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Saturday, March 13, 2010

Sime Darby Property launching new project

Datuk Tunku Putra Badlishah Tunku Annuar with a model of Sime Darby Property’s Seri Pilmoor in Ara Damansara. The high-end residential development will be launched today.

PETALING JAYA: Sime Darby Property Bhd plans to launch at least one project a month in the next six months. It is launching a high-end residential development called Seri Pilmoor in Ara Damansara today.

The project, with a gross development value of RM469mil, comprises 74 bungalow units and 34 semi-detached homes. The bungalows are priced from RM4.57mil while the semi-detached units start from RM2.8mil.

Managing director Datuk Tunku Putra Badlishah Tunku Annuar said the company targeted to sell all the units within two years, but added that the full take-up could be sooner.

“We’ve been fortunate that our recent projects have all achieved 80% sales rate within three months of launching,” he said at a preview of Seri Pilmoor yesterday.

“Seri Pilmoor is the last freehold residential project to be launched in Ara Damansara. I’m positive about sales for this project. The feedback has been good,” he said.

Sime Darby Property is initially launching 34 units each of the bungalows and semi-detached homes. Tunku Badlishah said a decision had yet to be made on when it would launch the remaining bungalow units.

Sime Darby Property is also launching a project this weekend in Denai Alam, sited along the Guthrie Corridor Expressway and about 5km north of Bukit Jelutong.

Tunku Badlishah said the company had planned to launch the project three months earlier but it was delayed because it wanted to add new features to the homes.

On another note, he said the company was in constant negotiations with other parties to explore potential partnerships. It recently tied up with Sunrise Bhd to develop a RM1bil commercial development in Bukit Jelutong.

“There are many companies that have approached us. We’re open to joint ventures and we continue to have negotiations with several parties that are interested.

“But there has to be some synergy involved through the JVs and it’s something that we continue to pursue,” he said.

Tunku Badlishah said Sime Darby Property, the property arm of Sime Darby Bhd, accounted for 12% of group revenue.

“Our plantation division is very large and it’s hard to catch up. If palm oil prices go up this year, we’ll fall further behind.”

He said Sime Darby Property had a profit margin of 28%.

By The Star

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