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New Straits Times
5 days ago
- Business
- New Straits Times
Sime Darby property optimistic on 2025 outlook, backed by RM3.8bil unbilled sales
KUALA LUMPUR: Sime Darby Property Bhd remains optimistic about its outlook for 2025, underpinned by record-high unbilled sales of RM3.84 billion in 2024, despite concerns over ongoing global tariff uncertainties. Group managing director Datuk Azmir Merican said the group's focus on execution and portfolio diversification has enabled it to navigate external headwinds effectively. "A key concern for this year and 2026 is whether future launches and bank lending will be affected," he said during a virtual press conference today. In the first quarter ended 31 March 2025 (Q1FY25), Sime Darby Property recorded RM927.5 million in sales, representing 26 per cent of its full-year target of RM3.6 billion. Of this, industrial products contributed 50 per cent, followed by residential high-rise units at 27 per cent, landed homes at 16 per cent, and commercial properties at seven per cent. Azmir said the group plans to launch RM3.3 billion in gross development value across 3,044 units for the remainder of 2025. This will include industrial projects worth RM1.21 billion, residential landed homes at RM1.12 billion, residential high-rise units at RM1.07 billion, and commercial properties at RM546 million. Internationally, the group's flagship Battersea Power Station development in the United Kingdom continues to gain traction. Footfall increased eight per cent year-on-year in Q1FY25, bringing total visitors since its 2022 opening to over 30 million. The Phase 3B (Electric Boulevard) residential component recorded a take-up rate of 74 per cent, up six per cent quarter-on-quarter, while commercial leasing remains steady at 45 per cent, with efforts ongoing to secure more long-term tenants. In May 2025, the property developer secured planning approval for Phase 3C, which will comprise 306 new homes including 121 senior living units with anticipated completion by 2029. Azmir highlighted the group is scheduled to open the upcoming KLGCC Mall within the prestigious Kuala Lumpur Golf & Country Club (KLGCC) precinct in the second half of the year. The new retail asset is expected to strengthen Sime Darby Property's recurring income strategy, joining its existing investment properties such as KL East Mall and Elmina Lakeside Mall. He added the group's SHIFT25 transformation agenda, aimed at becoming a fully integrated real estate player by the end of 2025, is progressing steadily. These goals will be further supported by the group's growing industrial portfolio, particularly in data centre leasing, logistics parks, and warehouse operations, alongside improving performance across its retail segment.
New Straits Times
6 days ago
- Politics
- New Straits Times
RM450mil flood mitigation project in Melaka gets green light
ALOR GAJAH: The federal government has approved RM450 million in funding for the Sungai Baru Flood Mitigation Plan (RTB) in Masjid Tanah, aimed at addressing recurring floods in the area. Melaka Chief Minister Datuk Seri Ab Rauf Yusoh said the project will span a 15km stretch from Sungai Durian Daun to the mouth of Sungai Kuala Baru, and will include the construction of four flood retention ponds in Kampung Londang, Kampung Jeram, Kampung Lubuk Redan and Taman Gamelan. "This is a long-term initiative to tackle the flood problems affecting Masjid Tanah," he told reporters after visiting a Department of Irrigation and Drainage (DID) pump house as part of the Wakil Rakyat Untuk Rakyat (WRUR) engagement programme for the Lendu constituency at Taman Masjid Tanah Ria. Also present were State Secretary Datuk Azhar Arshad, State Science, Technology, Innovation and Digital Communications Committee chairman Datuk Fairul Nizam Roslan and Lendu assemblyman Datuk Seri Sulaiman Md Ali. For short-term flood prevention, Ab Rauf said the DID is implementing RM3.3 million worth of state-funded projects, including the installation of pumps, construction of pump houses and compact substations, and river maintenance works. Two existing flood retention ponds, Durian Daun and Solok Duku, are also undergoing rehabilitation at a combined cost of RM1.85 million, with completion expected by December. On a separate matter, Ab Rauf urged the state's stage bus operator to take greater responsibility for safety standards, calling for improved driver training following a series of fatal public transport accidents. He said several incidents were linked to negligent driving, resulting in loss of life. – Bernama
The Sun
6 days ago
- Politics
- The Sun
RM450 mln flood mitigation project in Melaka gets green light
ALOR GAJAH: The federal government has approved RM450 million in funding for the Sungai Baru Flood Mitigation Plan (RTB) in Masjid Tanah, aimed at addressing recurring floods in the area. Melaka Chief Minister Datuk Seri Ab Rauf Yusoh said the project will span a 15-kilometre stretch from Sungai Durian Daun to the mouth of Sungai Kuala Baru, and will include the construction of four flood retention ponds in Kampung Londang, Kampung Jeram, Kampung Lubuk Redan and Taman Gamelan. 'This is a long-term initiative to tackle the flood problems affecting Masjid Tanah,' he told reporters after visiting a Department of Irrigation and Drainage (JPS) pump house as part of the Wakil Rakyat Untuk Rakyat (WRUR) engagement programme for the Lendu constituency at Taman Masjid Tanah Ria. Also present were State Secretary Datuk Azhar Arshad, State Science, Technology, Innovation and Digital Communications Committee chairman Datuk Fairul Nizam Roslan and Lendu assemblyman Datuk Seri Sulaiman Md Ali. For short-term flood prevention, Ab Rauf said the DID is implementing RM3.3 million worth of state-funded projects, including the installation of pumps, construction of pump houses and compact substations, and river maintenance works. Two existing flood retention ponds, Durian Daun and Solok Duku, are also undergoing rehabilitation at a combined cost of RM1.85 million, with completion expected by December. Separately, Ab Rauf urged the state's stage bus operator to take greater responsibility for safety standards, calling for improved driver training following a series of fatal public transport accidents. He noted that several incidents were linked to negligent driving, resulting in loss of life.
New Straits Times
6 days ago
- Business
- New Straits Times
Kawan Food posts lower Q1 profit on export slowdown, eyes domestic-led recovery
KUALA LUMPUR: Kawan Food Bhd's latest quarterly results reflect the impact of global market volatility and ongoing geopolitical tensions, according to its chairman emeritus and acting group managing director, Gan Thiam Chai. For the first quarter ended March 31, 2025 (Q1 FY25), the group posted a net profit of RM4.7 million — down 48.5 per cent from RM9.2 million in the same quarter last year — due to lower export volumes and unrealised foreign exchange losses. Revenue also fell 12.6 per cent year-on-year to RM70.5 million from RM80.6 million, dragged by softer sales in key export markets including North America and China. Despite the challenges, Gan said domestic sales remained resilient, with stable contributions from Europe and Oceania. "Our business fundamentals remain intact, and we are focused on adapting to market conditions and ensuring operational stability," he added. Looking ahead, Kawan Food expects growth to be supported by sustained domestic demand for its frozen convenience foods, while it continues expanding internationally through innovation, targeted marketing, and improved distribution. To strengthen operations, the group has allocated RM3.3 million in capital expenditure for property, plant, and equipment, aimed at boosting supply chain resilience and manufacturing capacity. Shares of Kawan Food have been on a downward trend for nearly two years, falling from RM2.30 in January 2023 to RM1.29 on Wednesday, giving it a market capitalisation of RM469.61 million.
The Sun
7 days ago
- Politics
- The Sun
Key witness in Lim Guan Eng's corruption trial says he only spoke the truth
KUALA LUMPUR: A key witness in former chief minister Lim Guan Eng's corruption trial testified at the Sessions Court today that he spoke only the truth regarding the alleged bribery in the major roads and undersea tunnel project in Penang. Datuk Zarul Ahmad Mohd Zulkifli, 66, former director of Consortium Zenith Construction Sdn Bhd (CZCSB), stated that the corruption did occur, supported by the substantial evidence and documents presented by the Malaysian Anti-Corruption Commission (MACC) during investigations. 'I was compelled to tell the truth. If I were to follow my heart, I would wish for YB Lim Guan Eng to win in this case, as I owe him a debt of gratitude. 'However, upon reviewing the evidence and documents, I could not deny that the offence indeed took place,' said the 23rd prosecution witness. He made this statement during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin in the RM6.3 billion corruption case involving Lim Guan Eng. Wan Shaharuddin: You informed the court that you were instructed to issue a press statement regarding the project, and that the contents of that statement were untrue, yet you proceeded to issue it. Is that correct? Zarul Ahmad: I did so to protect my project, to avoid escalating tensions with the then Chief Minister of Penang, Lim Guan Eng, and to safeguard his interests. Zarul Ahmad acknowledged that in the statement, he claimed the project was obtained transparently and without any criminal wrongdoing, which he admitted was false. Wan Shaharuddin: So you deliberately misled the people of Penang to protect Lim Guan Eng's image despite knowing your statement was untruthful? Zarul Ahmad: I am indebted to him and followed his instructions, as he was serving as the Finance Minister at the time. According to the amended first charge, Lim, 64, is accused, in his capacity as the then chief minister of Penang, of abusing his position to receive a bribe of RM3.3 million to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang, valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10 percent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The solicitation allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30 am and 2.00 am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8 million, to a developer linked to the undersea tunnel project. These offences were allegedly committed at the Penang Land and Mines Office, Komtar, on Feb 17, 2015, and March 22, 2017. The trial before Judge Azura Alwi is scheduled to resume on June 24.
