SIME Darby Bhd, Malaysia's oldest conglomerate, is eyeing a major property project in Australia and an urban regeneration project in Singapore. The projects will cost Sime Darby a few billion ringgit over their short- to medium-term development period, a source familiar with the group said. 'This is part of Sime Darby's five-year blueprint to achieve a pre-tax profit of RM1 billion from its property division by 2016 from RM460 million achieved in its latest financial year ended June 2012,' the source said.  The source said the group plans to increase contribution from property investment to 20 per cent in 2016 from about five per cent of overall group revenue now. ' Business Times

Consumers are postponing car purchases because of several factors including expectations of goodies in the upcoming budget for the auto sector. 'The indication is that some people are holding back their purchasers,' said Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad. She confirmed that the association's members have recorded a slight decline in sales. 'Orders have slowed down a bit. We believe that people expect something will be announced at the budget,' said Aishah, adding that the MAA did not expect any significant announcement in Budget 2013 pertaining to the local auto sector. Budget 2013 will be tabled on Sept 28. - Starbiz

Source: AmeSecurities