Impact Of JS-SEZ On Property Valuations Already Priced In: Maybank
Impact Of JS-SEZ On Property Valuations Already Priced In: Maybank

Maybank Investment Bank Bhd (Maybank IB) has maintained a NEUTRAL stance on Malaysia's property sector following the recent announcement of the Johor-Singapore Special Economic Zone (JS-SEZ). The move is expected to generate job creation and long-term property demand, driven by Singapore-facilitated investments.
馬來亞銀行投資銀行有限公司(Maybank IB)在最近宣佈的柔佛-新加坡特別經濟區(JS-SEZ)後,對馬來西亞房地產市場保持中立態度。此舉預計將通過新加坡推動的投資創造就業機會併產生長期的房地產需求。
The research house has acknowledged the potential of the JS-SEZ, but has noted that much of the positive impact is already reflected in current property valuations, which is why Maybank IB has stuck with its NEUTRAL call. The bank's top picks remain ECW and SPSB.
研究機構承認JS-SEZ的潛力,但指出當前物業估值中已反映出許多積極影響,這就是爲什麼Maybank IB堅持其中立的看漲呼叫。該銀行的首推選擇仍然是ECW和SPSb。
The JS-SEZ, covering the Iskandar Development Region and Pengerang, will now also include new priority areas such as Sedenak, Forest City, Pengerang Integrated Petroleum Complex, and Desaru. In addition to the existing focus areas of digital economy, manufacturing, and logistics, five new sectors— aerospace, electrical and electronics (E&E), medical devices, pharmaceuticals, and chemicals— have been added.
JS-SEZ涵蓋了伊斯干達發展地區和彭亨,現在還將包括新的優先區域,如Sedenak、森林城市、彭亨綜合石油園區和德薩魯。除了現有的數字經濟、製造業和物流重點區域外,還新增了五個板塊——航空航天、電子電氣(E&E)、醫療設備、製藥和化學品。
These sectors will benefit from special corporate tax incentives aimed at high-growth, value-added investments. The government is targeting the establishment of 50 projects within the first five years of the JS-SEZ's operation.
這些板塊將受益於旨在促進高增長、增值投資的特別企業稅收激勵。政府計劃在JS-SEZ運行的前五年內建立50個項目。
The strategic collaboration between Malaysia and Singapore offers a win-win situation for both countries. Malaysia's relatively cheaper real estate and labour costs make it an attractive location for Singaporean companies looking to expand, while Singapore's financial and logistical expertise will drive investments into the zone.
馬來西亞與新加坡之間的戰略合作爲兩國提供了雙贏的局面。馬來西亞相對較低的房地產和勞動力成本使其成爲希望擴展的香港公司有吸引力的地點,而新加坡的金融和物流專業知識將推動對該區域的投資。
This is expected to significantly boost demand for residential, commercial, and industrial properties in the long run, fueled by population growth and the wealth effects of rising employment.
預計這將顯著推動長期住宅、商業和工業物業的需求,這一需求受人口增長和工資提高的財富效應促進。
To support infrastructure development and business expansion within the JS-SEZ, both countries are expected to establish funds, further strengthening the zone's economic potential. Maybank IB believes that companies with strong track records and capable management will be well-positioned to benefit from the zone's growth.
爲了支持JS-SEZ內的基礎設施發展和業務擴展,兩國預計將建立資金,進一步增強該區域的經濟潛力。Maybank IB認爲,具有良好業績記錄和高效管理的公司將能夠更好地從該區域的增長中受益。
Among the companies in the region, UEM Sunrise (UEMS), a major landowner with a sizable land bank of 4,783 acres in Iskandar Puteri, stands to benefit the most from the zone's expansion. However, the research house warned that much of the potential upside for UEMS may already be priced into the stock, and investors should consider capitalising on expectations that have been building since mid-2023.
在該地區的公司中,UEm Sunrise (UEMS) 是一個主要的土地擁有者,在Iskandar Puteri擁有4783英畝的土地儲備,這使它在這一地區的擴張中受益匪淺。然而,研究機構警告說,UEMS的潛在上漲幅度可能大部分已經在股價中體現,投資者應考慮利用自2023年中期以來不斷積累的預期。