Malaysia Property: Sales to likely remain stable q-q in 2QCY26F

Research evidence excerpt

Malaysia Property: Sales to likely remain stable q-q in 2QCY26F

Global Markets Research

19 June 2026Malaysia Property

EQUITY: PROPERTY

Sales to likely remain stable q-q in 2QCY26F Research Analysts

Malaysia Property

Resilient economy, new launches, conflict de-escalation Raghavendra Divekar, CFA - NSM

raghavendra.divekar@nomura.comto keep sales at elevated levels; overhang still a concern

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Malaysia property sector – 1QCY26 results broadly in line with expectations Research Associates

1QCY26 results for the Malaysia property sector were broadly in line with consensus

Malaysia Propertyexpectations: three out of the eight large developers we track reported results stronger than

Amol Dongre - NSFSPLBloomberg consensus estimates on the back of revenue growth and resilient margins.

Among the companies that beat estimates, Eco World Development (ECW MK, Buy)

benefited from higher gross margins and strong sales of its township and industrial pillars;

Sunway Bhd (SWB MK, Buy) gained from strong revenue growth in the property

development segment driven by higher progress on billing from local projects and

contributions from the newly-acquired Sunway MCL (unlisted), followed by the disposal of

an education asset in the Sunway Square mall to the Sunway Education Group (unlisted)

leading to a revenue contribution of MYR653.6mn. IOI Property Group (IOIPG MK, Not

rated) benefited from industrial land sales in Klang Valley and Johor, and higher contribution

from JW Marriott Singapore and South Beach tower.

Among the companies that were in line with consensus estimates, Sime Darby Property

(SDPR MK, Buy) benefited from one-off gains including the MYR65.1mn fair value gain on

completion of its first data center (DC) project and an MYR12mn gain from the disposal of