Sime Darby Property to maintain 28% profit margin

PETALING JAYA: Sime Darby Property Bhd hopes to maintain its 28% profit margin for its financial year ending June 30, 2010 following the successful launches recently.

Managing director Datuk Tunku Putra Badlishah said on Friday, March 12 it recorded an 80% sales rate within three months of the launch.

"We are positive about this as all our recent launches had been very successful," he said after launching the RM469 million Seri Pilmoor high-end project, in Ara Damansara.

"We were number one in terms of profitability among the property players last year and we hope to maintain that position," he added.

The Seri Pilmoor project encompasses 74 bungalows (from 6,500 sq ft) and 34 semi-detached units (from 4,600 sq ft) within 28.5 acres of landscaped elevated freehold land.

"Seri Pilmoor offers distinctive architecture both externally and internally, 50% green footprint, sustainable features which were meticulously designed and thoughtfully planned in line with Sime Darby Property's philosophy," Tunku Putra Badlishah said.

The project was the group's first landed strata development and is scheduled for completion in March, 2013.

Tunku Putra Badlishah said 34 bungalows would be built under the first phase.

"We put it (the project) on the website for three months and it has attracted about 1,600 interested parties who are mostly locals," he said.

Prices for the bungalows start from RM4.57 million with three designs and six rooftop pavillion layouts, while the semi-detached units begin from RM2.8 million with two pavillion layouts.

On future joint-venture plans, Tunku Putra Badlishah said the group had negotiations with several interest parties.

"There are many companies which had approached us," he said, adding the main criteria should be some synergy in what the company does. He declined to name the companies.

Sime Darby Property is one of the five core division within SIME DARBY BHD [] and has the largest land bank in the country, totaling 37,000 acres. It contributed about 12% to the group profit.