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Saturday, March 13, 2010

Sime Darby Prop expects to maintain profit margin

SIME Darby Property Bhd expects to maintain its 28 per cent profit margin for its developments this year.

Its managing director Datuk Tunku Putra Badlishah said he is confident of achieving that level as the company is among the best in the industry, and would help push it forward.

He said by maintaining profit margin at 28 per cent, coupled with more launches this year, the company's property division could contribute more to Sime Darby Bhd's overall net profit.

The division, which has 10 on-going projects worth over RM15 billion, contributed 12 per cent to the group's net profit last year.
Sime Darby Property is also involved in property investment, but contribution from this is still minimal.

"We were number one last year in terms of profitability among the industry players and hope to maintain that," said Tunku Putra Badlishah.

He said the company will do better this year and the 80 per cent sales achieved from new launches in the last quarter was testimony.

Sime Darby Property will launch new products monthly for the next six months as its confident of the market, Tunku Putra Badlishah said.

Yesterday, it unveiled its first landed strata development in Ara Damansara, Selangor, called "Seri Pilmoor", worth RM469 million.

Additionally, it will launch new houses in Denai Alam and USJ Heights.

On Seri Pilmoor, the company hopes to sell all the units in less than 24 months.

The project is slated for completion by March 2013. It features 74 bungalows from 6,500 sq ft and 34 semi-detached homes from 4,600 sq ft.

The first phase of the project, to be launched this month, will include 34 semi-dees and 34 bungalows, priced from RM2.8 million and RM4.4 million respectively.

By Business Times

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