WM Senibong's RM6.7bil development pipeline underpinned by AA-IS sukuk rating
KUALA LUMPUR: WM Senibong Bhd’s financial standing and development prospects have received a boost after its wholly-owned subsidiary, WM Senibong Capital Bhd, secured an affirmation of its AA-IS rating with a stable outlook from MARC Ratings Bhd.
KM Senibong Bhd's financial health and development potential have been strengthened following an affirmation of its AA-IS rating with a stable outlook by MARC Ratings Bhd. The rating covers WM Senibong Capital Bhd's Islamic Medium-Term Notes under its Sukuk Wakalah program, which can reach up to RM1 billion. This affirmation is based on the company's substantial unbilled sales of RM651.5 million and its planned development launches, which together have a gross development value (GDV) of RM6.7 billion, offering earnings visibility through 2030.
Furthermore, WM Senibong possesses a strategic landbank of 1,426 acres, including around 960 acres designated for its upcoming Centennial ParcVista development. This landbank, coupled with the group's strong business fundamentals, disciplined financial management, and proven track record in delivering quality developments, positions the company to benefit from Johor's ongoing economic transformation.
Quay Chew Keong, WM Senibong's executive director and chief executive officer, stated that the reaffirmation by MARC Ratings is a "strong testament to WM Senibong's solid business fundamentals, disciplined financial management and proven track record in delivering quality developments." This recognition also underscores the group's long-term growth prospects, backed by positive sales momentum, sustained profitability, and a significant development pipeline.
Looking ahead, Quay expressed optimism about Johor's growth trajectory, driven by increasing investment inflows, the Johor-Singapore Special Economic Zone, and enhanced cross-border connectivity via the Johor Bahru-Singapore Rapid Transit System Link. He believes these developments will further bolster Johor's appeal as a key investment and residential destination, generating ongoing demand for high-quality integrated townships.
With its established presence and strategic landbank, WM Senibong is well-positioned to capitalize on these opportunities and embark on its next phase of growth.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
