SIME DARBY PROPERTY BHD

Target price: RM1.85

CIMB Research visited the sales galleries and sites of four projects – the City of Elmina, Bandar Bukit Raja, The Glades Putra Heights, and LOT 15 Subang Jaya City Centre (SJCC).

The site tour began with the biggest township in SD Property’s portfolio – City of Elmina.

The project has a remaining area of 3,321 acres that can be developed and a remaining gross development value (GDV) of RM19.7bil.

CIMB Research believes that with the opening of the Elmina interchange, the upcoming Damansara-Shah Alam Elevated Expressway (DASH) and potential connectivity via mass rapid transit (MRT), this township will be able to benefit from the better connectivity and attract more buyers in the future.

The second stop was Bandar Bukit Raja (BBR), which consists of two mixed development townships, namely BBR 1 (1,513 acres) and BBR 2 & 3 (2,820 acres).

BBR is located 30 minutes away from Port Klang, making it an ideal hub for international freight and logistics activities.

Sime Darby Property is also partnering with Japanese conglomerate Mitsui International to develop a high-technology build-to-suit (BTS) industrial park at BBR 2 & 3. The Glades Putra Heights development spans across 58 acres of land, with a remaining developable area of 17 acres.

The Subang Alam LRT station, the nearest LRT station to the project, is just 10 minutes’ walk away.

The Glades will see the launch of 15 units of strata bungalow, with RM70mil gross development value (GDV) and 72 units of strata condo, with RM83mil GDV in 2018.