Scientex Bhd is proposing to acquire 502.59 acres of freehold land in Pulai, Johor Bahru, for RM580.16 million, with plans to develop the site into a mixed-property development and expand its affordable housing landbank.
The company said its wholly-owned subsidiary entered into a conditional sale and purchase agreement with Pangkal Budiman Sdn Bhd on Oct 6 for the acquisition of 14 pieces of freehold land.
The land is located adjacent to Scientex’s existing developments, including Taman Pulai Mutiara, Taman Pulai Mutiara 2, Taman Pulai Duta and Taman Pulai Duta 2.
It is about 33km from Johor Bahru city centre and approximately 5.5km from the Second Link Interchange, with the Tuas Checkpoint located around 13km further from the interchange.
Scientex said the proposed acquisition would be funded through a combination of internally generated funds and bank borrowings.
The company intends to develop the land into a mixed-property project, although it said it is still too early to determine the gross development value, development cost, expected profit or project commencement and completion dates.
Scientex said the acquisition would allow the group to enlarge its landbank while generating operational efficiencies from the proximity to its existing developments.
The purchase is also aligned with the group’s target of completing 50,000 affordable homes nationwide by 2028.
Scientex said demand for affordably priced landed properties remains resilient, particularly among low- and middle-income households.
Citing the Property Market Report 2025, the group noted that homes priced at RM300,000 and below accounted for 52.3% of total residential transactions, while units priced between RM300,001 and RM500,000 made up another 24.9%.
The RM580.16 million purchase price was arrived at on a willing-buyer, willing-seller basis after considering comparable market values, location, accessibility, land characteristics, planning status, zoning, nearby amenities and development prospects.
Scientex said no independent valuation was carried out on the land.
The vendor, Pangkal Budiman, is involved in oil palm planting and property development and is a subsidiary of Leong Hup Holdings Sdn Bhd.
