PETALING JAYA: Scientex Bhd has proposed to acquire 343 acres of freehold agriculture land in North Seberang Perai, Penang, for RM246.7mil via its subsidiaries for mixed-property development.
The packaging manufacturer and property developer said the proposed acquisition would expand its landbank in the state to 523 acres and enable to the group to increase its affordable home offerings there.
In a statement, Scientex said its wholly-owned subsidiaries Scientex Quatari Sdn Bhd and Scientex (Skudai) Sdn Bhd had entered into two separate sales and purchase agreements with Sunrich Conquest Sdn Bhd and Titanium Greenview Sdn Bhd respectively for the proposed acquisition of three pieces of freehold agricultural land in North Seberang Perai.
Scientex said it planned to launch a mixed development project on those parcels of land, which were within close proximity of the group’s existing Penang development, Scientex Tasek Gelugor.
They are also within a reasonable distance from its other future development in Malaysia’s northern region, Scientex Sungai Petani in Kedah.
“The proposed acquisition is subject to the Estate Land Board’s approval, and is expected to be completed in the first half of 2022.
“This purchase will be financed by internally generated funds and bank borrowings, ” it said.
Upon expected completion of the land acquisition, the group’s total landbank would increase to 6,213 acres to last for the next 10 years, with an estimated total gross development value of RM32bil.