KUALA LUMPUR (Sept 17, 2025) – HCK Capital Group Bhd (KL:HCK) has entered into a joint-venture (JV) agreement with Bongsor Development Sdn Bhd to develop a freehold parcel in Cheras, with an estimated gross development value (GDV) of RM600 million.

The development will be undertaken by HCK’s indirect wholly-owned subsidiary, Trilink Essential Sdn Bhd (TESB). Under the JV, TESB will have exclusive rights to design, build, market, and sell the units. Revenue generated will flow to TESB, with Bongsor Development receiving a share in the form of cash and unit entitlements.

Construction is targeted to commence within two years and expected to complete within five years, with an option to extend by one year if needed. The project will be financed through a mix of internal funds and bank borrowings.

HCK Capital said the partnership highlights its commitment to “delivering projects that stand out in idea, quality and design, while meeting market needs and creating long-term value for stakeholders.”

Financial Snapshot of HCK Capital (KL:HCK)

The JV announcement comes amid a challenging period for the group:

2QFY2025: Net loss of RM4.28 million (vs. net profit of RM5.15 million YoY)

Revenue: Fell 65.7% to RM32.79 million from RM95.68 million YoY

1HFY2025 cumulative: Net loss of RM5.92 million on revenue of RM56.98 million (vs. net profit of RM11.11 million on revenue of RM309.70 million YoY)

Shares of HCK Capital (KL:HCK) closed 1 sen lower at RM2.17 on Wednesday, valuing the group at RM1.35 billion.

Investor Insight

Despite recent quarterly losses, this RM600 million Cheras project signals HCK Capital’s push to rebuild its earnings pipeline. With exclusive development rights secured, the JV could provide a steady stream of revenue once construction progresses and sales launch.
Investors will likely watch closely for:

Project launch timing – pre-sales could help improve near-term cash flow.
Market response in Cheras – strong demand could lift HCK’s financial turnaround.
Balance sheet impact – reliance on borrowings vs. internal funds.
In short, the Cheras JV could be a catalyst for KL:HCK’s recovery, provided execution and market absorption remain strong.

What This Means for Homebuyers

Cheras remains one of the most sought-after residential hotspots, known for its connectivity to Kuala Lumpur city centre, education hubs, and lifestyle amenities. With a GDV of RM600 million, this new HCK Capital project could introduce fresh residential units that will further shape the property landscape in the area.

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FAQ

1. Who is the landowner in this JV?
The land belongs to Bongsor Development Sdn Bhd.

2. What is the size of the development land?
The project covers 6.87 hectares of freehold land in Cheras.

3. What is the expected completion timeline?
Construction should begin within two years, with completion targeted in five years (option to extend one year).

4. How will the project be financed?
Through internal funds and bank borrowings by HCK Capital.

5. What is HCK Capital’s current market performance?
As of Sept 17, 2025, KL:HCK closed at RM2.17 with a market cap of RM1.35 billion.