Scientex aggressively expanding land bank

PACKAGING materials maker and property developer Scientex Bhd is aggressively stocking up on its land bank, at a time when most developers are taking it slow when it comes to acquiring and developing land due to the overhang in properties.

Scientex has been on an acquisition mode in recent years and would now have a landbank of 3,611 acres, after the completion of its latest purchases of six parcels of land in Penang, measuring 179.7 acres for RM109.59mil.

It entered into a sales and purchase agreement for the six parcels of freehold land in North Seberang Perai via its wholly owned subsidiary Scientex (Skudai) Sdn Bhd on Monday.

On May 13, the group also made a proposed acquisition for five parcels of land in Selangor - three parcels measuring 150.17 acres in Rawang for RM111.21mil and two parcels in Kundang measuring 16.3 acres for RM12.07mil through Scientex Park (M) Sdn Bhd, also a wholly-owned subsidiary.

On April 17, Scientex had also paid in full for the proposed acquisition of two parcels of freehold agriculture land in Durian Tunggal, Melaka measuring 208.9 acres for RM68.25mil that it made on August 15 last year via another wholly owned subsidiary, Scientex Quatari Sdn Bhd.

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