Scientex buys land in Johor for RM284mil

KUALA LUMPUR: Scientex Bhd is buying 335 acres of land in Pulai, Johor for RM284mil for the development of a mixed township.

“The proposed acquisition will enable Scientex to boost and expand on its existing landbank in Johor as it continues to seek out attractively priced yet strategically located landbank within the Iskandar Malaysia region,” it said in a filing with Bursa Malaysia.

The group said it is leveraging on its existing and successful business model of providing affordable and quality landed properties to such category of affordable property mass market in the medium to long term.

Scientex, however, said it is too early 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.