Sime Darby Property Reports Record Unbilled Sales, On Track to Meet FY25 Targets

Sime Darby Property's FY25 targets on track, with record unbilled sales of RM3.9bil in 1H25. Unbilled sales provide cash flow and revenue visibility for over three years, with gross development value of unsold completed inventories at RM197.7mil. Residential landed products contributed 39% of total launches, followed by industrial, high-rise residential, and commercial products. Net profit for 1H25 reached RM261.9mil, with a declared dividend of 1.5 sen per share.

KUALA LUMPUR — Sime Darby Property Bhd (SDP) has demonstrated strong performance in the first half of 2025 (1H25), with record-high unbilled sales of RM3.9bil, setting a robust foundation for its financial year ending Dec 31, 2025 (FY25) targets. The company's group managing director and CEO, Datuk Seri Azmir Merican, highlighted that the steady demand across key sectors, including industrial and residential, has supported this momentum [1].

Unbilled sales of RM3.9bil provide significant cash flow and revenue visibility for over three years, while the gross development value (GDV) of unsold completed inventories remains low at RM197.7mil. The company launched products worth RM2.2bil in GDV during 1H25, achieving 55% of its full-year target of RM4bil. Residential landed products contributed 39% of total launches, followed by residential high-rise (25%), industrial (20%), and commercial products (16%) [1].

SDP achieved sales of RM2bil in 1H25, representing 56% of its full-year target of RM3.6bil. The industrial segment led sales with RM803.0mil (40%), followed by residential landed at RM506.2mil (25%), residential high-rise at RM449mil (22%), and commercial products at RM211.6mil (10%) [1]. Overall bookings as of Aug 10 stood at RM1.6bil, ensuring sustained sales momentum moving into the second half of FY25.

The company reported a net profit of RM143.5mil for the second quarter ended June 30, 2025, raising 1H25 profit to RM261.9mil. Quarterly revenue was RM1.06bil, bringing 1H25 revenue to RM1.93bil. SDP declared its first dividend of 1.5 sen per share for FY25, amounting to a total payout of RM102mil [1].

Azmir noted the strength of SDP's sales momentum and diversified portfolio, particularly the growth in its investment and asset management (IAM) segment driven by strong retail performance. The company's retail segment will see the opening of KLGCC Mall in October 2025, its third wholly-owned retail mall [1].

Additionally, SDP is in discussions with financial institutions for a RM3 billion (US$714mil) loan to finance the building of a data center to be leased to Google. The loan tenure is five years with an option to extend for up to another two years. This development is part of Google's US$2 billion investment in Malaysia, with the first data center slated for completion in 2026 and a second one expected by 2027 [2].

As of June 30, the net gearing ratio increased to 30.9%, driven by funding requirements to expand assets under management (AUM) in support of recurring income growth. SDP's first half results have demonstrated the strength of its sales momentum and diversified portfolio [1].

References:
[1] https://www.thestar.com.my/business/business-news/2025/08/21/sime-darby-property-on-track-with-fy25-targets-hits-record-unbilled-sales
[2] https://w.media/sime-darby-property-seeks-us-714-million-loan-to-build-data-center/