HLIB: Woodlands expansion reinforces JS-SEZ growth, lifts property and industrial players

• The Johor Bahru–Singapore Transit System (RTS) Link station will attract SEZ-linked businesses such as logistics operators, warehouse providers and large-scale manufacturers, which in turn could encourage an increase in property values around the Johor Bukit Chagar RTS station.

KUALA LUMPUR (Aug 19): Singapore’s plans to expand Woodlands have further reinforced the growth story of the Johor-Singapore Special Economic Zone (JS-SEZ), and the local developers, industrial, as well as retail players already in the area, said Hong Leong Investment Bank (HLIB).

The house named Sunway Bhd (KL:SUNWAY), Mah Sing Group Bhd (KL:MAHSING), UOA Development Bhd (KL:UOADEV) and Crescendo Corp Bhd (KL:CRESNDO) as key beneficiaries in the residential sector.

HLIB noted that the industrial spaces planned around the Johor Bahru–Singapore Rapid Transit System (RTS) Link station will attract SEZ-linked businesses such as logistics operators, warehouse providers and large-scale manufacturers, which in turn could encourage an increase in property values around the Johor Bukit Chagar RTS station.

It named developers with strong industrial exposure in the state, including IOI Properties Group Bhd (KL:IOIPG), SP Setia Bhd (KL:SPSETIA) and UEM Sunrise Bhd (KL:UEMS), as beneficiaries of this trend.

“As northern Singapore urbanises into a lifestyle and waterfront hub, Johor stands to benefit from spillover in retail, hospitality, and tourism demand, where Johor can provide more affordable and larger-format offerings,” said HLIB, noting that key beneficiaries include Sunway(KL:SUNWAY), IGB Real Estate Investment Trust (KL:IGBREIT), and Paradigm Real Estate Investment Trust (KL:PARADIGM). 

In his National Day address on Aug 17, Singapore Prime Minister Lawrence Wong outlined long-term projects for Woodlands, Kranji and Sembawang, in tandem with the JS-SEZ.

Among initiatives are the construction of “flexible” industrial spaces near the upcoming Woodlands RTS station, around 4,000 new public housing units close to Admiralty Park, and new waterfront homes in Woodlands.

Together with rejuvenation works in Kranji and Sembawang, these projects aim to transform Singapore’s northern region into a vibrant waterfront hub, reshaping both its social and economic landscape.

Central to the plan is the expansion of the Woodlands Checkpoint, which will grow to five times its current size over the next decade. The upgrade is designed to reduce peak-hour clearance times from about one hour to just 15 minutes, improving traffic flow, shortening waiting times, and ensuring more efficient yet secure border checks. The RTS station itself will also be directly linked to Singapore’s Thomson–East Coast MRT Line, enabling seamless transfers across both stations.

HLIB continues to maintain its “overweight” stance on the property sector.

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