Scientex through its subsidiary has entered into a conditional Sale and Purchase Agreement with Land Capacity for the proposed acquisition of 37 pieces of freehold land, all situated in District of Seberang Perai Selatan, State of Pulau Pinang,
measuring in aggregate an approximate area of 708.477 acres for a total purchase consideration of RM462 million.
The Lands are situated around 17km from Batu Kawan Industrial Park and 6km from Plaza Tol Jawi and within a 10km radius of Nibong Tebal Town and approximately 5.5km from Sungai Jawi Town. Furthermore, the Lands are in close proximity to Bukit Jawi Golf Resort and Universiti Sains Malaysia Engineering Campus.
Scientex has proposes to develop the Lands into a mixed-property development. 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 Lands as at the date of this announcement
The Proposed Acquisition is for the group to increase and boost the existing landbank in the Northern Region at a reasonable acquisition cost.
