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

       Seed Homes is a new portfolio under Sime Darby Property, aimed at delivering innovative solutions in the affordable homes segment.

       In a joint statement today, Sime Darby said the venture is expected to support the affordable housing market in Malaysia and boost homeownership.

       "The JV will leverage Sime Darby Property’s over 50 years of 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,” it said.

       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.

       "This JV 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’,” he said.

       Meanwhile, Lagenda Properties’ managing director Datuk Jimmy Doh said the partnership will leverage the strengths of both companies to deliver a new standard in affordable housing.

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       "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,” he added. - Bernama