− Establishment of New Economy Venture (“NEV”), a RM1.25 billion discretionary, close-ended Shariah-compliant fund, focused on build-to-suit-to-lease data centres and industrial & logistics developments;

− Secured 100% capital commitment at first closing from major institutional investors;

ARA DAMANSARA, 9 June 2026 – Sime Darby Property Berhad ("Sime Darby Property" or “the Group”) has launched its second real estate development fund, the New Economy Venture (“NEV” or the “Fund”). Achieving 100% capital commitment at its first close, the Fund marks a significant milestone for the Group’s Investment & Asset Management business, building on the experience and track record established through its first joint venture for the Industrial Development Fund (“IDF”) in 2022. Structured as a Shariah-compliant closed-end, discretionary investment platform, the Fund size is up to RM1.25 billion with a fund life of five (5) years. The Fund is established to invest in build-to-suit-to-lease data centres, and industrial and logistics development projects within Sime Darby Property’s key townships in Malaysia. The Fund leverages the Group’s strategically located land bank, master developer and leasing capabilities, and industrial ecosystems that are well-positioned to support the growing demand for new economy assets domestically.

The Fund is backed by institutional investors, including the Employees Provident Fund (“EPF”), Lembaga Tabung Angkatan Tentera (“LTAT”), and Great Eastern Life Assurance (Malaysia) Berhad (“GELM”).

Sime Darby Property will act as the general partner and sponsor to the Fund and has committed RM500.1 million as a co-investor at first close. The participation of GELM as a returning investor from the IDF reflects continued confidence in the Group’s ability to originate, develop, and manage high-quality institutional real estate assets.

Dato’ Seri Azmir Merican, Group Managing Director and Chief Executive Officer of Sime Darby Property, said, “The launch of the New Economy Venture marks a significant milestone in our transformation journey under the SHIFT32 strategy. As general partner and manager to the Fund, it will enable Sime Darby Property to diversify its recurring income streams through investment yield and fee-based income from the development of new economy assets such as data centres and warehouses, which are much in demand in the Malaysian real estate market.”

To date, the Fund has secured two high-value seed assets strategically positioned within Sime Darby Property’s flagship township, Elmina Business Park and City of Elmina. The seed assets represent approximately 85% of the target fund size and are supported by long-term lease arrangements, providing the Fund with income visibility and stability. Construction for both assets has commenced and is expected to be completed in the second half of 2027, reflecting the Fund’s immediate deployment visibility.

Strategic Roadmap
The establishment of NEV aligns with Sime Darby Property’s SHIFT32 strategy that focuses on institutionalising and scaling our investment management capabilities to grow its recurring income base. The Fund also reinforces the Group’s capital-light growth strategy by leveraging third-party institutional capital to accelerate the development of new economy assets within its townships.

Sime Darby Property’s IAM division currently manages approximately RM4.4 billion in Assets Under Management (“AUM”), supported by a long-term hyperscale data centre lease that came on stream in April 2026.

“The launch of NEV marks an important step in expanding Sime Darby Property’s investment and fund management business. We remain focused on delivering long-term value for our investors and stakeholders” Dato’ Seri Azmir concluded.