Malaysian billionaire Syed Mokhtar Albukhary reportedly considers $125M IPO for property developer WM Senibong

WM Senibong is working with financial advisers on a plan for a potential Kuala Lumpur listing valuing the firm at over RM2 billion, with details subject to change as considerations remain ongoing, Bloomberg reported, citing people familiar with the matter.

Set up in 2008 and based in Malaysia’s southernmost state of Johor, the firm’s portfolio includes several townships within the state, such as Senibong Cove, The Kews, Crest@Austin and Centennial ParcVista, according to its website.

It holds a land bank of over 2,000 acres (810 hectares) in southern Malaysia, with a projected gross development value of over RM30 billion. It said it generated more than RM4 billion in sales last year.

Johor ranked as the country’s second-largest residential market by both the number and value of transactions last year, with roughly 10,500 transactions totaling RM5.48 billion in the third quarter, EdgeProp Singapore reported, citing property consultancy JLL Malaysia.

Growth has been underpinned by the Johor–Singapore Special Economic Zone and ongoing infrastructure upgrades. Demand for housing has also been lifted by spillover from the expanding data center and industrial sectors.

WM Senibong is 49% owned by Walker Corp., with entities controlled by Syed Mokhtar holding significant minority stakes.

The tycoon began as a rice trader after dropping out of high school and later built a fortune worth an estimated $3.6 billion, according to Forbes’ real-time data. He was ranked 11th on the magazine’s Malaysia rich list last April.

A large portion of his wealth stems from holdings in automotive group DRB-HICOM and MMC Corporation, which operates multiple ports and cruise terminals in Malaysia, along with the Senai International Airport.

MMC had planned to go public last year but opted to delay the listing after securing regulatory approval to include its full-year 2025 financial results, according to Reuters.