Iconic Harmony in Bukit Mertajam
Iconic Worldwide Berhad is preparing for its next phase of growth in Penang, with a new property development targeted for launch in the first half of 2027 as the group looks to strengthen its position in the state’s property market.
In its 2026 annual report, the group identified property development as its main growth driver for the coming financial year, with plans to maintain its development pipeline following the ongoing Iconic Harmony project in Bukit Mertajam.
Iconic Harmony comprises 751 affordable housing units with a gross development value (GDV) of RM250 million. The project is progressing towards its targeted completion in 2027, with units sold expected to be ready for delivery before the end of that year.
While details of the next development have yet to be disclosed, the planned launch signals the group’s intention to sustain its presence in Penang’s property market.
Property development drives stronger performance
Iconic Worldwide recorded a significant improvement in its financial performance for the financial year ended June 30, 2026 (FY2026), with revenue rising 84.8% to RM87.61 million from RM47.40 million a year earlier.
Property development contributed RM58.55 million, accounting for 66.8% of total group revenue. The segment’s profit before tax also increased to RM9.12 million from RM3.01 million in FY2025.
At group level, profit before tax climbed to RM11.49 million from RM3.06 million, supported by stronger property development performance and improved contributions from other segments.
The results underline the growing importance of property development to the group’s overall business strategy.
Hospitality and manufacturing provide additional support
Beyond property development, Iconic Worldwide is looking to strengthen its hospitality and manufacturing businesses.
Its hospitality services segment recorded a 50.7% increase in revenue to RM9.65 million in FY2026, returning to a profit before tax of RM408,000. The group expects further contributions from improved marketing, visibility and service delivery.
Meanwhile, its manufacturing segment is expected to benefit from rental income generated by leasing its manufacturing facilities to a third party, which commenced in April 2026.
Execution will be key
Looking ahead, the group faces the challenge of sustaining growth amid competition, construction costs and increasingly selective homebuyers.
Its annual report highlights affordability, location, connectivity and timely project delivery as important factors influencing property demand.
For Iconic Worldwide, completing Iconic Harmony and preparing its next Penang development for launch will be key priorities in the coming financial year.
With property development firmly established as its main growth driver, the next phase will be crucial in determining whether the group can maintain its financial momentum and build a more sustainable development pipeline in Penang.
