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Saturday, June 21, 2008

Sime projects RM2bil sales

KUALA LUMPUR: Sime Darby Bhd’s property division expects to rake in RM2bil in sales in the next 12 months following the launch of projects in nine townships.

Sime Darby Property Bhd managing director Datuk Abd Wahab Maskan said the total gross development value of the projects was about RM10bil.

Datuk Abd Wahab Maskan (left) with Sime Darby chairman supervisory committee (property division) Datuk Mohamed Sulaiman at the launch of Parade of Homes.

“We expect the uptake of these properties to be good because they are located in mature townships with good infrastructure,” he told a media briefing on Sime Darby Property’s Parade of Homes yesterday.

Abd Wahab said it might take about five years to sell all the properties, comprising semi-detached houses, bungalows, condominiums and shop-lots.The nine townships are Bukit Jelutong, Denai Alam, Putra Heights, Ara Damansara, USJ Heights & Pinggiran USJ, UEP Subang Jaya and Subang Jaya, Bandar Bukit Raja, Melawati and Nilai, Negri Sembilan.

On rising raw material costs, Abd Wahab said the property division would find ways to mitigate the impact.

“While the rising costs is a concern, it will not derail any of our projects. We have the size and economies of scale to ride through the difficult times in the industry,” he said.

Sime Darby Property will also not discount the possibility of acquiring quality assets.

“We are always on the lookout, but it’s not in our immediate plans,” Abd Wahab said, adding that Sime Darby Property still had 3,400 acres of prime land for development in the Klang Valley.

By The Star

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