AAS
Industry:
Real Estate Development & Services
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DESCRIPTION

Antharas is a small Malaysian property developer based in Kuala Lumpur, operating through its subsidiary Antharas Hills. The company's entire revenue history comes from a single project: Antharas 1, a three-tower mixed residential and retail development in Genting Highlands, roughly 40 kilometers north of Kuala Lumpur. The project includes 476 residential units and 14 retail units, and construction is now complete, with the company in the process of transferring units to buyers. Antharas recognizes revenue using the percentage-of-completion method, meaning revenue tracks construction progress rather than unit sales or cash collection. The company relies entirely on third-party sales agents for distribution, having disbanded its internal sales team. Beyond property development, Antharas operates two early-stage businesses: a hospitality unit running the Wyndham Garden Suites Genting Highlands hotel (up to 120 rooms in Tower C of Antharas 1), which opened in December 2025 under a Wyndham franchise agreement; and a PropTech division that has developed smart building technology but has yet to generate any external revenue. Two future development projects are in early-stage planning: Austin Antharas in Johor Bahru and Grand Antharas in Genting Highlands. Antharas's long-term ambition is to shift its revenue mix heavily toward PropTech, targeting 65% of revenue from technology sales to other developers across Southeast Asia.

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