PETALING JAYA: Rising affluence and sustained township development along the Semenyih Corridor will support long-term residential demand, with Eco World Development Group Bhd
(EcoWorld Malaysia) and S P Setia Bhd among top beneficiaries, says UOB KayHian (UOBKH) Research.
The research house said it visited EcoWorld Malaysia’s upcoming Eco Radiance township showcase and S P Setia’s projects across the Semenyih and Bangi corridors and came back upbeat on the area’s long-term growth prospects, supported by rising affluence and continued township/infrastructure build-out.
UOBKH Research said the Semenyih-Beranang Corridor is emerging as the fastest-growing sub-corridor within Ulu Langat.
It also added that Semenyih’s deepening commercial ecosystem and growing upgrader pool should support residential demand beyond affordability alone.
“Kajang Municipal Council projects that its population will grow at a 4.5% 10-year compound annual growth rate (CAGR) from 265,900 in 2025 to 413,000 by 2035, equivalent to 83% of Kajang’s projected population base.
“The growth is supported by the continued development of large-scale planned townships and improving road connectivity, such as the Lekas and Silk highways,” the research house said in a report yesterday.
It said EcoWorld Malaysia had over 2,400 acres across the Semenyih corridor, providing a development runway of eight to 10 years, while S P Setia had another 1,231 acres across Semenyih and Bangi, supporting more than 10 years of development.
“More broadly, Ulu Langat appears to be attracting households with stronger earnings power, with average household income recording a 6.2% five-year CAGR to RM13,822 in 2024, higher than Selangor’s 4.2% CAGR to RM13,296, per the Statistics Department,” it added.
“This is also reflected in the property transaction mix, with transaction volumes above RM800,000 growing faster at a 4.6% five-year CAGR over 2020 to 2025 (versus 2% for transactions below RM800,000), per National Property Information Centre.”
The research house said Eco Radiance had an estimated gross development value of RM4.6bil across 847 acres and is planned around landed residential precincts alongside the 180-acre Radiance City commercial hub, upcoming Radiance Labs and a 13.5-acre central park.
Its maiden residential precinct, Astrea, will comprise strata-titled terrace homes with built-ups of 1,700 sq ft to 2,300 sq ft across four configurations, with indicative selling prices ranging from above RM680,000 to RM1mil, or around RM400 per sq ft.
“The project is targeted for launch by the end of the fourth quarter of financial year 2026 (4Q26) and should support sales momentum into financial year 2027 (FY27).
“With seven-month FY26 sales already at RM3.28bil, we believe EcoWorld Malaysia remains on track to meet our FY26 sales assumption of RM4.8bil (increase by 6% year-on-year),” UOBKH Research said.
As for S P Setia, UOBKH Research said the group stands out for the breadth of its product offering.
It noted S P Setia’s 2,623-acre township footprint across Semenyih and Bangi spans Setia EcoHill, Setia EcoHill 2, Setia Mayuri and Setia Alamsari, with 1,231 acres remaining to support more than 10 years of development.
“During our visit, we saw how its product range caters to different buyer profiles and life stages.”
At Setia EcoHill, the Queensville single-storey bungalow precinct was introduced partly in response to demand from retirees looking to right-size while remaining in a landed home.
UOBKH Research maintained an “overweight” call on the property sector, with EcoWorld Malaysia and Lagenda Properties Bhd as its top picks.
The research house has “buy” calls on EcoWorld Malaysia, Lagenda and S P Setia with target prices of RM2.70, RM1.88 and RM1.22, respectively.
