SIME DARBY PROPERTY SEES STRONGER INDUSTRIAL DEVELOPMENT BUSINESS AFTER KLANG LAND PURCHASE

KUALA LUMPUR, May 24 (Bernama) -- Sime Darby Property Bhd expects the acquisition of 948.83 acres of land in Kapar, Klang to contribute significantly to future earnings and strengthen its position in the industrial development sector. 

Group managing director Datuk Azmir Merican said the proposed development will offer attractive opportunities for businesses and drive economic growth due to its strategic location and extensive acreage.

"This latest land acquisition dovetails directly into our strategy of strengthening our industrial development portfolio. It is a significant milestone in our transformation journey as we build a sustainable and innovative real estate group,’’ he said in a statement issued in conjunction with shareholders' approval of the acquisition at an extraordinary general meeting.

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The company said the three-parcel land acquisition is in line with its SHIFT25 strategy, which aims at transforming the company from a pure-play property developer into a real estate company by broadening and diversifying its income streams.

“This strategic move will contribute positively to the growth of Sime Darby Property's industrial and logistics development business,” it added.

The proposed development will be carried out in phases over a period of 10 to 15 years, with an estimated gross development value of between RM5 billion and RM6 billion.

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Sime Darby Property said it aims to create an integrated and sustainable industrial development, incorporating green initiatives to meet the growing demand for high-technology industrial facilities with sustainable building elements.

-- BERNAMA