Azmir (left) and Doh convey enthusiasm on the JV.

KUALA LUMPUR: Sime Darby Property Bhd through its wholly owned subsidiary Seed Homes Sdn Bhd has signed a  shareholders’ agreement with Lagenda Properties Bhd to set up Seed Homes Lagenda, a 50:50 joint venture to develop affordable homes. 

Seed Homes is a new portfolio under Sime Darby Property aimed to deliver innovative solutions  in the affordable homes segment. 

The joint venture will leverage Sime Darby Property’s over 50 years presence and track record  along with its extensive and strategic land bank, as well as Lagenda Properties’ highly scalable  model of developing self-sustainable affordable townships. The partnership is expected to support  the expanding affordable housing market in Malaysia and further encourage homeownership. 

Seed Homes Lagenda is set to embark on its first affordable township project in Gurun, Kedah  via the acquisition of a 249-acre of land from Sime Darby Property. Anticipated to yield over 3,000  affordable homes, this development capitalises on its strategic location and spillover effects of the potential industrial growth in Gurun. 

Sime Darby Property’s group managing director Datuk Azmir Merican said: “We are very pleased  to form a JV with Lagenda Properties, which will be Sime Darby Property’s maiden foray into the  affordable township sector. The partnership will also serve as a vehicle to commercially develop  affordable homes to provide greater access to homeownership for a wide range of customers.

“This joint venture demonstrates our commitment to pursue and  deliver affordable homes, and partner with parties that can bring value to the overall proposition, guided by our Purpose to be a Value Multiplier for People, Businesses, Economies and the Planet.” 

Lagenda Properties’ managing director Datuk Jimmy Doh conveyed his enthusiasm about the  joint venture, leveraging the strengths of both companies to deliver a new standard in affordable  housing. 

“With a successful track record that includes the delivery of over 10,000 affordable homes,  Lagenda Properties has demonstrated a keen ability to align with market preferences and needs.  Our established expertise enables us to develop affordable townships with attractive price points.  This proven model, refined through continuous improvement across multiple projects, is a  valuable skill we bring to Seed Homes Lagenda. Alongside Sime Darby Property, we aspire to  enhance our impact and broaden our reach, to deliver affordable homes to a wider spectrum of  Malaysians,” he said.