Scientex to acquire Kuala Selangor land for RM335.68mil

KUALA LUMPUR: Scientex Bhd via its wholly-owned subsidiary Scientex Park (M) Sdn Bhd has proposed to acquire an 826-acre parcel of freehold land in Batang Berjuntai in Kuala Selangor, Selangor, for RM335.68mil.

In a filing with Bursa Malaysia, the group said it had struck the deal with Metalplex Plantation Sdn Bhd in a bid to boost its existing landbank.

"The close proximity between Scientex Group’s existing developments and the proposed development of the Land will enable Scientex Group to generate better operational efficiencies through greater economies of scale to be achieved during project implementation," it said.

Scientex said the landbank expansion was also in line with its goal to build more affordable homes to meet its objective of completing 50,000 affordable homes throughout the country by 2028.

"The land will provide Scientex Group the opportunity to create greater economic value and increase the earnings potential of Scientex Group over the medium to long term as the Land has promising development potential.

"The proposed acquisition will enable Scientex Group to leverage 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," it added.

The proposed acquisition is expected to be completed in the first half of 2025.