WM Senibong plans RM6.7 billion in launches as sukuk rating affirmed
MARC Ratings maintained an AA-IS rating with a stable outlook on the subsidiary's Islamic notes under a programme of up to RM1 billion.
Johor township developer WM Senibong Bhd has planned launches carrying a combined gross development value of RM6.7 billion, as MARC Ratings Bhd affirmed the AA-IS rating on its subsidiary's Islamic Medium-Term Notes.
The rating carries a stable outlook and covers notes issued by wholly-owned WM Senibong Capital Bhd under a Sukuk Wakalah programme capped at RM1 billion. MARC cited RM651.5 million in unbilled sales alongside the planned launches as factors supporting the rating, with earnings visibility extending through 2030.
WM Senibong holds 1,426 acres of land, of which about 960 acres are allocated to the forthcoming Centennial ParcVista development. The company specialises in large-scale, integrated master-planned townships.
Executive director and chief executive officer Quay Chew Keong said sales momentum, continued profitability and the development pipeline supported the group's growth prospects. He also expressed optimism about Johor, citing investment inflows, the Johor-Singapore Special Economic Zone and improved cross-border connections through the Johor Bahru–Singapore Rapid Transit System Link.
