Sime Darby, Sunway to jointly develop township in Iskandar Malaysia

KUALA LUMPUR (Nov 3): Conglomerate Sime Darby Bhd and Sunway Group's property division are likely to jointly develop townships in Iskandar Malaysia in Johor, industry sources said on Thursday.

The source said the government was allocating land for the joint development and that the companies were buying the concession land at a good rate.

It is also understood that both companies would sign a memorandum of understanding in the next few weeks.

The source said that such collaboration between government linked companies (GLCs) and the private sector was best for the future development of Malaysia.

The joint development could be a strong message for Malaysian companies to forge relations with GLCs and play their part in the next stage of the country's development.

The idea of undertaking joint development between GLCs and the private sector was also stressed by Deputy Prime Minister Tan Sri Muhyiddin Yassin in building a sustainable and inclusive economy and drive Malaysia towards a developed nation status by 2020. — Bernama