Australian developer Walker Corp. and Malaysian tycoon Tan Sri Syed Mokhtar Albukhary are considering an initial public offering of their joint venture to raise as much as RM500mil, according to people familiar with the matter.

WM Senibong Bhd., which develops property including luxury homes in Malaysia’s Johor state, is working with financial advisers on a plan and may seek a valuation of more than RM2bil in a listing in Kuala Lumpur next year, the people said, asking not to be identified because the information is private.