Azmir said said the market would generally be stable in 2023 with signs of strong demand for landed residential and industrial products.
PETALING JAYA: Sime Darby Property Bhd
(SDP) will be driven by the group’s new launches worth RM3bil in gross development value or GDV.
Group managing director Datuk Azmir Merican said the projects includes residential high-rise, landed as well as industrial properties.
“We will focus our efforts on product delivery, project execution and management, as well as prudent cost control,” he said.
The group also expects to benefit from the foreign labour market’s rebound by maintaining its momentum for the remainder of the year.
“With 60% to 70% of the labour on site as of today, we can already see a significant difference compared with last year and we hope it will improve further from there,” he told a press conference yesterday.
Commenting on the property market, he said the market would be generally stable in 2023 with signs of strong demand for landed residential and industrial products.
He said there is demand and growth for the industrial property sector, adding that SDP could benefit by speeding up some of its industrial projects.
In the first quarter ended March 31, 2023, SDP’s net profit grew to RM60.67mil from RM51.84mil in the previous corresponding period, while revenue grew to RM685.33mil from RM480.33mil in the previous corresponding period.
Basic earnings per share stood at 0.9 sen compared with 0.8 sen previously.
On a side note, Azmir said SDP is not currently planning to buy any more land.
SDP recorded sales totalling to RM688.5mil with contribution from the industrial segment surpassing residential as the key contributor, with 55% of total sales achieved.
“This achievement can be attributed to SDP’s continuous success in capitalising the industrial segment as a new avenue for growth while keeping residential sales strong,” the company said in a statement.
The property development segment remained the main contributor to the group’s revenue at 93%, followed by investment and asset management and leisure segment, according to the statement.
