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Friday, March 12, 2010

Sime property unit eyes 28pc profit margin

Sime Darby Property Bhd hopes to maintain its 28 per cent profit margin for its current financial year, said managing director Datuk Tunku Putra Badlishah.

"The margin is among the best in the industry," he said, adding that lady luck has been with Sime Darby Property as all its launches have had good sales.

"All our recent launches have been very successful, with 80 per cent sales rate within three months of the launch," he said after unveiling its high-end property development in Ara Damansara named "Seri Pilmoor".

Tomorrow it is unveiling another project and has at least one new property launch for the next six months as it has the confidence in the market.
Sime Darby Property contributed about 12 per cent in profit for the group.

"We hope to grow that. We were No. 1 in terms of profitability in the overall property industry and we hope to maintain that as well," he said.

On possible joint venture for property development, Tunku Putra said: "I think given the size of our land bank and the strategies that I have outlined, there are many companies that have approached us."

The company had negotiations with several interest parties, but the main criteria is that there should be some synergy in what the company does.

However, he declined to name the companies that are in negotiations now.

Sime Darby Property has the largest land bank in the country, totalling 36,000 acres.

Seri Pilmoor has a gross development value of RM469 million, it was revealed at a special preview today.

The project comprises 74 bungalow retreats from 6,500 sq ft and 34 semi-detached sanctuaries from 4,600 sq feet ensconced within 28.5 acres of landscaped elevated freehold land.

"The project was up in the website for three months and has attracted about 1,600 interest parties of a good mix but mainly locals," said Tunku Putra.

Hence, the take-up is expected to be good based on the interest.

Prices for the bungalows start from RM4.57 million with three design types and six different rooftop pavillion layouts, while the semi-detached units begin from RM2.8 million with two different pavillion layouts.

The units will be open for sale in phases, he said.

By Bernama

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