RHB Investment Bank says on a full-year basis, aggregate property sales rose 19% y-o-y to RM19 billion versus RM16 billion in 2022. – BernamapicRHB Investment Bank has maintained an “overweight” call on the property sector with top picks UEM Sunrise, IOI Properties Group Bhd and Eastern & Oriental .
RHB Investment Bank said developers with sizeable landbank and industrial segment exposure should see greater benefits from infrastructure developments and rising investment flows. “Although UEM Sunrise has set a lower sales target of only RM1 billion versus the RM2.1 billion achieved in FY2023, we think the company may have something more exciting ahead, as management has just revealed its revised masterplan for Gerbang Nusajaya, which saw a significantly higher proportion of industrial development,“ it said.
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