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.

The rating applies to the group's Islamic Medium-Term Notes under its Sukuk Wakalah programme of up to RM1 billion.

MARC's rating affirmation is underpinned by WM Senibong's sizeable unbilled sales of RM651.5 million and planned development launches with a combined gross development value (GDV) of RM6.7 billion, providing earnings visibility through 2030.

The group also has a strategic landbank of 1,426 acres, including about 960 acres earmarked for its upcoming Centennial ParcVista development, positioning it to benefit from Johor's ongoing economic transformation.

WM Senibong's executive director and chief executive officer Quay Chew Keong said, "The reaffirmation of the rating 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."

He said this recognition also reinforces the group's long-term growth prospects, supported by healthy sales momentum, sustained profitability and a substantial development pipeline.

Looking ahead, Quay said WB Senibong remained optimistic about Johor's growth trajectory, driven by increasing investment inflows, the Johor-Singapore Special Economic Zone and enhanced cross-border connectivity through the Johor Bahru–Singapore Rapid Transit System Link.

"We believe these developments will further strengthen Johor's attractiveness as a key investment and residential destination, creating sustained demand for quality integrated townships.

"With our established presence and strategic landbank, we are well-positioned to capitalise on these opportunities and are excited to undertake our next phase of growth," Quay said.

WM Senibong is a Johor-based urban township developer specialising in large-scale premium integrated master-planned developments.