7 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.
