KUALA LUMPUR: Sime Darby Property Bhd
(SimeProp) remains on track to deliver its financial year ending Dec 31, 2025 (FY25) targets, supported by record-high unbilled sales of RM3.9bil in the first half of 2025 (1H25).
“As we move into 2H25, we are on track to meet our target for the year, supported by steady demand across key sectors, including industrial and residential.
“With healthy unbilled sales and a strong pipeline, we are well-positioned to navigate market uncertainties and deliver sustainable growth,” group managing director and chief executive officer Datuk Seri Azmir Merican said in a statement.
SimeProp’s unbilled sales rose to RM3.9bil, the highest since 2017, providing cashflow and revenue visibility for more than three years, while gross development value (GDV) of unsold completed inventories remained low at RM197.7mil.
In 1H25, SimeProp launched products worth RM2.2bil in GDV, achieving 55% of the full-year target of RM4bil.
Residential landed products were the largest contributor at 39% of total launches, followed by residential high-rise (25%), industrial (20%) and commercial (16%).
SimeProp achieved sales of RM2bil, representing 56% of its full-year target of RM3.6bil, led by the industrial segment at RM803mil (40%), followed by residential landed at RM506.2mil (25%), residential high-rise at RM449mil (22%) and commercial products at RM211.6mil (10%).
Overall bookings as of Aug 10 stood at RM1.6bil, ensuring sustained sales momentum moving into 2H25.
In the second quarter ended June 30 (2Q25), SimeProp recorded a net profit of RM143.5mil, or 2.11 sen per share, raising 1H25 profit to RM261.9mil, or 3.85 sen per share.
Quarterly revenue was at RM1.06bil, bringing 1H25 revenue to RM1.93bil.
SimeProp declared its first dividend of 1.5 sen per share for FY25, amounting to a total payout of RM102mil.
As of June 30, its net gearing ratio increased to 30.9%, driven by funding requirements to expand assets under management or AUM in support of recurring income growth.
“Our first-half results have demonstrated the strength of our sales momentum and diversified portfolio. Specifically, we are pleased with the growth in our investment and asset management or IAM segment, driven by strong retail performance,” Azmir said.
Meanwhile, SimeProp said its retail segment will see the opening of KLGCC Mall in October 2025, its third wholly-owned retail mall after KL East Mall and Elmina Lakeside Mall.
As of July, the 240,000-sq-ft mall had secured 85% committed occupancy and forms part of the integrated KLGCC Resort development, which also includes Menara KLGCC and Senada Residences.
Additionally, SimeProp said the RM1bil syariah-compliant Industrial Development Fund or IDF, managed with ESR Group, has delivered two warehouses totalling 1.8 million sq ft at E-Metro Logistics & Industrial Park, Bandar Bukit Raja.
Metrohub 1 reached full occupancy in June, while Metrohub 2 is about 88% occupied. Three more facilities are underway, with completion from mid-2026, and the full 177-acre project is expected to enhance recurring income through fees and investment yield.
