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4-Traders Homepage  >  Equities  >  BURSA MALAYSIA  >  Sime Darby Berhad    SIME   MYL4197OO009

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Sime Darby Berhad : 3 Oct 2013 - Sime Darby Property and CapitaMalls Asia begin construction of Melawati Mall located north east of Kuala Lumpur

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10/04/2013 | 09:55am CET

Sime Darby Property and CapitaMalls Asia begin construction of Melawati Mall located north east of Kuala Lumpur

Kuala Lumpur, Singapore & Hong Kong, 3 October 2013 - Sime Darby Property and CapitaMalls Asia Limited (SGX: JS8 and HKEx: 6813) are pleased to mark a key milestone today by commencing construction of their shopping mall located on prime commercial land in the Taman Melawati commercial area. The shopping mall, named Melawati Mall, is set to become a lifestyle city shopping complex north east of Kuala Lumpur when it is completed in end 2016.

Under a 50:50 joint venture, Sime Darby Property and CapitaMalls Asia are developing Melawati Mall into an eight-storey shopping mall with a net lettable area of about 620,000 square feet ("sq ft"). Positioned as a one-stop retail and lifestyle destination, Melawati Mall aspires to bring the city shopping experience, with its comprehensive and fashionable offerings, to the residents of Melawati township and nearby towns. When it is completed, the mall, fronting the Middle Ring Road 2 (MRR2), will serve an estimated 800,000 people within a 15-minute drive. The total development cost is expected to be about RM670.0 million (S$257.8 million / HK$1,568.3 million).

Present at today's groundbreaking and construction event for Melawati Mall were Dato' Wahab Maskan, Group Chief Operating Officer of Sime Darby Berhad and Managing Director of Sime Darby Property; Mr. Lim Beng Chee, CEO of CapitaMalls Asia; as well as other senior management members from Sime Darby Property and CapitaMalls Asia.

Dato' Wahab said, "The groundbreaking ceremony is a significant milestone that puts us closer to delivering on our commitment to build a lifestyle shopping mall to serve the community in and around the Melawati township."

"Our collaboration with CapitaMalls Asia to develop Melawati Mall is well in line with Sime Darby Property's strategic direction to participate in joint venture partnerships with reputable companies that can further unlock the value of our landbank and further enhance value from asset management. Moreover, the success of this collaboration may pave the way for other possible future strategic partnerships with CapitaMalls Asia in Malaysia or overseas."

The 1,200-acre Melawati township is a cluster of precincts that includes Taman Melawati, Wangsa Melawati and Desa Melawati. It also encompasses Taman Melati, Wangsa Maju, Taman Permata and Kemensah Heights in the vicinity. The township is also close to an established Kuala Lumpur international school, as well as popular tourist destinations such as Batu Caves and the National Zoo.

"When Melawati Mall becomes operational at the end of 2016, it is expected to enhance the overall infrastructure of the area as a place to shop and play, and the value of properties within its vicinity. This will augur well for our current and upcoming property projects in this township," Dato' Wahab added.

Mr Lim Beng Chee said, "CapitaMalls Asia currently owns Queensbay Mall in Penang and, through our stake in CapitaMalls Malaysia Trust, also owns Gurney Plaza in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Kuantan. As our sixth mall and first greenfield development in Malaysia, we are pleased to commemorate the commencement of the construction of Melawati Mall today with our partner Sime Darby Property. CapitaMalls Asia will leverage on our expertise in developing and managing shopping malls around the region to create a one-stop retail and lifestyle destination that will enhance the attractiveness of the Melawati township, as well as become the lifestyle centre for residents living north east of Kuala Lumpur."

"In addition to being strategically located in the established and affluent residential district of Taman Melawati, Melawati Mall is well-served by major highways and is a mere 20-minute drive from the Kuala Lumpur city centre. To cater to the increasingly affluent residents in Taman Melawati and the surrounding neighbourhoods, together with Sime Darby Property we will invest about RM670.0 million to deliver a sophisticated mall that will also become a visible landmark in the area. We are pleased to work with Sime Darby Property on this mall, and our successful partnership provides a foundation for us to explore future collaborations with them."

Summary of Melawati Mall
Owners CapitaMalls Asia Limited and Sime Darby Property Berhad
Description A 13-storey shopping mall comprising eight levels of retail (from Lower Ground to Level 6) and five levels of car park (Basements 1 & 2 and Levels 7 - 9)
Location Located in Taman Melawati, an established and affluent residential district north east of Kuala Lumpur. It is bounded by the established residential areas of Taman Melati, Wangsa Maju, Taman Permata and Kemensah Heights.
Site Area 242,000 sq ft (approximate)
Gross floor area 945,000 sq ft (approximate)
Net lettable area 620,000 sq ft (approximate)
No. of car park spaces 2,000 (approximate)
Tenure Freehold
Main contractor Bina Puri Holdings Berhad

About Sime Darby Property Berhad

Sime Darby Property is the property arm of Sime Darby Berhad. On the back of a successful 40-year track record of developing sustainable communities, Sime Darby Property has to date built more than 12 townships that are home to some 90,000 families.

It has a global reach that encompasses assets and operations in Australia, Singapore, United Kingdom, and Vietnam. In the UK, as part of a Malaysian consortium, Sime Darby Property is the developer of the iconic Battersea Power Station project in central London.

Sime Darby Property is a multiple award-winning property group with numerous local and international accolades. It is the first Malaysian property developer to be awarded the International FIABCI Prix d'Excellence Awards twice for its Subang Jaya and UEP Subang Jaya townships.

Sime Darby Property has been recognised as a Putra Brand Icon for winning the Putra Brand Awards consecutively for four years. It is the ONLY property developer in Malaysia to have won this prestigious award. The company also bagged the Gold award in the recent Reader's Digest Trusted Brand 2013. These two awards affirm the company as the people's choice.

Sime Darby Property was ranked top 3 developers in Malaysia in the annual The Edge Top Property Developers Awards in Sept 2012, a recognition which the company consistently receives since 2009. Recently, the company was named as one of the top 10 developers by BCI Asia. This is also the 3rd consecutive win for the company. Winning this award demonstrates the company's commitment in developing a portfolio of sustainable developments and living up to its corporate vision of being a leader in building sustainable communities.

The company is also the first organisation in Malaysia to receive the ISO 50002:2011 certification, a gold standard for energy efficiency from SIRIM QAS International for successfully implementing energy management system to its property assets.

For more information, log on to www.simedarbyproperty.com

About CapitaMalls Asia

CapitaMalls Asia Limited is one of the largest listed shopping mall developers, owners and managers in Asia by total property value of assets and geographic reach. CapitaMalls Asia has an integrated shopping mall business model encompassing retail real estate investment, development, mall operations, asset management and fund management capabilities. It has interests in and manages a pan-Asian portfolio of 103 shopping malls across 52 cities in the five countries of Singapore, China, Malaysia, Japan and India, with a total property value of approximately S$34.0 billion (HK$206.8 billion / RM88.4 billion) and a total GFA of approximately 95.9 million sq ft.

Shopping malls in the portfolio include ION Orchard and Plaza Singapura - which are located in one of the world's most famous shopping streets, Orchard Road - Raffles City Singapore and Clarke Quay in Singapore. Our landmark shopping malls in China are CapitaMall Crystal in Beijing, Hongkou Plaza in Shanghai and Raffles City Shanghai; and CapitaMall Jinniu in Chengdu. The portfolio also includes Gurney Plaza in Penang, Malaysia; Olinas Mall in Tokyo, Japan; as well as Forum Value Mall in Bangalore, India.

CapitaMalls Asia's principal business strategy is to invest in, develop and manage a diversified portfolio of real estate used primarily for retail purposes in Asia, and to strengthen its market position as a leading developer, owner and manager of shopping malls in Asia.

For more information, please visit www.capitamallsasia.com

For further information please contact:

Sime Darby Property:

Razaleigh Zainal
Acting Head, Corporate Communications
Tel: (603) 7849 5037
Email: [email protected]

CapitaMalls Asia:

Teng Li Yeng
Senior Manager, Investor Relations
Tel: (+65) 6826 5357
Email: [email protected]

Lim Seng Jin
Head, Corporate Communications and Marketing
Tel: (+65) 6826 5778
Email: [email protected]

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Financials ( MYR)
Sales 2018 48 855 M
EBIT 2018 3 539 M
Net income 2018 2 654 M
Debt 2018 9 568 M
Yield 2018 2,96%
P/E ratio 2018 23,48
P/E ratio 2019 21,86
EV / Sales 2018 1,44x
EV / Sales 2019 1,34x
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Average target price 9,65  MYR
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Ismee bin Ismail Chief Operating Officer
Poh Keow Tong Group Chief Financial Officer
Samsudin bin Osman Non-Independent Non-Executive Director
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3M28.44%137 877
SIEMENS-1.63%114 613