PETALING JAYA: Sime Darby Property Bhd (SDP) has entered into a conditional sale and purchase agreement with SD Guthrie Bhd (SD Guthrie) to acquire approximately 556.96 acres of freehold land in Kulai Estate for a purchase consideration of RM418.5mil. 

Strategically located along Jalan Kulai-Kota Tinggi within Flagship Zone F (Kulai-Sedenak) of the Johor-Singapore Special Economic Zone (JS-SEZ), SDP said it plans to develop the site into a township comprising landed residential and commercial developments.

With an estimated gross development value (GDV) of approximately RM3bil, the first phase is targeted for launch in 2028, with the overall development expected to be completed over the next 10 to 15 years.

"The acquisition marks another strategic milestone for SDP as we continue to strengthen our footprint in Johor. Located within the highly anticipated JS-SEZ, this site presents an opportunity to create a sustainable township that builds on our proven track record of developing integrated, thriving communities," said SDP group managing director and chief executive officer Datuk Seri Azmir Merican.

According to SDP, the acquisition is expected to further strengthen its presence in Johor, complementing existing developments in Bandar Universiti Pagoh and Taman Pasir Putih in Pasir Gudang. It also broadens the group's 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.

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