Board of Directors of JLG REIT Managers.
KUALA LUMPUR, 25 June 2025 – JLG REIT Managers Sdn. Bhd., the manager of Al-Salām Real Estate Investment Trust (Al-Salām REIT) and Al-Aqar Healthcare Real Estate Investment Trust (Al-Aqar Healthcare REIT), successfully concluded their 10th Annual General Meetings (AGMs) today, with all resolutions passed. Both REITs outlined ambitious strategies to capitalize on Malaysia’s economic and healthcare transformations, focusing on portfolio optimization, strategic acquisitions, and regional growth opportunities.
Al-Salām REIT is intensifying efforts to transform its flagship asset, KOMTAR JBCC, into a vibrant retail hub in Johor Bahru City Centre. Fueled by increased Singaporean visitor traffic and the upcoming Johor Bahru–Singapore Rapid Transit System (RTS) Link, KOMTAR JBCC reported a 13.8% year-on-year retail revenue increase to RM12.4 million and a 21.7% rise in net property income to RM7.3 million in Q1 2025.
Recent enhancements, including a new al-fresco dining zone and a grab-and-go F&B cluster featuring Singapore-based halal brands like Dim Sum Place and The Ramen Stall, have boosted footfall and leasing interest. The REIT aims to further enhance KOMTAR JBCC through targeted layout reconfigurations and a curated tenant strategy, aligning with the Johor-Singapore Special Economic Zone’s growth potential. Al-Salām REIT also emphasized disciplined capital management and portfolio optimization to ensure long-term resilience and yield growth.
“Our goal is to revitalise KOMTAR JBCC into a dynamic retail destination while streamlining our overall portfolio to focus on Johor-based assets that stand to benefit from the Johor-Singapore Special Economic Zone (JS-SEZ) and RTS Link developments,” Zulhilmy Kamaruddin, Chief Executive Officer of JLG REIT Managers.
Al-Aqar Healthcare REIT, Malaysia’s first Islamic healthcare REIT, is poised to meet rising healthcare demand through strategic acquisitions and asset enhancements. Recent additions, including hospital extensions at KPJ Ampang Puteri and KPJ Penang, underscore its proactive approach to urban healthcare needs. Long-term partnerships with anchor tenants like KPJ Healthcare ensure stable lease arrangements, while the REIT explores third-party acquisitions to diversify its tenant base.
“In 2025, we are building on our momentum through a clear strategy that expands our portfolio while identifying opportunities across the broader healthcare landscape,” Zulhilmy added.
This year, Al-`Aqar aims to expand its Shariah-compliant portfolio, pursue high-demand healthcare segments, and explore regional opportunities to support Malaysia’s medical tourism growth.
Both REITs reported strong Q1 2025 performance, with Al-Salām REIT achieving a 7.5% revenue increase and 8.8% net property income growth, while Al-Aqar leverages its resilient fundamentals to deliver reliable unitholder value.
By focusing on asset enhancement, strategic expansion, and regional opportunities, Al-Salām and Al-Aqar Healthcare REITs are set to drive sustainable growth and enduring stakeholder value.
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