PETALING JAYA: Sime Darby Property Bhd’s proposed acquisition of three parcels of freehold land in Kapar, Klang for RM618mil cash has been approved by shareholders at its extraordinary general meeting (EGM) held today.
“The Kapar land acquisition is in line with Sime Darby Property’s SHIFT25 strategy, which aims to transform the company from a pure play property developer into a real estate company by broadening and diversifying its income streams.
“This strategic move will contribute positively to the growth of Sime Darby Property’s industrial and logistics development business,” the developer said in a statement.
Group managing director Datuk Azmir Merican said: “This latest land acquisition dovetails directly into our strategy of strengthening our industrial development portfolio. It is a significant milestone in our transformation journey as we build a sustainable and innovative real estate group.”
The proposed development of the Kapar land will be carried out in phases over a period of 10 to 15 years, with an estimated gross development value (GDV) of between RM5bil and RM6bil.
“We are excited about the potential of the Kapar land to contribute to our future earnings and strengthen our pole position in the industrial development sector. With its strategic location and extensive acreage, the proposed development will offer attractive opportunities for businesses and drive economic growth,” Azmir said.
