KUALA LUMPUR: Sime Darby Property Bhd
said its wholly-owned subsidiary, Sime Darby Property (Kulai) Sdn Bhd, has agreed to acquire about 556.96 acres (225.39ha) of freehold land in Kulai Estate in Kulai, Johor, from SD Guthrie Bhd for RM418.5mil.
The group plans to develop the land - strategically located along Jalan Kulai-Kota Tinggi within Flagship Zone F (Kulai-Sedenak) of the Johor-Singapore Special Economic Zone (JS-SEZ) - into a sustainable township comprising landed residential and commercial developments, with an estimated gross development value (GDV") of about RM3bil.
The first phase of the project is targeted for launch in 2028, with the overall development expected to be completed over the next 10 to 15 years.
According to the group, the project will broaden its geographical earnings base beyond the Klang Valley and Negeri Sembilan, while reinforcing its long-term growth pipeline through the addition of a sizeable strategic landbank in one of Johor's key growth corridors.
"The acquisition marks another strategic milestone for Sime Darby Property as we continue to strengthen our footprint in Johor. Located within the highly anticipated Johor-Singapore Special Economic Zone, this site presents an opportunity to create a sustainable township that builds on our proven track record of developing integrated, thriving communities," said Datuk Seri Azmir Merican, group managing director and CEO of Sime Darby Property in a statement.
