Scientex to acquire 37 land parcels in Penang for RM462.5mil

KUALA LUMPUR: Scientex Bhd’s wholly-owned subsidiary, Scientex (Skudai) Sdn Bhd, has entered into a conditional sale and purchase agreement with Land Capacity Sdn Bhd to acquire 37 parcels of freehold land in Penang for RM462.49 million.

In a filing with Bursa Malaysia today, the property developer said the proposed acquisition is expected to be completed in its entirety in the first half of next year.

"It is a strategic investment opportunity for the Scientex group to expand upon its track record of successful development in Penang to increase its earnings potential over the long term.

"This landbank expansion is also in line with the goal of the group to build 50,000 affordable homes throughout the nation by 2028,” Scientex said.

According to the filing, the parcels of land, totalling 286.71 hectares, will allow the group to increase its existing landbank in the northern region at a reasonable acquisition cost.

The land bank is expected to provide a steady and sustainable property development model as the group focuses on affordable landed properties where demand remains firm and resilient. - Bernama