Scientex to make foray into Indonesia property market

“Our long-term vision is to expand our Scientex brand in Indonesia’s property development sector and share our affordable housing knowledge, expertise and experience in that region,” said Lim.

PETALING JAYA: Scientex Bhd is venturing into Indonesia to build affordable homes via its collaboration with the republic’s Mustika Land and Japan’s Creed Group.

In a statement, the packaging manufacturer said its wholly-owned subsidiary, Scientex Quatari Sdn Bhd had teamed up with PT Graha Mustika Tamansari (PT GMT) and Creed Property PH-1 Pte Ltd to form a joint venture (JV) company.

Scientex Bhd chief executive officer Lim Peng Jin said while the other JV members would leverage on their knowledge of the local domain in Indonesia, Scientex would be contributing its expertise in large scale township developments.

“Having delivered nearly 28,000 affordable landed homes of RM8bil in cumulative gross development value (GDV) across Malaysia, the group is now ready to embark on its ‘cross border’ strategy to penetrate new markets in South-East Asia and fulfil regional demand.

“Our long-term vision is to expand our Scientex brand in Indonesia’s property development sector and share our affordable housing knowledge, expertise and experience in that region,” he said.

The JV company will acquire land from PT GMT to develop phase one of Graha Mustika Tamansari with a build-up of 12 acres.

Scheduled to be completed in 2025, phase one involves the development of 400 affordable landed homes with a GDV of US$19mil (RM85mil). The affordable homes will be priced at around 500 million rupiah (RM145,967).

“The development will provide modern and comfortable living for families staying in Bekasi, as well as those working in Jakarta’s central business district and nearby Cikarang-Karawang industrial estate,” Scientex said.

Graha Mustika Tamansari is the fourth township development undertaken by Mustika Land along the Jakarta outer ring road two, which is an under-construction major toll-road connecting various parts of Greater Jakarta.

Mustika Land has 18 property development projects in Greater Jakarta since 1995.