KUALA LUMPUR: Sime Darby Property (SD Property) is optimistic about its growth prospects for the year, and expects this momentum to continue into the second half of 2024 (2H24), said its managing director, Datuk Seri Azmir Merican.
During its first half of 2024 (1H24) results briefing today, SD Property revealed plans to launch projects worth RM1.57 billion, totalling 1,855 units, in 2H24.
These planned launches will primarily feature residential high-rises, contributing RM884.1 million (56.4 per cent), and industrial projects, contributing RM384.6 million (24.6 per cent) to the gross development value (GDV).
Additionally, the residential landed properties will have a GDV of RM197 million (12.6 per cent), commercial developments will contribute RM87 million (5.5 per cent), and statutory projects will account for RM13.6 million (0.9 per cent).
"This is a strong year in terms of launches, for the first half and second half. In total, RM1.57 billion of GDV launches will make up the total full year of RM3.9 billion," he said.
In comparison, the property developer launched a GDV worth of RM2.3 billion for 1H24.
At the same time, SD Property is also looking to revise its sales target from RM3.5 billion for the year to RM3.0 billion.
Azmir further said that the prospects of the real estate sector seem to depend on economic growth.
"We see that the country's economic growth is quite good, and the growth forecast is also positive, so we certainly expect to capitalise on and benefit from this positive development," he added.