The mega-listing of IOI Properties Bhd, which has total assets worth RM15bil, could spark a re-rating of the local property sector. The relisting slated for somewhere in September 2013, would definitely provide a boost to other developers.
Winners From Iskandar Malaysia
In the base case scenario for the outcome of the 13GE – another win by the BN coalition but by a reduced majority – expect the market to re rate and close the year stronger.
In this scenario, expect sectors and stocks that are significantly undervalued to re rate.
The Iskandar Malaysia’s projects are likely to be the key sales driver for companies over the short term and interest on these stocks would become stronger post 13 GE.
The price momentum and demand for properties would remain strong with rising foreign investments and with the property launches having strong take ups at record prices.
The Beneficiaries …
CapitalLand: Owns 71 acres in Danga Baym Iskandar with GDV of rm8.1 billion;
Dialog: Its massive rm5 billion Pengerang project has a 60 year concession;
Gamuda: 50% of Horizon Hills in Nusajaya (710 acres of unsold land, rm4.3 billion balance GDV);
IWH/Tebrau: Of the about 1,700ha, IWH has about 809.37ha in Danga Bay. Of the balance land-bank, 768.9ha are in the Johor Baru city centre and the eastern side or Tebrau Coast of the southern tip of Johor Baru, and it also has 121.41ha in Desaru;
Genting Plantation: Owns 6571 acres of land near Senai Airport. Owns the Johor Premium Outlet;
E&O: Owns 210 acres in Medini that will be developed into a wellness project;
IOI Corp: Owns 1955 acres of land in Kulai, near the Senai airport;
Mah Sing: Owns 433 acres in Johor including 8.2 acres in Medini;
SP Setia: Sominant developer in wider Johor with over 1000 acres of landbank;
Sunway: Owns 1858 acres of land in Iskandar with total GDV of rm30 billion;
UEM Land: Has the largest landbank of any developer in Iskandar with over 7000 acres undeveloped;
WCT: Owns 46 acrers of land in Johor including 34 acres in Medini
KSL: Owns 1900 acres near Iskandar Malaysia. The company is developing a nixed use development in Klang with a DGV of rm2.5 billion.
Crescendo Corp: Owns 3000 acres in Johor. The company is set to launch its rm3 billion Bandar Cemerland Development in 2014.
Daiman Development: Onws 2286 acres in Johor booked at an average price of rm5.92 psf.
Genting Plantation: Owns 6571 acres of land near Senai Airport. Owns the Johor Premium Outlet
Other Property Developers are …
Hua Yang: Expands GDV by 67% to rm3.8 billion with the purchase of a 29.2 acre tract in Puchong.
Net Cash/(Net Debt): -rm31.2
LBS: The company has a huge war chest for acquistions after raising rm539 million cash through the disposal of two property subsidiaries in China.
Net Cash/(Net Debt): -270.5
Tambun Indah Land Bhd: Owns 500 acres near Penang’s Second Bridge with good development potential.
Net Cash/(Net Debt): 12.2
I-Bhd: Has exclusive rights to develop the 72 acre I-City in Shah Alam which has a total GDV of rm5 billion.
Net Cash/(Net Debt): 16.1
KEN Holdings: It is planning an integrated project in Johor Baru with a GDV of at least rm12.2 billion.
Net Cash/(Net Dedt): 4.2
Ho Hup: Owns exclusive rights to develop a 10 acre tract in Bukit Jalil and to develop another 50 acres with Malton Bhd via a JV. Total GDV for the 60 acres in Bukit Jalil amounts to rm4 billion.
Net Cash/(Net Debt): -6.7
IOI Corp: Owns 1955 acres of land in Kulai, near the Senai airport;
Mah Sing: Owns 433 acres in Johor including 8.2 acres in Medini;
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