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Sime Darby Property remains resilient despite challenges in property market

KUALA LUMPUR (April 29): Sime Darby Property Bhd chairman Tan Sri Dr Zeti Akhtar Aziz said the future of the company remains agile and resilient despite challenges in the property market.

She said not only challenges of the present, but also imbalances in the sector over the years required Sime Darby Property to remain focused on identifying the opportunities while adjusting to the new operating environment to sustain its performance and remain competitive.

Zeti said the property developer's differentiated approaches to planning growth helped the company deliver a positive year in 2019.

Sime Darby Property recorded a net profit of RM598.5 million for the financial year ended Dec 31, 2019 on the back of a revenue of RM3. 2 billion.

"In 2019, while the demand in certain property segments remained below average, the potential with landed and affordable properties, and the industrial products were promising. 

"In response, the delivering of landed properties at affordable prices reinforced by Sime Darby Property's position as a reputable developer of townships generated positive outcomes, as was reflected by the strong take-up rates during the launches in 2019," she said in Sime Darby Property's latest annual report filed with Bursa Malaysia yesterday.

Zeti said 2019 was a strong year for the company, reinforced by Sime Darby Property's technical expertise and design innovation.

Additionally, greater consumer awareness was supported by the roll out of marketing campaign, which effectively highlighted the company's unique value propositions.

"This garnered a positive response despite the weak market. The Prime time 8 and Spotlight 8 campaigns recorded RM2 billion in sales, contributing to our revenue potential," said Zeti.

In 2019, Sime Darby Plantation's capabilities were also strengthened through joint venture projects, in particular, for the industrial business segments.

The property developer not only launched the Bandar Bukit Raja Industrial Gateway, but the project proved to be a milestone for the township with built-to-suit facilities and ready supply chain hubs. 

Zeti said Sime Darby Property also remained on track with its aspiration to expand its retail footprint, which served well in terms of increasing its recurring income potential.

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