WM Senibong Charts Growth With Four Major Townships In Johor
KUALA LUMPUR, Sept 18 (Bernama) -- Property developer WM Senibong Sdn Bhd is expanding its footprint in Johor through four master-planned townships with a combined gross development value (GDV) of over RM36 billion.
The four projects are Senibong Cove in Masai, Crest@Austin in Tebrau, The Kews in Iskandar Puteri, and the upcoming Centennial ParcVista in Tebrau.
Its chief executive officer, CK Quay, said Senibong Cove, a 101.17-hectare (ha) waterfront township, has a GDV of RM14 billion, comprising RM7 billion from the existing township and RM7 billion from a 67.18 ha reclamation project being developed in phases.
According to Quay, the reclamation works will broaden the scope of Senibong Cove by adding new components to the township’s development.
“Plot 1 is earmarked for serviced apartments, hotels, duty-free outlets and a ferry terminal, while Plot 3 will comprise landed residential developments, beginning with 110 terrace houses with a GDV of RM250 million, scheduled for phased launch from financial year 2027 (FY2027),” he said during a media familiarisation session in Johor Bahru recently.
Quay said the reclamation works are being partly financed through a RM310 million drawdown from the group’s sukuk programme.
“This has resulted in a sharp increase in group borrowings to RM430.2 million in the first eight months of FY2025, translating into a debt-to-equity ratio of 0.45 times compared with RM46.3 million or 0.05 times in FY2024.
“Borrowings are expected to rise further to fund the acquisition of 49.78 hectares within The Kews, potentially raising the ratio to about 0.60 times,” he said.
He added that WM Senibong is exploring an equity fundraising exercise in 2026, which could ease leverage to around 0.30 times.
At Crest@Austin in Tebrau, a 150.14 ha freehold township with a GDV of RM6 billion, new phases will include the Topaz serviced apartments with 861 units in October 2025 and the Opal strata commercial lots in November 2025.
Meanwhile, The Kews in Iskandar Puteri, covering 109.27 ha, including the Senibong Golf Course lands with a GDV of RM6 billion, is scheduled to see the launch of Kew Green 2, comprising 160 landed homes in November 2025, and Kew Woods, with 260 landed homes in February 2026.
The group is also undertaking reclamation of 67.18 ha in Selat Tebrau, which will eventually create four man-made islands to be developed in phases from 2026 to 2029.
Its largest project, Centennial ParcVista in Tebrau, will cover 388.50 ha with a GDV of RM10 billion.
According to Quay, credit rating agency MARC Ratings has affirmed WM Senibong’s ‘AA-’ rating with a stable outlook, reflecting steady sales, manageable leverage and a strong pipeline of projects.
-- BERNAMA