Kuala lumpur: Genting Plantations Bhd (GENP) is witnessing significant property sales in Johor, driven by investor interest in the Johor-Singapore Special Economic Zone (JS-SEZ).

According to BERNAMA News Agency, Maybank Investment Bank Bhd anticipates that this surge in demand will enhance GENP’s property earnings in the latter half of 2025 and into 2026. As of March 31, 2025, GENP reported unbilled sales amounting to RM157 million, which is 1.2 times its property revenue for 2024.

A notable project contributing to these sales is U.Reka in Kulai. Maybank IB highlighted that all 189 non-Bumiputera units in Phase 1 were sold out on the launch day of May 10, coinciding with the opening of a new sales gallery. This phase is part of a broader development comprising 317 homes with a gross development value (GDV) of RM275 million, within a larger township valued at RM2.5 billion and spanning 306 acres. Construction is reportedly ahead of schedule.

Another significant development, Genting Industrial City (GIC) in Batu Pahat, launched in late 2024, achieved an 82 percent take-up rate, excluding Bumiputera lots, by May 2025. The project has a GDV of RM260 million.

Maybank projects that GENP will recognize RM141 million in property revenue for FY2025 and RM147 million in FY2026, contributing RM32 million and RM34 million, respectively, to profits. Despite a slower beginning to 2025, GENP’s property segment, including its premium outlets, is expected to account for about 17 percent of FY2025 earnings before interest and tax.

Maybank continues to maintain a ‘Buy’ rating on GENP, with a target price of RM6.89, based on 19 times FY2025 earnings. With high-demand projects and a strategic position in the JS-SEZ, GENP is poised to capitalize on Johor’s growth boom.