This article first appeared in The Edge Malaysia Weekly on March 30, 2026 - April 5, 2026

JAKS Resources Bhd (KL:JAKS) is putting up its Pacific Towers Business Hub in Section 13, Petaling Jaya, for sale via a tender exercise. The four-storey commercial complex, according to an advertisement, has a net lettable area of about 290,000 sq ft.

Several agents estimate the value of the commercial complex, which is said to be 60% occupied currently, at between RM240 million and RM260 million.

According to JAKS Resources’ 2024 annual report, the commercial complex and the car park comprising 1,216 parking bays were valued in 2017 and 2019 respectively, at a total of about RM278 million.

For those less familiar with the area, the property — completed in 2019 — is across from Jaya One and along the same road as The Gasket Alley, which is set to be rebranded as JAM PJ from April 1 under new management.

Notably, Pacific Towers Business Hub forms part of the land that was involved in a legal dispute between Star Media Group Bhd (KL:STAR) and JAKS Resources that was finally resolved in 2024, with both parties inking an agreement to settle the issue that had dragged on for six years. The land was originally owned by Star Media, and JAKS Resources was supposed to build a 15-storey office tower for Star Media on the site.

The exclusive marketing agent for the Pacific Towers deal is Savills Malaysia. When contacted, its managing director Datuk Paul Khong says the tender for the leasehold property ends on May 22.

Commenting on recent transactions in the area, Khong cites the sale of the Renault Car Showroom on Jalan Kemajuan in 2025, which is set for redevelopment for commercial use.

Another agent tells The Edge that other property transactions in the vicinity include the sale of Menara AMFIRST on Jalan 19/3 in July 2022 for RM62 million; the eight-storey Quill 9 office on Jalan Professor Khoo Kay Kim, which was sold to Neo Platinum Bhd for RM200 million, or RM714 psf, in April 2022; as well as Block 1 of VSQ Tower on Jalan Utara, which was sold for RM147 million.

JAKS Resources is engaged primarily in subcontracting, general contracting, building materials supply, construction, shopping mall management and renewable energy.

Aside from the Pacific Towers Business Hub, Evolve Concept Mall in Ara Damansara is listed as another of its investment properties, valued at around RM315 million in 2013. The Edge reported in 2016 that the company was also looking to sell its stake in the mall.

JAKS Resources is helmed by CEO Ang Lam Poah, who is also the major shareholder, with a 13.24% stake.

The company’s share price has been on a downtrend since early 2021, falling more than 80% to close at 8.5 sen last Thursday for a market capitalisation of RM223.3 million.

For the financial year ended Dec 31, 2025, the company’s net profit tumbled 60% year on year to RM22.63 million, from RM57.12 million, which included a net gain of RM54.6 million arising from the disposal of properties.

As at end-2025, it had cash and cash equivalents of RM11.82 million against RM442.1 million in borrowings.

JAKS Resources recently made headlines for several deals. In March, the company secured a 15-month contract worth RM7.04 million to provide mechanical and electrical works at the Sungai Batu water treatment plant in Selangor.

Also in March, the company secured a RM37.9 million subcontract from Kuching-based i-Ilham Corp Sdn Bhd for a water supply project under the Sarawak Water Supply Grid Programme. The job is scheduled for completion in 18 months.

Earlier in January, the company sold its entire stake in JAKS Solar Nibong Tebal (JSNT) to Sunview Group Bhd (KL:SUNVIEW) for RM15 million in cash, plus up to RM40 million owed by JSNT. JSNT was set up to develop a 50mw large-scale solar plant in Seberang Perai, which began commercial operations on Aug 18, 2023.

In September 2024, JAKS announced the disposal of 178.48 acres of oil palm land in Seberang Perai, Penang, for RM77.74 million. Four plots were sold to Summersonic Sdn Bhd for RM35.9 million, and the remaining 13 plots to Pacific Arena Sdn Bhd for RM41.8 million.

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