Sime Darby Property, Mitsui in RM530m joint-venture project

The logo of Sime Darby is seen at its headquarters in Kuala Lumpur February 7, 2018. — Reuters pic
The logo of Sime Darby is seen at its headquarters in Kuala Lumpur February 7, 2018. — Reuters pic

KUALA LUMPUR, May 17 — Sime Darby Property Bhd is partnering Japan’s Mitsui & Co Ltd (Mitsui) and Mitsubishi Estate Co Ltd in a RM530 million gross development value (GDV) joint-venture (JV) project to develop and lease built-to-suit industrial facilities.

Sime Darby Property said the project would be developed on a 15.78 hectares site located at the Bandar Bukit Raja integrated township through Sime Darby MIT Development Sdn Bhd, a 50-50 JV company formed with MIMI Development Sdn Bhd, Mitsui’s Malaysian subsidiary.

“Mitsubishi Estate will participate through its 40 per cent holding in MIMI Development,” it said.

Sime Darby Property Managing Director Amrin Awaluddin said the partnership further reinforced the company’s land management strategy in unlocking the value of substantial land assets through direct development, strategic partnerships and joint-ventures or strategic monetisation.

“This JV project is a significant step forward towards realising the full potential of Bandar Bukit Raja as a full-fledged integrated development.

“This key venture in industrial logistics development will allow us to increase recurring income, increase employment in the local communities and spur demand for our housing products,” he added. — Bernama

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