By Sharen Kaur
JOHOR BARU: NEARLY two decades ago, WM Senibong Sdn Bhd took a bold step by transforming a humble fishing inlet into Senibong Cove, Johor's first premier waterfront township.
That pioneering move set the stage for WM Senibong's rise as one of Johor's most influential property developers.
Today, the group commands a landbank of more than 809ha with a total gross development value (GDV) exceeding RM36 billion, all concentrated in southern Johor.
Of this, 202.3ha have been developed, generating significant value and establishing a strong track record of delivery.
WM Senibong's regional focus underscores its strategy of deep cultivation — building scale and expertise in a single, high-growth corridor. This approach not only secures long-term revenue visibility but also positions the group to capitalise on Johor's ongoing transformation into Malaysia's next economic powerhouse.
WM Senibong is a member of Walker Group Holdings Pty Ltd, which holds a 43 per cent interest in the company and is one of the largest privately held property groups in Australia.
This strategic alignment with Walker — one of Australia's largest private property developers — further strengthens the group's institutional backing.
FROM WATERFRONT PIONEER TO REGIONAL CATALYST
Once known primarily for waterfront living, WM Senibong has evolved into a catalyst for Johor's urban transformation. Its projects deliver more than lifestyle-centric housing — they anchor economic activity, attract skilled talent, and benefit from cross-border flows linked to Singapore.
The upcoming Johor–Singapore Rapid Transit System (RTS), slated for completion by 2026, together with the establishment of the Johor–Singapore Special Economic Zone (JS-SEZ), is poised to significantly enhance Johor's cross-border connectivity and investment appeal.
Adding further momentum, the Gemas–Johor Baru electrified double-track rail project — expected to be completed within the current quarter — will cut travel time between Kuala Lumpur and Johor Baru by half, reinforcing Johor's role as a key southern transport hub.
Well-positioned to ride these transformative infrastructure catalysts, WM Senibong's townships - including Senibong Cove (Masai), Crest@Austin (Tebrau), The Kews (Iskandar Puteri) and its flagship Centennial ParcVista (Tebrau) — are strategically aligned with these macroeconomic drivers, strengthening their appeal as emerging investment hotspots.
Each township is master-planned with placemaking, sustainability, and architectural excellence at its core, seamlessly integrating residential, commercial, lifestyle and green spaces into cohesive communities.
In financial year 2024, WM Senibong expanded its landbank significantly with the acquisition of 388.5ha just 3km from Crest@Austin, earmarked for the upcoming Centennial ParcVista integrated township.
The development will feature a strong industrial component and is slated for launch in 2026.
In addition, the group is acquiring 50ha of prime land within The Kews in Iskandar Puteri from Walker Group, further reinforcing its footprint in southern Johor.
Aligned with the JS-SEZ, these projects provide a powerful macro tailwind, positioning WM Senibong to capture demand from domestic buyers and Singaporean investors, while reinforcing Johor's status as Malaysia's next growth corridor.
Chief executive officer Quay Chew Keong emphasised that the company's philosophy of "From Vision to Reality" underpinned its strategy of building not just homes, but integrated communities complete with residential, commercial, lifestyle and green spaces.
As Johor advances into its next phase of growth, WM Senibong is not just participating — it is shaping the future. Backed by a strategic landbank of more than 607ha primed for development, the group is firmly positioned to spearhead Johor's regional transformation and capture the value of its rising economic prominence.
With its mix of luxury waterfront living, sustainable townships and diversified growth engines, it is set to deliver value creation at scale for investors seeking long-term exposure to Malaysia's southern economic powerhouse.
Catalysts, such as the RTS and the JS-SEZ, would further boost the long-term value of the WM Senibong's developments across the southern tip of Johor, Quay said during a media familiarisation session in Johor Baru.
Quay said the group's real estate projects held strong appreciation potential. Enhanced by distinctive design concepts and ecological luxury features, these developments stand out in the market, driving sustained demand and supporting the continued rise in property values.
STRONG EARNINGS GROWTH MOMENTUM
As of the first eight months of the financial year ending June 30, 2025, the group's ongoing projects — Senibong Cove, Crest@Austin and Kew Green 1 — had a combined GDV of more than RM1.6 billion with a strong take-up rate. As construction works progress, sales will improve, moreover with the gradual release of unsold units allocated for Bumiputera buyers to the open market.
Completed projects registered a combined GDV of RM2.7 billion with a 99 per cent take-up rate as of the end of August 2025, reflecting the group's strong sales track record.
Unbilled sales of RM594 million as of August and new launches averaging RM1.5 billion per annum over the next three years would provide earnings visibility.
In terms of profitability, WM Senibong stands out with a net profit margin of 20 per cent to 25 per cent, higher than industry averages, showcasing its strong cost management and pricing power.
Revenue is projected to grow at a rate of more than 25 per cent year-on-year, with net income expected to rise by high double digits in the same period, reflecting strong growth potential.
In terms of profitability, WM Senibong delivers a net profit margin of 20 per cent to 25 per cent, well above industry averages, underscoring its strong cost discipline and pricing power.
Revenue is projected to expand by over 25 per cent year-on-year, with net income expected to climb by high double digits over the same period, reflecting the company's robust growth trajectory and earnings resilience.
In the first eight months of this financial year, WM Senibong logged RM268.7 million in revenue and RM81.7 million in pre-tax profit, supported by strong commercial sales at Crest@Austin. Completed inventory remains lean at RM56.3 million, reducing overhang risks.
WM Senibong remains in a net cash surplus position in financial years 2024 and 2025, a rarity among peers. Its financing structure has also earned investor confidence:
MARC Ratings Bhd affirmed the group's "AA-" rating with a stable outlook, citing steady sales, healthy margins and a solid project pipeline.
Its RM1 billion Sukuk Wakalah (IMTN) programme, issued via WM Senibong Capital Bhd, carries an "AA-IS/stable" rating, reinforcing its strong credit standing.
The stable outlook reflects MARC Ratings' expectation that WM Senibong will broadly maintain its credit profile within the current levels over the next 12 months.
The rating affirmation considers WM Senibong's well-established track record in niche property development in Johor, strong operating profit margin and healthy balance sheet structure.
Still, MARC noted execution risk from reclamation projects and Johor's property market cyclicality as moderating factors.
SENIBONG COVE: FLAGSHIP WATERFRONT DEVELOPMENT
WM Senibong's flagship project, Senibong Cove, carries a GDV of RM14 billion. This includes RM7 billion from the existing township, which is nearing completion, and RM7 billion from a 67.18ha reclamation project in Selat Tebrau, which will eventually form four man-made islands to be developed between 2026 and 2029.
Quay said the reclamation works would 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," he said.
Quay said the reclamation work was partly funded via an RM310 million sukuk drawdown, raising group borrowings to RM430.2 million in the first eight months of financial year 2025, up from RM46.3 million in financial year 2024.
This lifted its debt-to-equity ratio from 0.05 times to 0.45 times, with borrowings expected to rise further as the group acquires 49.78 hectares within The Kews.
"Borrowings are expected to rise further to fund the acquisition of 49.78ha within The Kews, potentially raising the ratio to about 0.60 times," Quay said.
To strengthen its balance sheet, he said WM Senibong would be exploring an equity fundraising exercise next year, which could ease leverage to around 0.30 times.
As the company's flagship development, Senibong Cove is a showcase of its placemaking philosophy.
The township features a 50-berth public marina, serving as a hub for watersports, leisure, and vibrant food and beverage experiences.
A two-kilometre waterfront boardwalk with dedicated cycling and jogging paths, complemented by dining and retail outlets, establishes the area as a dynamic social and lifestyle destination.
The residential mix is equally diverse, ranging from apartments and hillside courtyard homes to semi-detached residences and luxury villas, designed to meet the needs of multiple market segments.
CREST@AUSTIN AND THE KEWS: LAUNCHING NEW PHASES
Building on the success of Senibong Cove, WM Senibong broadened its footprint across Johor with the launch of Crest@Austin in 2020, debuting with the Ruby landed residences as its first phase.
Spanning 150.14 ha of freehold land with a projected GDV of RM6 billion, Crest@Austin is master-planned as a self-sustaining township where modern living coexists with nature. Designed with lifestyle integration at its core, the township features a balanced mix of residential, commercial, and lifestyle components.
The development continues to expand with upcoming launches, including the Topaz serviced apartments (861 units) slated for introduction this month, followed by the Opal strata commercial lots next month. These new phases will diversify the township's offerings and enhance its vibrancy as a holistic community hub.
Crest@Austin enjoys unrivalled connectivity and accessibility, strategically located near Emerald Business Park, AEON Tebrau, IKEA, Toppen Shopping Centre, and the 8.09ha Central Lake Park.
Its surroundings form part of a mature township ecosystem equipped with comprehensive amenities such as schools, medical centres, supermarkets, and restaurants.
Proximity to major highways and Johor Baru city centre further amplifies its attractiveness, offering residents both commuting convenience and the value of a prime core location.
The market has already validated Crest@Austin's strong value proposition. Units from the Ruby phase have appreciated by 40 per cent to 50 per cent in the secondary market, a testament to WM Senibong's commitment to construction quality and the value uplift driven by subsequent phases.
Looking ahead, WM Senibong will complete the development of the remaining 20.2ha of Crest@Austin over the next five years, with related projects expected to generate an additional GDV exceeding RM2 billion. This robust pipeline provides sustainable medium- to long-term growth visibility while reinforcing Crest@Austin's status as one of Johor's most sought-after townships.
THE KEWS: RESORT-STYLE LIVING IN ISKANDAR PUTERI
Beyond its residential appeal, The Kews is envisioned as a holistic lifestyle destination, enhanced by green landscapes, recreational amenities, and proximity to retail and education hubs. It will offer residents a resort-like environment that blends leisure with exclusivity.
Spanning 109.27 ha, inclusive of the scenic Senibong Golf Course, the township carries a projected GDV of RM6 billion. Its scale and location place The Kews among Johor's most exclusive residential addresses, offering residents the dual advantages of tranquil suburban living and seamless international connectivity.
Every home within The Kews is designed to balance comfort, privacy and security, anchored by a gated and guarded community that provides peace of mind.
The architectural style blends modern design with functional elegance, ensuring aesthetic appeal and enduring value.
The latest launch, Kew Green 2, introduces a refined collection of double- and three-storey residences, catering to growing families and multi-generational households.
Building on this momentum, the upcoming Kew Woods phase — featuring 260 landed homes — is scheduled for release early next year. Future phases will continue to expand the township with a carefully curated mix of residential typologies, ensuring diversity while maintaining its hallmark low-density character.
The Kews is envisioned as a holistic lifestyle destination, enhanced by green landscapes, recreational amenities, and proximity to retail and education hubs. Its integration with the Senibong Golf Course elevates the township's prestige, offering residents a resort-like environment that blends leisure with exclusivity.
With Johor's property market buoyed by cross-border demand, particularly from Singapore, The Kews stands out as a prime investment opportunity, combining lifestyle desirability with long-term capital appreciation.
CENTENNIAL PARCVISTA: A NEW GROWTH CATALYST
WM Senibong is preparing to roll out its flagship Centennial ParcVista, a landmark integrated township with a projected GDV of RM10 billion. As the group's first industrial-focused venture, Centennial ParcVista represents a strategic diversification of its portfolio, expanding beyond residential and lifestyle projects into the high-demand industrial and logistics segment.
Located with direct highway connectivity to Johor Baru and neighbouring industrial parks, Centennial ParcVista is designed to capture domestic and cross-border demand, particularly in light of Johor's strengthening role as a regional growth engine underpinned by the JS-SEZ.
The project is envisioned to be a critical catalyst for population inflows, job creation, and economic expansion in the southern corridor, cementing WM Senibong's influence in the state's urban transformation.
Quay emphasised the group's long-term vision: "Our goal is not just to build houses but to create integrated communities that ensure long-term property value."
For investors, WM Senibong offers a uniquely diversified exposure — from luxury waterfront living at Senibong Cove to sustainable lifestyle townships such as Crest@Austin and The Kews, and now, to the emerging demand for industrial and commercial space through Centennial ParcVista.
This portfolio is reinforced by the group's proven execution track record, strong profit margins and solid credit standing, ensuring resilience while positioning WM Senibong at the forefront of Johor's next phase of growth.
Source: https://www.nst.com.my/property/2025/10/1288070/wm-senibong-fuels-johors-growth-bttv
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