Mas Ermieyati Samsudin (PN-Masjid Tanah) said she had received a memorandum calling for PHB to be “saved”.

“Concerns have been raised over the acquisition of non-strategic assets using government funds.

“For instance, Elevate Medini in Johor was acquired for RM400 million, but its current value has dropped to nearly RM285 million, with no tenants to date.

“Similarly, The Shore in Melaka was purchased for RM212 million but is now valued at only RM90 million,” she said while debating the king’s speech at the Dewan Rakyat today.

Elevate Medini is a 32-storey office tower atop a three-storey retail podium in Johor Bahru. The Shore is a mixed-use development along the Melaka river, comprising luxury serviced residences, a four-star hotel and a shopping mall.

Mas Ermieyati said these acquisitions highlighted inefficient investment decisions and the mismanagement of funds, raising serious concerns about transparency and governance in PHB.

She also highlighted that PHB had received RM1.2 billion in government grants to date, most recently RM100 million in 2024.

“I believe we must thoroughly examine not only PHB but also other government-linked companies and GLICs to ensure proper governance, integrity and the responsible management of government-owned assets and finances to prevent wastage.”

She said that PHB, established in 2006 under Yayasan Amanah Hartanah Bumiputera, was mandated to help Bumiputeras acquire strategic land assets.

“However, only 80,000 Bumiputeras currently own units in Amanah Hartanah Bumiputera (AHB), while the majority of shares have been sold to Bumiputera institutions,” she added.

PHB manages AHB, a unit trust fund that allows Bumiputeras to invest in commercial properties.