Genting Plantations Sees Strong Property Sales Boosted By JS-SEZ
KUALA LUMPUR, July 3 (Bernama) -- Genting Plantations Bhd (GENP) is seeing strong property sales in Johor due to investor interest in the Johor-Singapore Special Economic Zone (JS-SEZ).
Maybank Investment Bank Bhd expects this demand to lift GENP’s property earnings in the second half of 2025 and into 2026.
As of March 31, 2025, the company had unbilled sales of RM157 million, 1.2 times its 2024 property revenue.
The standout project is U.Reka in Kulai.
Maybank IB noted that all 189 non-Bumiputera units in Phase 1 sold out on its launch day on May 10, coinciding with the opening of a new sales gallery.
The full phase includes 317 homes with a gross development value (GDV) of RM275 million, part of a larger RM2.5 billion township spanning 306 acres. Construction is already ahead of schedule.
Another key development, Genting Industrial City (GIC) in Batu Pahat, launched in late 2024, had reached an 82 per cent take-up, excluding bumiputera lots, by May 2025. It has a GDV of RM260 million.
Maybank projects GENP to recognise RM141 million in property revenue in FY2025 and RM147 million in FY2026, contributing RM32 million and RM34 million respectively, to profits.
Despite a slower start to 2025, GENP’s property segment — including its premium outlets — is expected to make up about 17 per cent of FY2025 earnings before interest and tax.
Maybank maintains a “Buy” rating on GENP with a target price of RM6.89, based on 19 times FY2025 earnings.
With high-demand projects and strong positioning in the JS-SEZ, GENP is set to benefit from Johor’s growth boom.
-- BERNAMA