This article first appeared in The Edge Malaysia Weekly on October 6, 2025 - October 12, 2025

Johor-based KSL Holdings Bhd (KL:KSL) may be low-profile but it has been very busy over the years with residential, mixed-use and industrial projects in Johor Bahru and the Klang Valley.

As at June 30, the property developer’s portfolio of ongoing projects were worth some RM3.5 billion in gross development value (GDV), and the developer has announced plans to launch RM3.7 billion worth of projects in the current financial year ending Dec 31, 2025 (FY2025).

While property development is its primary earnings contributor — making up 81% of its RM1.38 billion total revenue in FY2024 — there’s also stable income from its property investments, including its KSL Esplanade Mall and KSL Esplanade Hotel in Klang, as well as its flagship KSL City Mall and KSL Hotel & Resort in Johor Bahru.

After a seven-year absence, KSL is back on the winner’s list of The Edge Billion Ringgit Club (BRC) this year, taking home the award for highest growth in profit after tax over three years among property companies below RM3 billion market capitalisation — the same trophy it bagged in 2017. KSL’s maiden BRC win was in 2016.

KSL’s share price grew at a three-year compound annual growth rate (CAGR) of 23.13% from 82.5 sen on March 31, 2022 to RM1.54 at the BRC membership cut-off date of March 28, 2025, to give it a market capitalisation of RM1.57 billion.

During the BRC awards evaluation period, KSL’s earnings grew at a three-year CAGR of 60.4% per annum as its net profit jumped from RM114.41 million in FY2021 to a record high of RM472.08 million in FY2024.

KSL recorded two consecutive years of record-high earnings, with its FY2024 net profit rising 13.3% year on year (y-o-y) to RM472.08 million from RM416.89 million in FY2023. This came on the back of a 20.6% y-o-y revenue growth to RM1.38 billion in FY2024, up from RM1.14 billion in FY2023. Its impressive performance was due to higher revenue recognition from completed projects such as KSL Residence 2 @ Kangkar Tebrau and Taman Mutiara Bestari, improved margins from favourable material pricing and cost optimisation, as well as stable contribution from recurring income from its property investments.

The developer declared a dividend of eight sen per share for FY2024. Before that, it last paid a dividend in FY2015.

Further growth is expected with catalytic projects such as the Rapid Transit System (RTS) Link Project, electrified double-track project, Johor-Singapore Special Economic Zone (JS-SEZ), Forest City Special Financial Zone (SFZ) and possibly revived High-Speed Rail (HSR) driving up consumption and appetite for real estate in the southernmost state of Peninsular Malaysia.

The Department of Statistics Malaysia reported on July 1 that Johor recorded the highest economic growth rate in the country in 2024, at 6.4% (up from 4.1% in 2023), with a gross domestic product (GDP) value of RM158 billion (2023: RM148.6 billion).

The developer has set a target of RM1.2 billion in new property sales for FY2025, supported by strong property demand and key market drivers in both Johor and Selangor.

KSL’s executive chairman Ku Hwa Seng says the company is actively capitalising on the powerful tailwinds from the JS-SEZ and the Johor Bahru–Singapore Rapid Transit System Link, plus its robust pipeline in key corridors to capture a significant share of the growth trend.

KSL reportedly acquired close to five acres of land in Tebrau via an online bidding exercise at end-April for about RM137 million, or RM650 psf, with plans to build serviced apartments as well as some retail shops. The land is strategically located about 5km from an upcoming RTS station and the city centre.

As at Dec 31, 2024, its total assets stood at RM5 billion, compared with RM4 billion in FY2023, while its shareholders’ equity grew to RM4.18 billion in FY2024 from RM3.71 billion in FY2023.

KSL has a land bank of almost 5,000 acres across Johor and Klang, including in Batu Pahat, Mersing, Muar, Segamat, Johor Bahru, Shah Alam and Klang, with plans to acquire more land in the future.

As at March 24, 2025, the top shareholder of KSL was Premiere Sector Sdn Bhd, holding a 31.81% direct interest. Next were KSL’s group managing director Khoo Cheng Hai @ Ku Cheng Hai, founder of KSLH Group and father of executive director Khoo Lee Feng, holding a direct interest of 10.66% and indirect interest of 43.56%, and Cheng Hai’s younger brother, KSL executive chairman Ku Hwa Seng, who had a 10.31% direct interest and 34.08% indirect interest. Hwa Seng’s daughter, Ku Ek Mei, is also an executive director.

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