Scientex To Provide More Affordable Homes In Penang With New Landbank Acquisition

Lily affordable 2-storey terrace house at Taman Scientex Tasek Gelugor.

Packaging manufacturer and property developer, Scientex Berhad is looking to increase their affordable home offerings in Penang by acquiring 343 acres in the state.

Scientex had already acquired 180 acres in Seberang Perai Utama, Penang in end-2019. With the latest proposed acquisition, their landbank in Penang will increase to 523 acres.

The proposed acquisition is subject to the Estate Land Board’s approval and is expected to be completed in the first half of the calendar year 2022. This purchase will be financed by internally generated funds and bank borrowings.

Scientex’s wholly-owned subsidiaries Scientex Quatari Sdn Bhd and Scientex (Skudai) Sdn Bhd entered into two separate sales and purchase agreements with Sunrich Conquest Sdn Bhd and Titanium Greenview Sdn Bhd respectively for the proposed acquisitions of three pieces of freehold agricultural lands located in North Seberang Perai, Penang.

“The overwhelming take-up rate of more than 90 percent for our first phase in Scientex Tasek Gelugor indicates robust demand for affordable homes in Penang and marks a strong beginning for our maiden venture here.

The new landbank is also expected to offer potential homeowners with good road connectivity, as it is located just 7 km from Sungai Dua Toll and provides easy access to the North-South Expressway as well as Penang Island,” Chief Executive Officer (CEO) of Scientex Berhad, Lim Peng Jin said.

Moreover, the move by Scientex will support the Penang State Government’s vision which is to provide 220,000 affordable homes by 2030.

The group aims to leverage more on its sustainable property development model which focuses on continuously meeting the firm demand for affordably priced landed properties across the nation.

To date, the group has delivered 22,490 affordable homes priced below RM500,000 each nationwide, of which 70 percent of the homes were below the RM300,000 mark.

Upon expected completion of the land acquisition, the group’s total landbank would increase to 6,213 acres to last for the next ten years, with an estimated total gross development value (GDV) of RM32 billion.

Currently, Scientex has ongoing property developments worth RM2.3 billion across its developments in Johor, Melaka, Selangor, Perak, and Penang.

Previous articleFacebook Data Leak And How Businesses Can Respond
Next articleBeacon Hospital: Young People Unaware Of Need For Insurance

LEAVE A REPLY

Please enter your comment!
Please enter your name here