mas Ermieyati Samsudin (PN-Masjid Tanah) on Wednesday raised concerns over investments totalling more than RM600 million by government-linked company Pelaburan Hartanah Bhd.

Mas Ermieyati pointed to the vacant Elevate Medini office building in Johor acquired for RM400 million, but currently valued at RM285 million. She also flagged The Shore shopping mall in Melaka, which was bought for RM212 million and now valued at only RM90 million.

“I have received a memorandum titled 'Save PHB' from PHB staff,” she said during the debate on the motion of thanks for the royal address in the Dewan Rakyat on Wednesday.

Elevate Medini is a 32-storey office tower with a three-storey retail podium in Johor Bahru, while The Shore is a mixed-use development along the Melaka River, comprising luxury serviced residences, a four-star hotel, and a shopping mall, according to the company’s website.

Mas Ermieyati, who also chairs the bipartisan Public Accounts Committee, said that the acquisitions are worrying, calling into question investment decisions and management of funds as well as the company’s transparency and governance.

Established in 2006, Pelaburan Hartanah is the property investment arm of Yayasan Pelaburan Bumiputera, aimed at facilitating Bumiputera investments in commercial properties.

To date, Pelaburan Hartanah has received RM1.2 billion in government grants, including RM100 million in 2024. However, only 80,000 Bumiputeras currently own units in Amanah Hartanah Bumiputera, while the majority of shares are sold to Bumiputera institutions.

In November 2024, Mas Ermieyati had called for an investigation into the company following news reports that its chief executive officer received a substantial three-month salary bonus of RM210,000, despite the company achieving only 42% of its key performance indicators.