Sime on track to hit RM2.4b property sales

Sime Darby Property Bhd is on track to achieve a gross sales value (GSV) of RM2.4 billion in the current financial year ending June 30, 2012, said managing director Datuk Wahab Maskan.

He said the value would be mainly contributed by some 23 property projects under its Lifestyle Collection umbrella. Of the 23 projects, 10 were launched today as the first phase of the Lifestyle Collection series.

"The ten projects have a GSV of RM1.2 billion and the others, RM1.3 billion.

"The promise that we gave to our parent company, Sime Darby Bhd, was to register a GSV of more than RM2 billion. We are sure of reaching RM2.4 billion," he told reporters after the launch.

Wahab, who is also the Chief Operating Officer of Sime Darby said the property arm of the conglomerate, expects its profit to be sustained at between RM400-RM500 million for the current financial year.

He added that Sime Darby Property is also looking to maintain the profit contribution at about 10-15 per cent.

"We have seen tremendous growth in demand for high-end and medium range housing and commercial properties. If this continues, then I would not be surprised, if we touch 20 per cent in the coming years," Wahab said.

He also said that the property developer is keen on increasing its landbank, with the focus on countries like England, Singapore and Australia.

"We will still concentrate on Malaysia but the international property market is also very vibrant and attractive. We currently have some projects in the said countries.

"We will thus be looking for new land and projects while restructuring the development projects in hand," he added.

By Bernama