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PETALING JAYA (May 1): Iskandar Waterfront City Bhd (IWCity), one of Eastern Johor Bahru's largest waterfront landowners with a freehold-dominant landbank straddling the Johor-Singapore Special Economic Zone (JS-SEZ) corridor, has filed its annual report and corporate governance report for the financial year ended Dec 31, 2025 (FY2025) with Bursa Malaysia.
The filing, lodged yesterday, sets out a year of measured recovery, strategic asset monetisation and active regularisation efforts by the Johor-based developer, principally engaged in property development within the Iskandar Malaysia region.
FY2025 financial performance
Main Market-listed IWCity recorded revenue of RM43.42 million for FY2025, a decline of 57.3% from RM101.75 million in FY2024, primarily due to lower revenue recognition from completed projects — Botanika and Danga Sutera — following the tapering of construction milestones, reduced sales activities and delays in the release of Bumiputera quota units. Key financial highlights are as follows:
(1) Revenue: RM43.42 million (FY2024: RM101.75 million)
(2) Loss before taxation: RM18.64 million (FY2024: RM17.16 million)
(3) Net loss: RM18.29 million (FY2024: RM19.36 million)
(4) Total assets: RM1.337 billion (FY2024: RM1.372 billion)
(5) Net assets: RM700.87 million (FY2024: RM719.16 million)
(6) Total borrowings: RM106.72 million (FY2024: RM106.29 million)
(7) Cash and bank balances: RM31.07 million (FY2024: RM26.63 million)
(8) Loss per share: 1.99 sen (FY2024: 2.10 sen)
(9) Net assets per share: 76 sen (FY2024: 78 sen)
(10) Dividend per share: Nil (FY2024: Nil)
Property development remained the principal contributor at RM42.30 million.
The construction segment returned RM1.13 million, recovering from a negative revenue position of RM12.80 million in FY2024.
The group's gearing ratio improved marginally to 38.23% from 38.60%.
Regularisation plan and going concern
The group was classified as an affected listed issuer under Paragraph 8.03A(2)(b) of Bursa Malaysia's Main Market Listing Requirements during FY2025.
Its proposed regularisation plan — encompassing debt settlement, a private placement and capital reduction — was submitted on Sept 23, 2025, and approved by Bursa Malaysia on Jan 6, 2026.
The directors assessed the group's ability to continue as a going concern based on expected cash inflows from property sales and development rights, support from related parties, and available financing facilities.
Operational highlights
The group completed and handed over all 84 units of Danga Sutera Phase 3 (semi-detached) in Skudai during FY2025, achieving a QLASSIC quality score of 80 against a minimum target of 75.
At Botanika — a 12-acre waterfront development along the Tebrau River in Bakar Batu, some 7km from the Johor Bahru city centre — Tower B was completed.
The group also executed a Development Rights Agreement (DRA) granting a strategic partner exclusive rights to develop Botanika Tower A and Town Villas, generating RM20 million in revenue, the single largest contribution during the year.
In early FY2026, the group disposed of a 16.43-acre parcel in Plentong as part of its capital recycling strategy.
Landbank and the JS-SEZ opportunity
Land held for property development stood at a carrying value of RM638.44 million as at Dec 31, 2025.
The group holds approximately 228 acres in Plentong alienated by the Johor State Government, with portions earmarked for reclamation and phased development under a 10-year Tebrau Bay master plan.
Projects in the pipeline include Danga Island at Danga Bay (152 waterfront lifestyle villas) and Platinum Cove in Mukim Plentong, both targeted to commence construction in the second quarter of FY2026.
Malaysia's GDP expanded 5.2% in 2025, surpassing Bank Negara Malaysia's 4.0%–4.8% forecast, with the Iskandar Malaysia region on track towards a revised cumulative investment target of RM636 billion by 2030.
The group's assets sit in proximity to the upcoming RTS Link station, the Causeway, the Second Link and the Johor Bahru CIQ complex — key connectivity anchors for the SEZ.
No dividend was declared for FY2025. The 57th Annual General Meeting is scheduled for June 24, 2026. The external audit was conducted by Messrs Crowe Malaysia PLT, Johor Bahru.
Editor's note: This article is for informational purposes only and does not constitute financial or investment advice.
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