WM Senibong Bhd, which develops property including luxury homes in Johor, is working with financial advisers on a plan and may seek a valuation of more than RM2 billion in a listing in Kuala Lumpur next year, the people said, asking not to be identified because the information is private.

Considerations are ongoing, and details like IPO size and timing may change, the people said. WM Senibong and Walker didn’t respond to requests for comment.

Johor, which borders Singapore, became Malaysia’s top investment destination last year following the establishment of a special economic zone.

A large landbank, space constraints in Singapore, a favourable exchange rate, and a planned cross-border rail shuttle have increased the appeal of Johor homes.

Malaysia’s stock exchange has seen a pick-up in activity, boosted by Sunway Healthcare Holdings Bhd’s nearly RM3 billion debut last month, the country’s biggest IPO in nine years.

WM Senibong, established in 2008, reported that its sales topped RM4 billion last year.

Walker is its biggest shareholder with a holding of 49%, while entities controlled by Syed Mokhtar have significant minority stakes.