Scientex Acquiring Land In Pulai For RM381 Million

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Scientex though its subsidiary Scientex Quatari Sdn Bhd has entered into a conditional Sale and Purchase Agreement with Lee Pineapple Company for the proposed acquisition of 14 parcels of freehold land, all situated in Mukim of Pulai, District of Johor Bahru, State of Johor, measuring in aggregate an approximate area of 350.2568 acres for a total purchase consideration of RM381.4million.

According to the statement, the lands are surrounded by the existing Sri Pulai Perdana 2 and Bandar Pulai Jaya (due north),
Bandar Baru Kangkar Pulai (due north-west) and located adjacent to our existing developments, Taman Pulai Mutiara, Taman Pulai Mutiara 2, and Taman Pulai Duta. The Lands are also located within the local authority area of Majlis Bandaraya Iskandar Puteri (MBIP), and are situated approximately 33 km from Johor Bahru city centre. The Lands are accessible from Johor Bahru city centre via Johor BaruSenai Expressway (Jalan Skudai) for approximately 18 km and subsequently through Skudai-Pontian Highway and Jalan Kangkar Pulai.

Scientex said it proposes to develop the Lands into a mixed-property development while for now it it 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.

This landbank expansion it said is also in line with the goal of Scientex Group to build more affordable homes to meet the Group’s objective of completing 50,000 affordable homes throughout the nation by 2028. The Lands are expected to provide a steady and sustainable property development model as Scientex Group continues to focus on affordably priced landed properties where demand continues to remain firm and resilient.

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