Kuala Lumpur: Sime Darby Property Bhd is seeing a significant shift in its development strategy, with high rise projects contributing significantly to its revenue growth for the financial year ended Dec 31, 2024 (FY2024), reflecting changing market trends and buyer demand.

According to BERNAMA News Agency, Group Managing Director and Chief Executive Officer Datuk Seri Azmir Merican stated that the company’s strong performance in the high rise segment in FY2024 was driven by several successful launches. A notable project is the strata commercial condominium in its flagship integrated township Kuala Lumpur Golf and Country Town (KLGCT), which achieved an 83 percent take-up rate.

Another key project, Triara in Ara Damansara, recorded robust sales, further strengthening the company’s foothold in the high rise market. Azmir highlighted that in addition to the company’s traditional strength in township and industrial developments, high-rise properties have gained momentum and are seen as a key segment moving forward.

Azmir noted that residential high rise products led as the top sales contributor for FY2024 at 31 percent, followed by 30 percent in industrial, 24 percent in residential landed, and 12 percent in commercial. Sime Darby Property had previously focused primarily on landed residential and industrial properties, but FY2024 has seen an increased contribution from high-rise projects.

With this shift in product mix, the company is expected to expand its high rise offerings while maintaining a balanced portfolio that includes landed residential, commercial, and industrial developments.