This article first appeared in The Edge Malaysia Weekly on May 25, 2026 - May 31, 2026

PROPERTY developer Thriven Global Bhd (KL:THRIVEN) has put its land in Section 13, Petaling Jaya, on the market via an expression of interest (EOI) exercise. The asking price is about RM54 million or RM625 per sq ft (psf).

The EOI for the 1.99-acre site, known as Lot 53 and located in Jalan Professor Khoo Kay Kim (formerly Jalan Semangat), closes on July 8.

The land previously housed the corporate office of Mudajaya Group Bhd(KL:MUDAJYA), but is currently occupied by the Flour, Fire & Stone café and pickleball club Pickle Park, both operated by the Kenny Hills Hospitality Group.

In 2018, Thriven, then known as Mulpha Land Bhd, had planned to build a RM317 million 42-storey residential tower with 310 serviced units called Lumi Section 13 on the parcel. The reasons for shelving the plan are unclear.

The exclusive marketing agent for the sale is Zerin Properties.

Section 13, flanked by mature neighbourhoods such as SS2, SS19, SEA Park and Taman Paramount, sits near the former Rothmans roundabout — a name derived from the nearby Rothmans of Pall Mall (Malaysia) Bhd tobacco plant that used to be located there.

According to Raine & Horne International Zaki + Partners Sdn Bhd executive director Ho Sek Chuen, the 260-acre urban brownfield enclave is steadily being transformed from an industrial district into a mixed-use residential and commercial precinct.

He points out that the area, bounded by Jalan Kemajuan, Jalan Professor Ungku Aziz (formerly Jalan Universiti) and Jalan Professor Khoo Kay Kim, has benefited from rezoning initiatives by the Petaling Jaya City Council (MBPJ), which have encouraged developers to acquire land for redevelopment.

Henry Butcher Real Estate director of corporate real estate Long Shi Chuen says Section 13’s transformation into one of PJ’s key urban renewal corridors was catalysed by MBPJ’s Special Area Plan, which paved the way for industrial land to be converted into commercial and mixed-use developments.

“Over the years, former factory sites have been converted or redeveloped into offices, serviced apartments, retail and mixed-use projects such as Jaya 33, Plaza 33, Atwater, Ryan & Miho, Pacific Tower and Pacific 63 Residence,” Long says.

“The area still has strong upside because of its central PJ location, good highway access and planned upgrades such as better walkability, and it is within a densely populated area.”

He says momentum in the precinct will be sustained by several high-profile redevelopment sites. “Planned developments include the former Dutch Lady Milk Industries Bhd (KL:DLADY) factory, the old Kickapoo bottling plant and the recently transacted Tan Chong land will provide more developments in this area.

“Factories in the vicinity are also being repurposed into sports and lifestyle hubs, such as The Goodday Milk Factory and Factory 19 in neighbouring Section 19, helping to modernise the area while breathing new life into older industrial buildings.”

Zerin Properties founder and group CEO Previn Singhe says Section 13 has become one of PJ’s most sought-after mixed-use and commercial destinations.

He points to recent land transactions ranging from RM515 to RM650 psf for similarly zoned redevelopment sites as evidence of sustained investor appetite.

“The presence of established office developments, medical centres, food and beverage (F&B) clusters and upcoming projects only reinforces the area’s long-term appeal.

“At RM625 psf, Thriven’s land sits comfortably within the upper range of recent comparable transactions in Section 13, which is well-supported given its mixed development zoning (1:3.25 plot ratio) and existing planning approvals,” he says.

Previn also cites the benchmark RM649 psf transaction for Lot 10148 in September 2025, when Fraser & Neave Holdings Bhd (KL:F&N) sold half its stake in Vacaron Co Sdn Bhd to IGB Bhd’s (KL:IGBB) Tan & Tan Developments Bhd for RM180 million. The site has been earmarked for a mixed-use project. Frasers Property Holdings (Malaysia) Pte Ltd retains the remaining 50% stake in Vacaron.

“All in all, Section 13 remains one of the stronger micro-markets in PJ, and buyer appetite continues to reflect that confidence,” he says.

In March 2021, UEM Sunrise Bhd (KL:UEMS) acquired three parcels of prime land totaling 9.93 acres in Section 13 from Dutch Lady Malaysia for RM200 million. The developer plans to transform the milk and dairy product manufacturer’s former factory into a mixed-use scheme with an estimated gross development value (GDV) of RM1.3 billion, comprising residential towers, a retail component and co-living spaces.

Hans Fernandez, an agent with Zerin Properties, notes that The Goodday Milk Factory — launched earlier this year through a collaboration between Lotus Capital and Goodday Milk — exemplifies the adaptive reuse trend reshaping the district.

The five-acre lifestyle hub, located on part of UEM Sunrise’s land, repurposed a former industrial site into a community-centric hub focused on food, wellness and leisure.

Other recent notable deals include Avaland Bhd’s (KL:AVALAND) RM49 million acquisition of a 2.17-acre parcel next to Plaza 33, where it has plans for a high-rise commercial project with an estimated GDV of RM320 million.

Adjacent to Thriven’s site lies the former Kickapoo factory, or Lot 54. In 2021, the 2.06-acre leasehold parcel owned by Singapore-based National Aerated Water Co (KL) Sdn Bhd was sold to Penang-based developer GSD Land (M) Sdn Bhd for about RM46 million, or RM514 psf. While the land remains undeveloped, local agents say there are still plans for a mixed-use project.

Further along the corridor, near Jaya 33, Lum Chang Tien Wah Property Sdn Bhd — a joint-venture (JV) between Tien Wah Press Holdings Bhd (KL:TIENWAH) and Singapore-listed Lum Chang Holdings Ltd — entered into an agreement earlier this year with MyTelehaus Sdn Bhd to develop and operate a data centre on part of a 3.22-acre site. The land is owned by the JV company.

According to Raine & Horne’s Ho, roughly a quarter of Section 13’s land area has already been redeveloped, particularly plots fronting the main roads, while land values have continued to appreciate steadily.

Zerin Properties’ Fernandez says the diversity of investment activity, spanning mixed-use regeneration, commercial projects, digital infrastructure and lifestyle concepts, underscores Section 13’s emergence as a more integrated and future-oriented urban destination.

“That diversity demonstrates the area’s ability to attract a broad range of uses and occupiers.”

He adds that the area’s growth is supported by MBPJ’s Draft RKK Seksyen 13 Petaling Jaya (Pengubahan 1), which proposes mixed-development zoning with a permissible plot ratio of 1:3.75. “While the plan remains under revision and is pending gazettement, the proposed framework provides a positive indication of the municipality’s long-term vision for the area and continues to support development interest within the precinct.”

Henry Butcher’s Long says demand remains strongest for residential-led mixed-use developments rather than pure office or retail projects, though developers will need to remain mindful of shifting market conditions and supply dynamics.

“Developers must always monitor the market for any changes in demand and supply, as well as trends that may affect interest in the project that they plan to undertake in that area or, for that matter, anywhere,” he says.

Ho points out, however, that challenges remain. Traffic congestion, limited public transport connectivity, retail oversupply risks and the area’s leasehold tenure could temper long-term appreciation.

“Success depends on product mix [affordable housing and lifestyle retail], quality, as well as the integration of parks and walkability. The area has become a successful commercial redevelopment zone, but not yet a scarcity-driven prime market.

“It still competes with more established Petaling Jaya locations, while many projects are targeting a similar demographic of investors — young professionals, the Airbnb/rental market and smaller households.”

He adds that the leasehold status of much of Section 13 may also weigh on capital appreciation over time.

Shares in Thriven closed at seven sen last Thursday, valuing the company at RM38.29 million. Major shareholders listed in its 2025 annual report include Teladan Kuasa Sdn Bhd, a private vehicle linked to Thriven executive chairman Datuk Fakhri Yassin Mahiaddin, with a 27.16% stake; Mulpha International Bhd with 22.18%; and Datuk Lim Chee Meng, controlling shareholder of Taliworks Corp Bhd (KL:TALIWRK), with 7.66%.

With land transactions continuing and redevelopment pipelines deepening, Section 13 is likely to continue being among PJ’s most closely watched urban renewal stories.

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