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Sime Targets RM2b Sales in Major Townships

June 23, 2008

By Chong Pooi Koon

SIME Darby Property Bhd plans to sell RM2 billion worth of new houses and shops in its high-demand townships in the Klang Valley this year, its chief said.

It has a five-year plan to launch up to RM10 billion worth of properties in nine townships where development is ongoing, managing director Datuk Abd Wahab Maskan said.

He said the company has no plans to delay property launches now despite the surging construction costs and a potentially slower consumer demand. Instead, its launches this year will be mainly in the established townships that are well located and are in high demand, he said.

The bulk of the 2,000-odd new units will be launched within the high-end residential project of Bukit Jelutong and Ara Damansara, the mid-range Denai Alam, as well as the USJ Heights project in Subang Jaya.

“There are some wait-and-see attitudes. The market is not going to be as strong as what we thought six months or a year ago,” he said.

“(But) our products are still in demand. These products are launched in the matured markets and they are more resilient regardless of the economic conditions,” Wahab said in a media briefing in Kuala Lumpur.

The developer yesterday started a 10-day showcase to promote the nine townships that it has been developing over the decades. Potential buyers get fee waivers and rebate for purchases during the promotion period.

About 80 per cent of Sime Darby Property’s sales is generated from Malaysia. It also has projects in Singapore, Indonesia, the Philippines, Vietnam, China, Australia and the UK.

In Malaysia, the company still has 3,480ha immediately available for development over the next five years, Wahab said. The bulk of this, or 1,550ha, is in the Klang Valley and Selangor.

It does not need to actively scout for land in Malaysia as the group has vast plantation lands that can be turned into property developments.

(c) 2008 New Straits Times. Provided by ProQuest Information and Learning. All rights Reserved.




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