KUALA LUMPUR, Aug 28 — Sime Darby Property Bhd’s (SDP) strong momentum in the first half of the financial year 2023 (1H FY2023) has led to optimism for the group to perform better in the 2H FY2023.

Its group managing director, Datuk Azmir Merican, said that with over 60 per cent of its sales and gross development value (GDV) target met for FY2023, this indicated that the take-up rate is good, with contractors also being able to have the capacity to take up new projects.

“Our bread and butter products such as landed houses, high-rises and industry lots continue to be popular. For example, from our Elmina Business Park launch, we had both The Prestige collection (detached and twin factories), which saw a 100 per cent take-up rate.

“We are able to capitalise on the strong market demand and SDP’s unique value proposition, which has shown the customers’ confidence.

“Given the strong financial performance in 1H FY2023, the group plans to launch a total of RM2 billion worth of GDV with 2,067 units in the 2H FY2023,” he said at the Sime Darby Property Virtual Media Briefing today.

Azmir elaborated that 41 per cent would be residential landed, 38 per cent residential high-rise, industrial (15 per cent) and commercial (6 per cent) for the 2H FY2023.

Meanwhile, regarding buyers having difficulty securing loans, Azmir said this would depend from project to project.

However, he noted that over 50 per cent of buyers successfully got loans.

On other developments, SDP, which has partnered with Logos SE Asia Pte Ltd (Logos Property), hoped to complete the Metrohub 2 project within the E-Metro Logistics Park in Bukit Raja in Klang by the end of this year and expects more interest to come in as its completion nears.

On the update of the Battersea Power Station, launched in October 2022, Azmir said so far, it has received over six million visitors.

“We have just opened up a big food hall of about 24,000 square feet. We also have new commercial spaces and continue to sell the latest launch, called ‘Koa’, at Electric Boulevard (currently about 50 per cent take-up rate).

“The residential apartments of the completed Phase 2 and Phase 3A have reached 96 and 97 per cent take-up rates, respectively. In terms of leasing, Phase 2 is currently at 92 per cent while Phase 3A is at 85 per cent, comprising major brands such as Apple, Uniqlo, Lego and Nike,” he said.

Moving forward, Azmir said the group’s Shift25 strategy would continue to guide the group in executing its transformation plan and purpose to become a value multiplier for people, businesses, economies and the planet.

He said this would play an integral part in the organisation’s transformation from a pure property developer to a real estate company.

“We will be looking at developing our recurring income strategy on top of its current pure-play development business.

“We are positive on the outlook for 2H of this financial year, which is why it led us to revise both our sales and launch target for the year,” he added.

SDP revised its sales target of RM2.3 billion to RM2.7 billion and the gross development value (GDV) launch target of RM3 billion to RM4 billion for the 2H FY2023. — Bernama