The Inception of Family Offices in Malaysia: US$233 million (RM1.1 billion) Acquisition by the Valiram Family Office
Introduction
The close of 2025 marked a landmark acquisition by a Malaysian Single Family Office, illustrating the evolving scale and institutional maturity of family offices within the Malaysian investment landscape.
The family office involved in the acquisition is none other than the Valiram Family Office. The Valiram Family Office preserves and manages the wealth of the founder of the Valiram Group, Jethanand Utumal Valliram. The Valiram Group holds substantial wealth and is widely recognised for managing and operating international retail brands such as Victoria’s Secret, Michael Kors, Bath & Body Works, and others.
The Valiram Family Office is in the process of acquiring a 40% stake in The Exchange TRX retail mall and a 60% stake in an adjacent office tower, for a total consideration of approximately US$266 million, with completion expected in the first half of 2026.
This acquisition is significant not merely because of its size, but because it reflects a broader structural shift in how Malaysian Ultra-High-Net-Worth families manage, preserve, and deploy capital.
A Single Family Office (SFO) is a private and dedicated structure established to manage the wealth, investments, governance, succession, and legacy of a single family. Unlike traditional holding companies or ad-hoc investment vehicles, an SFO centralises investment decision-making, asset holding, risk management, and inter-generational planning within a professionally governed framework tailored exclusively to the family’s objectives.
The scale of this acquisition undertaken by a Malaysian Single Family Office underscores Malaysia’s growing emergence as a viable jurisdiction for the establishment of family offices and the utilisation of related incentives. While Singapore remains the dominant regional hub, Malaysia offers comparative advantages in terms of cost efficiency, regulatory flexibility, cultural familiarity for Malaysian families, and increasingly deliberate policy support.
In this regard, Malaysia has taken an important policy step by introducing a government-led Single Family Office initiative administered by the Securities Commission Malaysia. Under this framework, qualifying Single Family Offices are recognised within a regulated incentive regime, subject to prescribed substance, governance, and investment requirements.
A defining feature of the Malaysian initiative is the requirement that such Single Family Offices be established within Forest City, Johor Bahru, a designated Special Financial Zone. This location-based requirement reflects the government’s broader objective of anchoring family office activity within Malaysia, encouraging real economic substance, professional employment, and long-term capital deployment.
Recent policy developments therefore signal Malaysia’s intent to capture a meaningful share of regional family office assets, positioning the country as a complementary hub alongside Singapore and Hong Kong rather than as a direct competitor. The Valiram Family Office stands as a compelling illustration of this emerging trend.
The Valiram Family Office: A Case Study
A brief examination of the historical origins of the Valiram brand indicates that the Valiram Group was established in Kuala Lumpur in 1935 as a textile trading business, marking over nine decades of commercial presence. Today, the Valiram Group has expanded globally and is recognised as the leading luxury goods retail operator in Southeast Asia. The group is currently led by third-generation family members, Sharan, Ashvin, and Mukesh Valiram, who have significantly expanded the group’s footprint and diversified its investment strategy. This generation was instrumental in bringing international brands such as Tory Burch, Michael Kors, Victoria’s Secret, Swiss Watch brands, and Bath & Body Works into the Valiramportfolio.
The Valiram Group represents a prominent example of a Malaysian family transitioning from a purely operating-business legacy into a structured family office model, as reflected in the establishment and activities of the Valiram Family Office. Through this structure, the family is able to separate operating risk from investment capital, professionalise asset management, and pursue long-term investment strategies beyond the retail sector.
One of the most significant recent strategic moves by the Valiram Family Office was its investment in the Tun Razak Exchange (TRX) precinct in Kuala Lumpur. In late 2025, the family office reportedly agreed to acquire a 40% stake in The Exchange TRX retail mall and a 60% stake in the TRX Campus office tower from Australian developer Lendlease. The transaction, valued at approximately A$400 million (around RM1.1 billion), underscores the family office’s focus on large-scale, long-term commercial real estate assets. The Exchange TRX has rapidly established itself as one of Malaysia’s most prominent retail destinations, featuring over 400 tenants and demonstrating strong performance in its first year of operations. This investment leverages the Valiram Group’s deep expertise in retail while extending its exposure into premium commercial real estate.
Beyond asset selection, the Single Family Office structure provides important structural advantages, particularly in relation to tax efficiency and investment execution. When properly structured, an SFO enables investments to be documented and held through carefully designed vehicles, reducing transactional friction and allowing capital to be deployed efficiently. In addition, returns on investment such as dividends, distributions, or capital gains may be managed in a tax-efficient or tax-neutral manner, subject to applicable laws and incentive frameworks. These features make the SFO particularly suitable for families deploying patient capital into long-term assets such as commercial real estate and hospitality.
In October 2025, the Valiram Family Office further diversified its asset base when a family-controlled subsidiary, Harum Aspirasi, acquired the 519-room Impiana KLCC Hotel for approximately RM315 million from Magma Group Bhd and KLCC Holdings Bhd. This acquisition further signals the family office’s strategic pivot towards income-generating commercial property and hospitality assets, reinforcing its role as a long-term capital allocator rather than a short-term investor.
The professionalisation of such a structure necessarily involves the active participation of legal advisers. Lawyers play a central role in assisting Single Family Offices by designing the legal architecture of the structure, advising on appropriate entities, drafting governance instruments, and aligning investment documentation with regulatory and tax requirements. In the context of large-scale acquisitions such as those undertaken by the Valiram Family Office, legal advisers also serve as risk managers, ensuring compliance, safeguarding control mechanisms, and embedding dispute-avoidance features within the overall structure.
Conclusion
The Valiram Family Office exemplifies how established Malaysian family businesses are increasingly adopting the Single Family Office structure to manage wealth beyond their core operating businesses. Through this model, the family is able to manage diversified assets across retail, commercial real estate, and hospitality; deploy patient capital into long-term, high-value projects; and preserve and grow family wealth within a structured governance framework that supports inter-generational continuity.
More broadly, the emergence of Single Family Offices in Malaysia marks a significant evolution in the country’s wealth management landscape. With the introduction of a formal government-led SFO initiative under the Securities Commission Malaysia, and the designation of Forest City, Johor Bahru as a dedicated base for such structures, Malaysia has signalled its commitment to becoming a credible and attractive jurisdiction for family offices.
Supported by policy incentives, professional expertise, and increasing institutional capacity, Malaysia is well-positioned to attract both domestic and international families seeking a stable, cost-efficient, and well-regulated environment for long-term wealth management. The Valiram Family Office illustrates this broader trend, demonstrating how Malaysian families are leveraging structured governance, professional legal support, and institutional-grade investment platforms to safeguard legacy, diversify wealth, and contribute to sustainable economic development.
References:
- Goh, Thean Eu. 2025. Malaysia’s Valiram Family Office Pays A$400 Million for Stake in Local Mall, Office Tower, December 24.
- Chong, Jinn Xiung. 2022. V for Valiram: Meet the Brothers behind Malaysia’s Luxury Retail Empire, February 4.
- Kaur, Sharen. 2025. Valiram Family Expands Prime Real Estate Holdings with RM1.1 Billion TRX Acquisition, December 24.
- Nambiar, Presenna. 2025. Magma, KLCC Holdings Sell Impiana KLCC Hotel for RM315m to Valiram-Backed Buyer, October 10.
Written by:
Mohamad Redzuan Idrus (Partner) redzuan@azmilaw.com
Dhina Dharshan Ganesan (Associate) dhinadharshan@azmilaw.com
Corporate Communications, Azmi & Associates – 30 January 2026
