KUALA LUMPUR (Jan 24): 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 housing, according to a statement on Wednesday.

Seed Homes is a new portfolio under Sime Darby Property set up “to deliver innovative solutions in the affordable homes segment” and Seed Homes Lagenda will be Sime Darby Property’s maiden foray into the affordable township sector, the statement said.

Sime Darby Property’s group managing director Datuk Azmir Merican said the partnership will serve as a vehicle to commercially develop affordable homes to provide greater access to homeownership for a wide range of customers. “The 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.”

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

Lagenda Properties’ managing director Datuk Jimmy Doh said the joint venture leverages 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.”