Sime Darby Property Sees Strong Growth In High Rise Segment, Signals Shift In Market Strategy

KUALA LUMPUR, March 3 (Bernama) -- Sime Darby Property Bhd is seeing a significant shift in its development strategy, with high rise projects contributing significantly to its revenue growth for the financial year ended Dec 31, 2024 (FY2024), reflecting changing market trends and buyer demand.

Group managing director and chief executive officer Datuk Seri Azmir Merican said the company’s strong performance in the segment in FY2024 was driven by several successful launches, particularly in its flagship integrated township Kuala Lumpur Golf and Country Town (KLGCT), where a strata commercial condominium project achieved an 83 per cent take-up rate.

“Another key project, Triara in Ara Damansara, also recorded robust sales, further strengthening the company’s foothold in the high rise market. In addition to our traditional strength in township and industrial developments, high-rise properties have gained momentum, and we see this as a key segment moving forward,” he told a virtual media briefing on the group’s FY2024 performance today.

Azmir noted that residential high rise products led as the top sales contributor for FY2024 at 31 per cent, followed by 30 per cent industrial, 24 per cent residential landed and 12 per cent commercial.

“Sime Darby Property had previously focused primarily on landed residential and industrial properties, but FY2024 had seen an increased contribution from high-rise projects, which are attracting strong buyer interest, especially in prime locations. With this shift in product mix, the company is expected to expand its high rise offerings while maintaining a balanced portfolio that includes landed residential, commercial and industrial developments,” he added.

-- BERNAMA