This article first appeared in The Edge Malaysia Weekly on September 15, 2025 - September 21, 2025
LOW-profile Unico Holdings Bhd is putting five of its factories in the Prai Industrial Park in Seberang Prai up for sale via tender. The factories, which The Edge understands are currently tenanted, sit on a combined land area of about 9.6 acres, situated at the end of the Penang Bridge exit on the mainland (see map).
Raine & Horne International (Penang) branch manager Lee Wen Tat estimates the factories to have a combined market value of around RM75 million.
Based on documents sighted by The Edge, the factories (see table) have a combined annual gross rental of about RM3.8 million. A company search on the owners of the factories — IPC Global Sdn Bhd, Unico Technology Sdn Bhd, Geok Hong Sdn Bhd, Fortune Century (M) Sdn Bhd and Jantron Sdn Bhd — shows that Geok Hong fully owns the other four companies, while Unico Holdings fully owns Geok Hong Sdn Bhd.
Unico Holdings and its subsidiaries are in the business of property development and the rental of land and buildings.
The five companies have three common directors — Datuk Tan Huat Sheng, Teoh Seng Kar and Wong Choong Yee. According to Unico Holdings’ 2025 annual report, Tan is its group managing director and Teoh an executive director, while Wong is listed as one of its company secretaries.
Henry Butcher Real Estate (Penang), which is handling the tender exercise, declined to comment. The en-bloc sale of the five factories will be on an “as is where is” basis and the tender exercise will end on Oct 21.
The Edge contacted Unico Holdings for confirmation of the sale, but it had yet to respond at press time.
Raine & Horne’s Lee says Prai Industrial Park has a long history. “It remains one of the vibrant industrial hubs in Prai, hosting a diverse range of multinational corporations. The park is well supported by robust infrastructure and is strategically located, with excellent transport links including the Penang Bridge, North-South Expressway (NSE), Penang Airport and Penang Port, and that is why it continues to attract significant investment for various sectors like semiconductors, electronic assembly lines and logistics,” he observes.
Recent transactions show that the average transacted value in the area is in the region of RM60 to RM220 per sq ft, subject to size, building age, condition, remaining lease tenure and others, according to Lee.
“Based on JPPH (Valuation and Property Services Department) records, there were eight transactions in 2024-2025. In early 2024, one of the prominent transactions was along Lorong Perusahaan 8, with a land area of 653,398 sq ft, which was transacted at around RM39.8 million or RM61 psf, with a remaining lease period of 11 years. This property is located approximately 1km from the subject site,” he says.
Unico Holdings’ group revenue in the financial year ended March 31, 2025 (FY2025) was RM3.84 million, a slight increase from RM3.66 million in the previous year, according to its 2025 annual report. Net profit was RM616,247 compared with RM204,473 in FY2024. Revenue was fully derived from lease income from land and buildings.
Unico Holdings’ largest shareholder is Yeong Cheong Thye @ Yeong Yue Chai, who has a combined direct and indirect interest of 12.71%. He is also the company’s adviser.
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