Sime Darby Property Berhad, through its subsidiary Seed Homes Sdn Bhd, has inked a shareholders’ agreement with Lagenda Properties Berhad. The 50:50 joint venture, named Seed Homes Lagenda, is poised to redefine the landscape of affordable homes in the country.
The collaboration aimed to address the growing demand for reasonably priced homes in Malaysia, making homeownership more accessible to a broader spectrum of the population.
Seed Homes, a novel portfolio under Sime Darby Property, is geared towards delivering innovative solutions within the affordable homes sector.
Leveraging Sime Darby Property’s illustrious 50-year presence, extensive land bank, and track record, coupled with Lagenda Properties’ highly scalable model for developing self-sustainable affordable townships, the partnership aspires to fortify the affordable housing market and encourage greater homeownership.
Seed Homes Lagenda is set to kick off its inaugural project, a groundbreaking affordable township in Gurun, Kedah. The venture involved the acquisition of a 249-acre parcel of land from Sime Darby Property, strategically positioned to yield over 3,000 affordable homes.
This initiative capitalised on the advantageous location and anticipates benefiting from the spillover effects of potential industrial growth in Gurun.
Sime Darby Property Group Managing Director, Dato’ Azmir Merican expressed enthusiasm about the joint venture, stating, “This partnership will be Sime Darby Property’s maiden foray into the affordable township sector. The collaboration will serve as a vehicle to commercially develop affordable homes, providing greater access to homeownership for a wide range of customers.”
He added, “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, with a notable track record of delivering over 10,000 affordable homes, brings a wealth of experience to the collaboration.
Lagenda Properties Managing Director, Dato’ Jimmy Doh expressed excitement about the venture, stating, “Alongside Sime Darby Property, we aspire to enhance our impact and broaden our reach, to deliver affordable homes to a wider spectrum of Malaysians.”
The joint venture signifies a monumental step towards addressing the housing needs of Malaysians, blending the expertise of two industry leaders to shape a new standard in affordable housing.
As Seed Homes Lagenda embarks on its transformative journey, it holds the promise of creating positive waves in the affordable housing sector and, ultimately, in the lives of countless Malaysians.
