Scientex Berhad via its subsidiary Scientex Park (M) Sdn Bhd has entered into a conditional Sale and Purchase Agreement with Metalplex Plantation Sdn Bhd for the proposed acquisition of a parcel of freehold land, situated in Mukim of Batang Berjuntai, District of Kuala Selangor, State of Selangor, measuring an approximate area of 826 acres for a purchase consideration of RM 335.6 million.
Metalplex was established in 1988 with their principal activities being in plantation and cultivation. The Land is located between Ijok Town and Bestari Jaya Town. At the intersection of Jalan Kuala Selangor and Jalan Bukit Badong (Ijok Town), the dual carriage lanes of Jalan Bukit Badong will lead to the Land and Bestari Jaya Town.
Scientex proposes to develop the land into a mixed-property development. It said it is currently too preliminary to ascertain the exact total gross development value, development cost, the expected commencement and completion dates of the development and the expected profits to be derived from the development of the land as at the date of this announcement. The company said their was no valuation carried out on the land and that the Board is unable to disclose the Vendor’s net book value of the Land as this information is not privy to the company and the Purchaser.
The group believes the proposed acquisition allows it to increase and boost the existing landbank at a reasonable acquisition cost. The close proximity between its existing developments and the proposed development of the land will enable it to generate better operational efficiencies through greater economies of scale to be achieved during project implementation.
This landbank expansion is also in line with the goal to build more affordable homes to meet the its objective of completing 50,000 affordable homes throughout the nation by 2028. The land is expected to provide a steady and sustainable property development model as it continues to focus on affordably priced landed properties where demand continues to remain firm and resilient.
