Zeti to retire as Sime Darby Property chairman after AGM

KUALA LUMPUR: Sime Darby Property Bhd chairman Tan Sri Zeti Akhtar Aziz has expressed her intention not to seek re-election at its upcoming annual general meeting (AGM).

“Zeti who also retires by rotation in accordance with Rule 111 of the Constitution of the company, has expressed her intention not to seek re-election.

“Hence, she will retain office until the close of the 48th AGM,” Sime Darby said in its annual report.

Zeti was appointed Sime Darby Property’s non-independent non-executive chairman on July 23, 2018, of which her tenure at the group will be of nearly three years.

She is presently the group chairman of Permodalan Nasional Bhd and was an appointed member of the Council of Eminent Persons, the chairman of Amanah Saham Nasional Bhd and the director of Attana Assets Sdn Bhd.

According to its annual report, Sime Darby Property will conduct the 48th AGM on May 6, 2021 on a fully virtual basis through live streaming and online remote voting.

Meanwhile, Bernama reported that the developer will be focusing on its new key growth segment of industrial and logistics development with key launches in 2021.

It includes further launches in the Elmina Business Park comprising 303 industrial units and 78 commercial units with a gross development value (GDV) of RM1.3 billion.

"Our product offering has expanded to include our first multi-tenant, ready-built warehouse with a total GDV of RM530 million in the Bandar Bukit Raja Industrial Gateway.”

In 2021, the group will also launch the luxury high-rise Jendela Residences in the flagship KLGCC Resort township, further diversifying Sime Darby Property’s residential product mix,” its group managing director, Datuk Azmir Merican said in the company’s Annual Report.

He said with a GDV of approximately RM900 million, Jendela Residences is the first of the Group’s high-rise projects to be launched for the year.

"We will also strengthen our retail and commercial portfolio as placemaking and catalytic components to add value to township projects. TPC Kuala Lumpur has been identified as a focal point for the repositioning of the KLGCC brand as a lifestyle destination.”

Going into 2021, Azmir said the group is focused on digital transformation as a key enabler for its business operations, innovation in lifestyle concepts emerging from stay-home needs, building sustainable communities, and accelerating the speed of income diversification to strengthen our business model.

"We view 2021 as the year of consolidation to strategise, invest and digitise to further strengthen our foothold in the property market and build stronger foundations for the years ahead.

"We will also continue to leverage and support the government’s multi-pronged strategies and initiatives such as the Home Ownership Campaign extension under the PENJANA stimulus package (which runs from June 1, 2020 until May 31, 2021), stamp duty exemptions under Budget 2021, and the low-interest-rate environment,” he said.

The Group anticipates the uncertainties of 2020 to continue into 2021 amid COVID-19, with the government’s measures to contain the pandemic and the success of the vaccination programme being major determinants of the country’s economic growth.

Sime Darby Property said it stands resilient against the upcoming risks as 2021 remains shrouded in uncertainties and challenges amid the pandemic, but is well-positioned to harness opportunities for a strong rebound.

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