Malaysia’s property sector may see an unexpected contender rise to prominence next year as UEM Sunrise positions itself to leverage strategic developments in Johor. Analysts highlight the company’s extensive land holdings near Singapore and upcoming project launches as potential game-changers, particularly with the delayed Johor-Singapore Special Economic Zone agreement expected to materialize in early 2025. The developer’s 4,783-acre land bank in Iskandar Puteri, valued at RM61 billion, places it at the heart of one of Malaysia’s most dynamic property markets.
Industry observers note that UEM Sunrise’s fortunes could improve significantly once its new show gallery opens and details emerge about the revised Gerbang Nusajaya masterplan. While the current focus on industrial properties has yet to translate into visible progress, Maybank IB suggests that 2025 could mark a turning point. The research firm maintains a “hold” rating on the stock but acknowledges the potential upside if Johor’s economic momentum accelerates.
The broader property market outlook remains cautiously optimistic, with Maybank IB downgrading its sector rating due to a lack of fresh catalysts. Established themes like data center developments and corporate restructuring have already been priced in, leaving limited room for surprise gains. However, select players such as S P Setia and Sime Darby Property continue to stand out—the former with its pending industrial park joint venture and the latter through high-profile leases like its recent deal with Google.
Despite the tempered expectations, Johor’s property market shows signs of sustained interest, particularly around infrastructure-linked projects. While the JS-SEZ has fueled speculation since mid-2023, analysts warn that much of its potential impact may already be reflected in valuations. For UEM Sunrise and other key developers, execution will be critical in converting strategic advantages into measurable growth as Malaysia’s property sector navigates an evolving economic landscape.