Sime Darby Property’s RM4.5bil sukuk programme gets AA+IS rating

Notwithstanding the challenging operating environment, the rating reflects SDP’s position as a leading township developer.

PETALING JAYA: Sime Darby Property Bhd (SDP) has amended its RM4.5bil sukuk musharakah programme to incorporate terms for the potential issuance of Asean Sustainable and Responsible Investment (SRI) sukuk with a credit rating of AA+IS and a stable outlook accorded by Malaysian Rating Corp Bhd (MARC).

Notwithstanding the challenging operating environment, the rating reflects SDP’s position as a leading township developer with its sizeable landbank in key population growth areas, its steady sales performance with an overall take-up rate for ongoing projects of 65%, and an unbilled sales of RM1.54bil as at June 2020 reflecting a healthy market position.