A once plastic packaging manufacturer is now becoming a leading property developer, public listed Scientex Berhad strategically diversified into property is now reaping the benefits on that vision. With footprint established in Melaka, Negeri Sembilan, Selangor, Perak and Penang, the company is expanding in Johor with its seventh project.
Having plans to acquire 960 acres of land in Mukim Tebrau, Johor Bahru for RM518.1 million the foray will see the developer as a major player in the state, the six existing township are located in Pasir Gudang, Kulai, Skudai, Pulai, Senai and Kota Tinggi. It recently entered into a sale and purchase agreement with the vendor Pelangi Sdn Bhd to acquire the eight pieces of freehold land through its wholly-owned subsidiary Scientex Quatari Sdn Bhd.
Scientex has build over 23,6000 affordable homes across the states and with its landbank portfolio the company aims to launch 8,000 affordable housing per year compared to 3,500 units previously. For the land in JB, the company plans to launch a mixed development project on the eight pieces of land, where its Gross Development Value (GDV) is yet to be determined.
The proposed land acquisition, will be subject to approval by the Estate Land Board and the Economic Planning Unit of the Prime Minister’s Department of Malaysia, would be completed in stages up to the first half of 2024. The purchase will be financed by internally generated funds and bank borrowings.