Scientex proposes land purchase in Kulai for RM299.84mil

KUALA LUMPUR: Scientex Bhd's indirect subsidiary Scientex Lestari Sdn Bhd has entered into a conditional sales and purchase agreement with Seriemas Development Sdn Bhd for the proposed acquisition of six parcels of freehold land in Mukim Senai in Kulai, Johor, for RM299.84mil.

In a filing with Bursa Malaysia, the group said the it proposes to develop the tracts of land, measuring a combined 550.67 acres, into a mixed-property development comprising about 7,000 affordable houses.