KUALA LUMPUR (Sept 18): Sime Darby Property Bhd (KL:SIMEPROP) is exploring more opportunities beyond its core property development, investment and management businesses, building on its recent move into data centres and continued expansion into commercial and industrial properties.

The group does not discount large scale solar farms, which some real estate firms have ventured into, although nothing concrete has been decided, said group managing director and chief executive officer Datuk Seri Azmir Merican.  

"We have been looking at this [solar projects] but we are not at the point where there will be any significant announcements," Azmir told a press conference following the unveiling of the group's new logo and branding here.

The group's consideration of solar extends beyond its existing plan to establish a footprint in rooftop solar, in particular the aggregation of rooftop solar energy from homeowners on a leasing basis, an initiative outlined in the National Energy Transition Roadmap or NETR.

The group's diversification is part of its "experiments" in search of a third business engine for recurring income, in addition to its core businesses of property development, and investment and asset management. This strategic shift has gained momentum in recent years.

Its five-year strategic plan SHIFT25, which aimed for a 30% contribution from recurring income, is concluding this year. The group has drafted a new multi-year plan that will be tabled to the board of directors in the coming weeks, Azmir said.

In terms of property development, the group is still looking at the affordable housing market, said chairman Datuk Rizal Rickman Ramli. The group set up a joint venture with Lagenda Properties Bhd (KL:LAGENDA) in January last year to explore this segment, but the JV has since been called off.

"We think there's perhaps a question of whether we can play in that segment and we are looking to find the right model," Rizal said.

Meanwhile, it will continue to develop its existing land banks, and in some cases, partner large landowners in other areas as part of its balance sheet management while pursuing growth, Rizal added. 

Sime Darby Property is the largest real estate firm in the country by land bank, and has 26 active townships under its belt.