Sime Darby Property to Exit Kedah & Sabah
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Sime Darby Property Bhd plans to dispose about 1,900 acres of its land in Kedah and Sabah as the property developer sets sight on its maximising the key locations and developments in the central region.
Group MD Datuk Seri Amrin Awaluddin said the company wants to ensure strong returns from key development areas and monetise the non strategic assets.
"We are looking to firm out the negotiations soon but there is no definite time frame" he said.
"We will look for opportunities that provide maximum returns either through direct sale or joint venture (JV) and this is our asset monetisation initiatives to boost earnings moving forward" he said.
The company has a total land bank of 1,600 acres and 300 acres in Kedah and Sabah respectively.
Sime Darby's total land bank is 21,000 acres, mainly in Klang Valley, Negeri Sembilan, and Johor. The land would be able to generate gross development value estimate of RM100 billion.