PETALING JAYA: After launching RM2.1bil worth of properties in the first quarter of 2026 (1Q26), Sunway Bhd
is set to step up activity over the remainder of the year, with another RM2.7bil of launches in the pipeline.
The 1Q26 property launches accounted for 44% of its financial year 2026 (FY26) target of RM4.8bil, underpinned by the Pinery Residences project in Singapore, according to CIMB Securities.
These were among the key takeaways from Sunway’s presentation at Invest Malaysia 2026, where the group outlined its property launch pipeline and growth plans for the year.
The research firm said the group’s upcoming launches include the first phase of the Bukit Chagar transit-oriented development (TOD) with a gross development value (GDV) of RM977mil, three projects in Sunway City Iskandar Puteri (GDV: RM1.07bil) and Sunway Velocity 3 Tower C (GDV: RM584mil).
In addition, the group recorded RM3.6bil worth of new construction wins in 1Q26 alone, accounting for 60% of the company’s full-year target of RM6bil.
This is supported by a healthy outstanding order book of RM8.2bil, of which data centre (DC)-related jobs account for 64%.
Backed by a robust tender book of RM15.3bil, Sunway is expected to intensify its pursuit of DC opportunities from both existing and new clients.
To date, the group has completed three DC projects and is currently constructing 10 more facilities.
Meanwhile, ongoing tenders for DC contracts represent a combined capacity of more than 800MW.
As construction of the Johor-Singapore Rapid Transit System (RTS) Link nears completion, the research firm said Sunway is preparing to launch Tower 3 of its Bukit Chagar TOD in the second half of the year.
The project offers direct connectivity to the Bukit Chagar RTS station, and Sunway expects strong market interest. Indicative pricing for the first residential launch is set at around RM2,000 to RM2,500 per sq ft.
As for healthcare, the research firm said Sunway Healthcare Holdings Bhd is targeting to expand its hospital bed capacity to more than 3,400 by 2032, from 1,805 licensed beds as at March 2026.
CIMB Securities is maintaining its “hold” rating on the stock with a RM5.35 target price, which is broadly in line with the stock’s closing price of RM5.30 yesterday.
An analyst said Sunway’s 1Q26 results were broadly in line with market expectations.
It had posted a net profit of RM9.4bil in 1Q26, boosted by a RM9.1bil fair value gain from the listing of Sunway Healthcare.
Exclusing this, core earnings were mainly supported by contributions from its Singapore property development arm and the construction division.
Following the failed merger bid with IJM Corp Bhd, the analyst believes Sunway is likely to embark on a more aggressive land-banking strategy to replenish its development pipeline.
He said Sunway should be on track to meet its RM4.2bil sales target by year-end.
