Malay Mail, Photo Credit to Malay Mail
clock 29-08-2018
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Sime Darby Property to Launch 1,500 New Units After GST Scrapped

After the Goods and Services Tax (GST) was abolished, Sime Darby Property Bhd is optimistic in launching 1,500 units of properties this year with a combined gross development value worth RM1.1 billion.

Group chief officer financial officer Datuk Tong Poh Keow said the units are targeted to be launched within six months starting from June 30 to December 30.

"The removal of GST has lifted consumer sentiment. However, buyer appears to be taking 'a wait and see' attitude ahead of other major government announcements such as the reintroduction of the sales and service tax (SST) and the new national housing policy, which is slated to be unveiled in September," she said.

Tong was speaking during the group's fourth-quarter financial year result today.

She said the group will stick to its focus of launching affordable and medium-range landed properties at townships such as Serena City, Bandar Bukit Raja, Nilai Impian and the City of Elmina where the demand for these properties is strong.

She also announced that the group has proposed to change its financial year-end to December 31, from June 30, currently.

"As such, the next financial year will be for the six-month period ending December 31, followed by the new financial year which will start on January 1, 2019," said Tong.

When asked on the newly appointed former Bank Negara governor Tan Sri Zeti Akhtar Aziz as its new non-independent and non-executive chairman, Tong commented that her entry will strengthen Sime Darby's governance.

"Today is our first board meeting with her and she needs more time to hear from our operation management as well as go for a site visit," she said.

The group posted a net profit of RM640 million for the financial year ended June 30 (FY2018), a 2.6 per cent increase from last year.

The increase was driven by higher contribution from the concession arrangement segment amid lower one-off gains.

The group reported a revenue of RM2.35 billion for the year under review, 10 per cent lower than what it registered last year.

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