KUALA LUMPUR: Sime Darby Property Bhd is set to foray into the affordable township sector with a joint venture with Lagenda Properties Bhd.
Sime Darby Property's unit Seed Homes Sdn Bhd and Lagenda Properties will set up a joint venture, Seed Homes Lagenda, to develop affordable homes.
Seed Homes Lagenda's maiden project will be in Gurun, Kedah via the acquisition of a 249-acre of land from Sime Darby Property.
A township of 3,000 affordable homes the development seeks to capitalise on its strategic location and spillover effects of the potential industrial growth in Gurun.
Sime Darby Property group managing director Datuk Azmir Merican said the partnership with Lagenda Properties will function as a means to commercially develop affordable homes, expanding access to homeownership across a diverse customer base.
Lagenda Properties managing director Datuk Jimmy Doh said the joint venture capitalises on the respective strengths of both companies to deliver a new standard in affordable housing.
"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," he added.