This article first appeared in The Edge Malaysia Weekly on April 13, 2026 - April 19, 2026

PROPERTY developer Exsim Group is eyeing Pelangi Leisure Mall in Johor Bahru, according to industry sources. The two-storey shopping complex, which includes 439 parking bays, sits on a six-acre freehold site in Jalan Serampang in Taman Pelangi.

The property is currently owned by Permodalan Nasional Bhd (PNB), which declined to comment on the possible sale of the mall when contacted by The Edge. “PNB does not comment on market speculation or unfinalised commercial discussions. Should there be any material developments that warrant public disclosure, we will communicate through the relevant official channels.”

Exsim Group had yet to respond to queries by The Edge at the time of writing.

Established in 2008, Exsim Group began as a timber company before pivoting to property development, initially focusing on industrial projects. Its maiden residential venture, The Treez in Bukit Jalil, comprises 135 condominium units, 12 condo villas and five penthouses. Its portfolio has now expanded to include The Rosewoodz @ Bukit Jalil, Millerz Square @ Old Klang Road, Nouvelle Industrial Park @ Kota Puteri and The Rainz @ Bukit Jalil, among others.

The group is led by the Lim brothers — Lim Aik Hoe, Lim Aik Kiat and Lim Aik Fu — who are shareholders of Exsim Development Sdn Bhd and Exsim Hospitality Holdings Sdn Bhd (EHHSB).

EHHSB controls 72.56% of Bursa Malaysia-listed Exsim Hospitality Bhd (KL:EXSIMHB), which was previously known as Pan Malaysia Holdings Bhd, a key financial services vehicle under the MUI Group that was controlled by Tan Sri Khoo Kay Peng. The Lim brothers, via EHHSB, acquired a 65.9% stake in Pan Malaysia — which had disposed of its core stockbroking and asset management businesses — in 2024 for RM36.7 million, triggering a mandatory general offer, before raising their stake later.

Shortly after the acquisition, which raised expectations that Exsim Group would inject its property development business into the listed entity, the group issued a statement to say no such thing would happen. Clarifying that it was not related to EHHSB’s acquisition of Pan Malaysia, even though the companies have common shareholders, the group said EHHSB would focus on hospitality management, interior design and fit-out services, while Exsim Development would continue with property development.

A few years earlier, in 2019, Exsim Group made headlines by acquiring a 61-acre tract in Damansara Perdana for RM760 million from Mammoth Empire Holdings Sdn Bhd, the original developer of Empire City Damansara. The group then transformed the site into Central Park Damansara, which is located just across the road from the recently opened Hextar World at Empire City — the rebranded Empire City Mall that Hextar Group stepped in to complete after Mammoth Empire struggled to complete it due to cash-flow issues.

Samuel Tan, CEO of Olive Tree Property Consultants (Johor) Sdn Bhd, tells The Edge that while the specific mall transaction data is

private, commercial land on the fringe of Johor Bahru city centre is generally valued at between RM500 and RM600 per sq ft (psf), depending on the plot ratio and zoning. “For a site like Pelangi Leisure Mall, based on the current market rate for prime commercial land in Taman Pelangi, the land alone could be valued at between RM600 and RM700 psf,” he says.

With a land area of 261,796 sq ft, the Pelangi Leisure Mall site is estimated to be valued at between RM157 million and RM183.3 million.

Currently anchored by a Giant hypermarket, the mall serves as a suburban hub in an affluent neighbourhood. Tan says its primary strength lies in its proximity to the Johor CIQ (customs, immigration and quarantine) Complex located just 3km to 4km away.

The whole area is seeing a surge in investor interest because of the approaching completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link.

Taman Pelangi has become a hotspot for high-rise residential projects targeting commuters, including Mah Sing Group Bhd’s (KL:MAHSING) M Grand Minori serviced residences, located in Jalan Kuning; Maxim Global Bhd’s (KL:MAXIM) The Address @ Maxim Pelangi, a high-density living environment in Jalan Serampang; and Astaka Holdings Ltd’s luxury condominium The Astaka @ One Bukit Senyum.

Units at The Address @ Maxim Pelangi are listed at about RM880 psf, reflecting the premium for newer, well-located serviced apartments.

Pelangi Leisure Mall is ageing compared with newer “experience malls” like Mid Valley Southkey, which suggests that the large tract would make it a prime candidate for a high-density mixed-use development, with integrated serviced apartments, says Tan. He adds that modern lifestyle retail with an open-concept street-front retail component would complement Jalan Serampang’s famous F&B row, as well as wellness/medical suites to capitalise on medical tourism and the ageing population in the surrounding areas.

“Given the focus on the Johor-Singapore Special Economic Zone and RTS Link impact, this site is considered a ‘trophy’ location because it captures the wealthy local demographic while staying close enough to the border to attract Singapore-based income earners,” he says.

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