This article first appeared in The Edge Financial Daily on May 3, 2019

KUALA LUMPUR: Sime Darby Property Bhd is evaluating both internal and external candidates to replace group managing director (MD) Datuk Seri Amrin Awaluddin, who will be stepping down today to join Boustead Holdings Bhd as its MD.

Sime Darby Property chairman Tan Sri Dr Zeti Akhtar Aziz said that the group is currently weighing all options available — a process that is expected to take at least several weeks more.

“We are looking at every option, we want the best person to lead the company and take it forward. It could be a few weeks to a couple of months,” the former central bank governor told media after the group’s annual general meeting here yesterday.

Amrin had led the property developer since August 2017. Until further notice, the company will be helmed by acting group chief executive officer Datuk Wan Hashimi Albakri Wan Ahmad Amin Jaffri, who has been Township Development chief operating officer since last year.

On a separate matter, Zeti appeared unfazed over the significant increase in residential property overhang units in the country as revealed by the National Property Information Centre this week.

Sime Darby Property has even set “very ambitious” targets this year. “For us, our inventory has been reduced and our new launches have been very successful. So it is all about giving what the market needs and therefore, moving forward, we will try to manage that overhang,” she said.

It has more than 20,000 acres (8,093.71ha) in land bank with a gross development value of RM89 billion, and unbilled sales amounting to over RM2 billion.

Sime Darby Property is targeting RM2.3 billion in sales for its financial year ending Dec 31, 2019, after it recorded RM1.34 billion in sales for the six months ended Dec 31, 2018 surpassing the RM1 billion target set.

The group is also aiming to return to profitability for the first quarter ended March on the back of resilient demand and gain from disposals.