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New launches, positive market sentiment to drive Sime Darby Property in FY21

New launches, positive market sentiment to drive Sime Darby Property in FY21
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Sime Darby Property s 4Q net loss narrows q-o-q with gradual recovery in property development

Revenue grew 19% to RM705.19 million from RM592.63 million, the group s Bursa Malaysia filing today showed. The group s performance is comparably weaker than its year-ago quarter, when it made a net profit of RM102.96 million, due to losses in its property development, investment and asset management as well as leisure segments attributed to disruptions brought about by the Covid-19 pandemic. Revenue dropped 20.67% from RM888.93 million previously. For the full FY20, the group sank into the red with a net loss of RM478.8 million from a net profit of RM598.53 million in FY19, as annual revenue fell 35.22% to RM2.06 billion from RM3.18 billion. All its three business segments mentioned above registered losses during the year due to the disruption caused by the Covid-19 pandemic.

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City of Elmina projects see good response, Hevea homes to be launched

Elmina Green Three Phase B (EG3B) in the City of Elmina, Shah Alam, has achieved a take-up rate of 68% since it was launched in July, while Phase 2 of the i3 semidee factories in the township, launched in September, are 80% taken up. The developer, Sime Darby Property Bhd (SDP), will be launching its Hevea project in the Elmina Gardens precinct. With a gross development value (GDV) of RM158 million, EG3B will comprise 194 two-storey extended linkhomes with column-free car porches. Due to be completed in July 2022, the freehold homes will come in layouts of 4-bedrooms and 4-bathrooms or 4+1-bedroom and 4 en-suite bathrooms, with built-ups of 2,265 to 2,983 sq ft. Prices start from RM714,499.

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