Property market to recover in coming years, says Sime Darby Property

KUALA LUMPUR (Nov 28): The Malaysian property market is expected to recover in the coming years, after a challenging environment that has dragged on since 2013, said the soon-to-listed Sime Darby Property Bhd (SD Property).

SD Property is slated to be listed on Nov 30. 

In a listing prospectus released today, SD Property said the recovery will be underpinned by solid socioeconomic fundamentals such as higher population, and stable GDP growth rates between 4.5% and 5% from 2017 to 2021. 

For its business in the UK, SD Property sees London showing higher resilience to the uncertainty of Brexit, as compared with the rest of UK. 

"In particular, the economy in the city is expected to be supported by the strength of its financial centre, growing tech sector, world class universities, as well as London's overall attractiveness for foreign investors," SD Property added. 

With the listing reference price of RM1.50 per share, the total market capitalisation of SD Property upon listing will be about RM10.2 billion, over 6.8 billion issued share capital. 

Sime Darby Bhd also declared a final single tier dividend of 17 sen per share for the financial year ended June 30, 2017 (FY17), to be paid on Dec 20, 2017. — theedgemarkets.com

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