Sime Darby Property confident of surpassing RM1.4bil sales target

Pavither November 26, 2020

Sime Darby Property confident of surpassing RM1.4bil sales target

With the reintroduction of the national Home Ownership Campaign (HOC) in June, Sime Darby Property Berhad is confident that it will exceed its RM1.4 billion revised annual sales target.

The developer saw total sales within the nine-month period hover at RM1.3 billion. Total bookings also stood at RM1.1 billion as at 31 October, reported The New Straits Times (NST).

This comes as take-up rates at its projects have been encouraging, with Elmina Green Three and Serenia Ariya fully taken up during the launch weekend.

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Sime Darby Property Group Managing Director Datuk Azmir Merican noted that the group’s revenue visibility and resilient financial position, on the back of RM1.5 million unbilled sales and moderate net gearing level of 0.26 times, places it in good position to ride out market uncertainties.

And given the uncertainty brought about by the COVID-19 pandemic, Azmir shared that Sime Darby Property had started to proactively assess the value of its assets to ensure that prudent measures are put in place.

He added that the assessments will continue to be made “to ensure the group will be on a stronger footing as the overall economic environment gradually recovers”.

Sime Darby Property saw revenue soar 105.6% quarter-on-quarter to RM592.6 million in the third quarter. For the nine-months ended 30 September, revenue stood at RM1.36 billion.

However, the developer registered a RM358.6 million loss for Q3 2020 and RM456 million for the first nine-month period of 2020, primarily due to impairment of inventories at its Battersea Power Station project in London as well as the property development segment.

The quarterly results of the group was affected by the RM337.1 million share of impairment loss from Battersea Project Holding Company Limited and its subsidiaries, which is a 40%-owned joint venture of Sime Darby Property, with regards to the Battersea project as well as the RM97.8 million impairment of inventories.

It attributed the impairment from the Battersea project to the challenges brought about by the pandemic in the United Kingdom, which affected the delivery of the project.

Despite the COVID-19 pandemic’s impact on the global market, the Battersea project was able to maintain its good momentum with respect to both residential property sales and commercial leasing where agreements have been inked with leading brands, said Azmir.

 

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