WM Senibong Secures AA-IS Rating From Marc Ratings
JOHOR BAHRU, Nov 2 (Bernama) -- WM Senibong Berhad (WM Senibong) announced that its wholly owned subsidiary, WM Senibong Capital Bhd, had its AA-IS rating with a stable outlook affirmed by MARC Ratings Berhad for its Islamic medium-term notes under the Sukuk Wakalah programme of up to RM1 billion.
In a statement today, WM Senibong said that the rating affirmation further strengthens its business fundamentals and long-term growth prospects.
“This is supported by RM651.5 million in unbilled sales and planned development launches with a total gross development value (GDV) of RM6.7 billion, providing earnings visibility through 2030,” it said.
The group said it is well-positioned to capitalise on Johor’s ongoing economic transformation, supported by a strategic landbank of 1,426 acres (577.08 hectares), including approximately 960 acres (388.49 hectares) for its upcoming Centennial ParcVista development.
WM Senibong executive director and chief executive officer Quay Chew Keong said the rating reaffirmation reflects the group’s solid business fundamentals, disciplined financial management and proven track record in delivering quality developments.
“We remain optimistic about Johor’s growth trajectory, driven by increasing investment inflows, the Johor–Singapore Special Economic Zone (JS-SEZ) and enhanced cross-border connectivity through the Johor Bahru–Singapore Rapid Transit System Link,” he said.
WM Senibong is a Johor-based urban township developer specialising in large-scale premium integrated master-planned developments.
-- BERNAMA