Sime Darby Property Bhd has revealed plans to launch more properties in the affordable and mid-range price bracket in strategic locations.
Acting Group Chief Executive Officer Datuk Wan Hashimi Albakri said the company has a wide array of products in different price ranges from affordable to high-end.
“But given the current market uncertainty, in light of the Covid-19 outbreak and political situation, we’re offering more affordable range of products as that’s where most of the demand is right now,” he said.
For the financial year ending 31 December 2019, Sime Darby Property registered total sales of RM3.1 billion, up 35% from its RM2.3 billion sales target, reported The Star.
The robust sales performance was boosted by contributions from Bandar Bukit Raja, Serenia City, City of Elmina, KL East, Putra Heights and Cantara Residences.
The group also launched 2,917 units with a total gross development value of RM2.3 billion last year. As at 31 December 2019, total unbilled sales stood at RM1.6 billion.
It posted an improved net profit of RM598.5 million, primarily due to one-off gains and increased contributions from the property development segment, which is its core business. The group benefitted from a RM245.5 million one-off gain from the disposal of properties last year.
Revenue jumped 30% to RM3.2 billion in 2019 from RM2.4 billion over the same period a year ago.
With 2020 expected to be a difficult year for the property market, Sime Darby Property opted to retain its 2019 sales target of RM2.3 billion for this year.