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Sime Darby Property to Buy Property for MYR418.5 Million

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Sime Darby Property (KLSE:SIMEPROP) will acquire 556.96 acres of freehold land in Johor, Malaysia, from SD Guthrie (KLSE:SDG) for 418.5 million ringgit.

The company plans to develop the site into a township comprising residential and commercial properties, according to Tuesday Malaysian bourse filings by both companies.

The land is located within the Johor-Singapore Special Economic Zone and has an estimated gross development value of about 3 billion ringgit.

The first phase is expected to launch in 2028, with development planned over 10 to 15 years.

The acquisition is subject to regulatory and shareholder approvals, and is expected to be completed by the second quarter of 2027, it said.

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