Sime Darby Property Berhad, through its wholly owned subsidiary Seed Homes Sdn. Bhd., has signed a shareholders’ agreement with Lagenda Properties Berhad to set up Seed Homes Lagenda, a 50:50 joint venture to develop affordable housing.
 
According to Sime Darby Property, Seed Homes is a new portfolio under Sime Darby Property set up “to deliver innovative solutions in the affordable homes segment” and the joint venture will be Sime Darby Property’s maiden foray into the affordable township sector.
 
Seed Homes Lagenda is set to embark on its first affordable township project in Gurun, Kedah via the acquisition of a 249-acre parcel of land 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.
 
Skrine acted for Sime Darby Property in the shareholders’ agreement and the sale and purchase agreement for the disposal of land. The team comprised Lee Ai Hsian (Partner) and Javene Fan (Associate).
 
Media coverage of the transaction can be accessed at:
 
https://theedgemalaysia.com/node/698481
 
https://www.thestar.com.my/business/business-news/2024/01/25/sime-darby-lagenda-in-affordable-housing-tie-up
 
https://www.nst.com.my/business/corporate/2024/01/1005220/sime-darby-property-start-selling-affordable-homes-jv-lagenda