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

“The JV will leverage Sime Darby Property’s over 50 years of presence and track record, along with its extensive land bank, as well as Lagenda Properties’ highly scalable model of developing self-sustainable affordable townships,” it said.

Group managing director Azmir Merican said the partnership will serve as a vehicle to commercially develop affordable homes to provide greater access to home ownership for a wide range of customers.

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

Meanwhile, Lagenda Properties’ managing director Jimmy Doh said the partnership will leverage 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,” he added.