KUALA LUMPUR (Jan 23): Sime Darby Property Bhd which had just been listed two months ago on the main market of Bursa Malaysia will continue to focus on developing key townships mainly in Klang Valley.
“We are focusing on transformation throughout the group. We will be focusing on key townships that we plan to develop mainly in Klang Valley [such as] Elmina, and will be mindful of the current market condition,” said its group managing director Datuk Seri Amrin Awaluddin after its corporate presentation briefing today.
While the property market condition is perceived to still be weak, Amrin noted there is good and strong demand on certain types of products at certain locations. He pointed out that the property developer will be focusing on developing townships such as Elmina, which has an average take up rate is 70% to 80%.
“It is our focus to enhance our gross development value (GDV),” Amrin said at the Invest Malaysia 2018 themed: “Connecting Strengths, Advancing Performance” today. Currently, Sime Darby Property has a total GDV of RM 100 billion.
With a large landbank of 21,000 acres, Amrin noted Sime Darby Property will be continuously assessing its lands to either develop on its own or to look for joint ventures (JVs) to strategically monetise the lands.
When asked about Sime Darby Property’s sales target for 2018, Amrin declined to reveal figures. “It is our target to improve our earnings and revenue,” Amrin said. He however declined to disclose as to how much growth the property developer is anticipating.
At noon break, the stock closed unchanged at RM1.60, with 2.13 million shares exchanging hands for a market capitalisation of RM10.81 billion.— theedgemarkets.com