This article first appeared in The Edge Malaysia Weekly on August 11, 2025 - August 17, 2025

JOHOR’s state-owned investment arm Johor Corporation (JCorp) is believed to be finally disposing of The Puteri Pacific Hotel in Johor Bahru.

According to sources, the 20-storey hotel, which ceased operations during the Covid-19 pandemic in 2020, has been sold to a company linked to property tycoon Tan Sri Desmond Lim, who controls companies such as Malton Bhd (KL:MALTON), Pavilion Real Estate Investment Trust (KL:PAVREIT) and WCT Holdings Bhd (KL:WCT).

Back in 2021, the hotel was said to have an asking price of RM140 million but there were no takers.

Sources tell The Edge that the hotel’s current value would be closer to RM100 million. The four-star hotel has 424 rooms and sits on 1.87 acres of freehold land. It also comes with 200 covered parking bays. The hotel, known as Pan Pacific Johor Bahru until 2005, is situated next to the Persada Johor International Convention Centre, which is also owned by JCorp.

The Edge contacted JCorp and Lim for confirmation of the deal but at press time, neither of the parties had responded.

A company search on JCorp’s wholly owned subsidiary JCorp Hotels and Resorts Sdn Bhd shows that the company holds a 68.7% stake in Puteri Hotels Sdn Bhd, which owns The Puteri Pacific Hotel, while the remaining stake is held by JCorp.

According to JCorp’s 2020 annual report, Puteri Hotels was listed among the group’s non-core or underperforming assets “in the process of being disposed of and/or shut down to curb the risk of greater loss in the long run”.

Sources tell The Edge that the site would be prime for redevelopment because it is strategically located close to the City Square Shopping Mall, JB Sentral and Bukit Chagar Rapid Transit System (RTS) Station and CIQ.

Just minutes away by car from the hotel is the upcoming RM2.6 billion integrated mixed-use and transit-oriented development by Sunway Bhd (KL:SUNWAY), in partnership with Mass Rapid Transit Corp Sdn Bhd, that will be linked to the Bukit Chagar RTS station, which connects Johor Bahru to Singapore’s Woodlands North station.

The 4.23-acre project will feature high-rise residences, a retail mall, a health and wellness centre, an educational hub and a hospitality component. It will also offer an RTS multi-storey car park, slated to open in November 2026, while the RTS link is scheduled to open in December 2026.

Johor’s property market remains strong due to its catalyst projects and government initiatives, including the Johor Bahru-Singapore RTS, Forest City Special Financial Zone, Elevated Autonomous Rapid Transit (E-ART) and Johor-Singapore Special Economic Zone (JS-SEZ).

The Edge reported in 2014 that JCorp had sold Selesa Beach Resort in Port Dickson to Felda Investment Corp for RM40 million and Hotel Selesa Johor Baru through its subsidiary Damansara Reit Managers Sdn Bhd, as well as Menara Metropolis to Smartwheels Group for RM125 million.

JCorp is involved in agribusiness, wellness and healthcare, food and restaurants, and real estate and infrastructure. It controls hospital operator KPJ Healthcare Bhd (KL:KPJ) and palm oil producer Johor Plantations Group Bhd (KL:JPG). It also owns QSR Brands (M) Holdings Bhd, which operates the KFC and Pizza Hut restaurant chains in Malaysia.

JLand Group, JCorp’s real estate and infrastructure division, recorded a profit before tax of RM205.81 million on revenue of RM1.3 billion in 2024 on a pro forma basis, pending the completion of an internal restructuring. 

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